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As the UK property rental market remains challenging, Rightmove has taken a hit.
The operator of the online real estate portal announced its separation from the rental platform OpenRent.
The move comes a month after OpenRent quietly pulled out of the Rightmove site as a result of the operator seeking to increase fees for certain estate agents and third-party platforms using the portal.
Rightmove said that because the terms between the two could not be resolved, the partnership will now expire on September 1.
The online real estate portal Rightmove has announced its separation from the rental platform OpenRent
OpenRent accounted for around 8 per cent of listings on the site in July. Panmure Liberum analyst Sean Kealey said the news will fuel fears that Rightmove’s pricing power is weakening.
Despite OpenRent’s withdrawal, the FTSE 100-listed company maintained its full-year revenue guidance of 7-9 per cent growth, while underlying operating margins were estimated at 70 per cent.
Rightmove fell 4.3 percent, or 23.8 pence, to 524.2 pence.
Following sharp falls in recent sessions, UK markets have managed to stabilise.
The FTSE 100 index closed up 0.2 percent, or 18.46 pence, at 8,026.69 points, and the FTSE 250 index rose 0.7 percent, or 130.96 points, to 20,367.7 points.
Keller led gainers on the FTSE 250 index, up 11.6 per cent, or 160 pence, to 1,538 pence as the geotechnical engineering firm reported a rise in first-half profit and a higher dividend as it anticipates far exceeding full-year expectations amid a buoyant North American market.
IWG rose 4.3 per cent, or 6.9 pence, to 166.5 pence after the serviced office firm, formerly known as Regus, reported record first-half results, boosted by a strategic network expansion across its brands.
The FTSE 250-listed company achieved its highest ever system-wide revenue and rewarded investors by reinstating dividend payments.
Also higher, Ramsdens rose 5.2 per cent, or 10p, to 202.5p as the pawnbroker raised its full-year pre-tax profit expectations and said good trading momentum had continued into the second half, helped by higher gold prices that fuelled a better-than-expected performance in the precious metals segment.
Zotefoams held steady at 494p as the cellular material technology provider reported double-digit profit growth in the first half, with the company benefiting from stronger demand for footwear.
Waste management company Renewi added 1.25 per cent, or 8p, to 650p as it reported first-quarter revenue and underlying profit growth.
But Domino’s Pizza fell 7.1 percent, or 22 pence, to 287 pence as it warned full-year profit would be towards the lower end of the market’s range of expectations after a slower start to the first half.
Morgan Advanced Materials fell 1.9 percent, or 6 pence, to 309.5 pence as the company said it remained cautious about demand in several end markets even as it reported a strong set of half-year results.
Travis Perkins fell 0.4 percent, or 3.5 pence, to 876.5 pence as the building materials trader cut its full-year profit forecast after its first-half profit fell by a third.
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