A trading statement by Rightmove reveals that it’s  spent £3m on just an 8% share of a PropTech system that describes itself as “an open eco-system of purpose-built solutions for the property market.”

The news about the investment in Coadjute came in a statement which also showed a typically robust performance in the first half of 2024.

There was a 7% increase in revenue to £192.1m and a 2% rise in operating profit to £131.6m. The company claims a market share over 80% and saw a 2% growth in membership numbers despite the growth of OnTheMarket. Average revenue per advertiser – the key metric for portals – rose 6% to £1,497 for each agency listing. For developers listing new properties, ARPA is now up 9% to £1,940.

Johan Svanstrom, chief executive officer, tells shareholders: “We’re pleased to deliver a strong set of H1 results, and to be progressing in executing our plan to build an even more valuable digital platform for the UK property industry.

“Our performance came against the backdrop of the sustained challenging mortgage rate environment. The period saw a pick-up in existing-homes listings and transactions, a continued yet softening imbalance of demand and supply for rentals, and a tentative outlook for new homes development volumes.  With the election now concluded, the property market looks forward to potential interest rate reductions which will further stimulate activity.

“On the back of our leading position in the market, we have exciting momentum expanding our products and innovation for consumers and partners and remain confident in Rightmove’s long-term prospects.”

In addition to the investment in Coadjute the portal acquired the property reviews website Homeviews for some £600,000.