Rightmove shares jump as profits climb

Shares in Rightmove have risen over 7% in value after the property company posted increased profits, despite fears of a housing market crash due to Brexit.

Rightmove posted a 16% increase in sales for the first 6 months of 2016 – the total sales figure being £107.9m, with pre-tax profits rising to over £80m.

Investors have regained confidence in the company following a dip in Rightmove’s market value of nearly of fifth following the Brexit vote. Although shares in the company have also now recovered to their previous value.

Rightmove’s chief executive Nick McKittrick, said that the economic outlook was uncertain but he maintained that Rightmove would hit its full-year profit expectations.