Rightmove is launching a share repurchase programme worth up to £350 million as it increases capital returns to investors.
The programme begins on Monday 3 August and will be managed by Peel Hunt and UBS.
Every ordinary share purchased will be cancelled, reducing Rightmove’s issued share capital while returning surplus cash to shareholders.
The property portal expects to return more than £400 million by 31 July 2027, including approximately £330 million through share buybacks.
SHARES TO BE CANCELLED
The maximum £350 million programme provides Rightmove with scope to repurchase shares within the authority approved at its 2026 annual general meeting.
That authority permits the company to acquire up to 76,028,890 ordinary shares, taking account of buybacks already completed.
Rightmove can purchase up to 25% of the average daily trading volume. The maximum price for each share is limited to 105% of the average middle-market quotation over the preceding five business days.
The company retains the right to suspend, terminate or change the programme’s parameters.
Rightmove revealed the increased capital return alongside its half-year results, which showed revenue rising by 7% to £225.8 million and operating profit increasing by 2% to £148.2 million.
It returned £124.7 million to shareholders through dividends and buybacks during the first half, compared with £112.4 million a year earlier.
Rightmove has also arranged a £200 million revolving credit facility, which it currently intends to use to support additional share repurchases.
