Rightmove has seen its share price drop by over 2.5%, despite its revenue increasing by 10% to £211.7m in the six months to 30 June.

The online property portal said this jump in revenue was a result of estate agency and new home developer partners investing in package upgrades and purchasing incremental products.

Its new homes division saw an 11% increase in its revenue, while its agency division saw a 9% jump.

Rightmove also recorded a 10% year-on-year jump in its operating profit, totalling £145.4m, while its interim dividend increased by 9% to 4.05 pence per share.

Chief executive officer at Rightmove, Johan Svanstrom, said: "These results highlight the strength of our platform and how we serve our long-term partners with products tailored to their circumstances and needs.

"Against a backdrop of a positive market for agents, we have seen an increase in agent formation and estate agents using our top package, Optimiser Edge, which helps maximise their performance. Developers of new builds are turning to marketing products including our new Ascend package to help compete for buyers when the ratio of new builds to resale stock is at a post-COVID low."

In its outlook, Rightmove said that it will continue to build a "larger, more diversified, digital Rightmove ecosystem" in line with its strategy.

It expects to record full-year revenue growth of between 8% and 10% year-on-year, while continuing to invest in innovation and value delivery for its consumers and partners.

Rightmove added that the strength of its "business model, clear strategy and focus on innovation" underpins the board’s confidence in its outlook.

Investment director at AJ Bell, Russ Mould, said that despite the market expecting further interest rate cuts by the Bank of England, Rightmove is being more cautious in its second-half guidance.

He concluded: "Having achieved 10% sales growth in the first half, forward guidance is for 8% to 10% growth. That explains the share price decline on the interim results.

"Lower interest rates should, in theory, encourage more activity on the property market. Estate agents who use Rightmove’s platform should feel more confident in spending extra money to promote their listings, in the hope that transaction volumes improve and they scoop up a tidy commission.

"Rightmove’s more cautious stance could simply be clever expectations management. It is better to under-promise and over-deliver than do the opposite."

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