Rightmove has announced that it’s eligible to access the government’s Covid Corporate Financing Facility - the major loan facility made available to some of the country’s largest companies during the Coronavirus crisis.
In a brief statement to shareholders and the City this morning, the portal says: “The combination of our current cash balance, our committed Revolving Credit Facility, which we have extended by a year to February 2022, and access to the CCFF will, in our view, provide Rightmove with sufficient liquidity and leave us well positioned to return to growth as markets normalise.”
The CCFF is designed to help businesses across a range of sectors to pay wages and suppliers, even while experiencing severe disruption to cashflows.
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Return to growth? Borders on the misleading I would have thought. Surely they can’t be that deluded can they?
WTF. One of the most profitable companies can't ride out a few months disruption to it's business? I'm quite shocked.
But not surprised, right?
If this is true, it’s a farce!
Something doesn’t smell right this morning!
So now we fund Rightmove through the taxes we pay on the slim profit margin they leave us with?
Yep!
My calculations suggest at £272 ARPA suggest (without furlough) Rightmove are making normal profits.
Surely a firm who is reduced down to a 20% profit margin shouldn't need any assistance given they are only doing that for 4 months
If this doesn't make every agent who supports this loathsome company's skin crawl, you're beyond redemption at this stage and deserve each other.
Really if this is true it's taking advantage.
An unethical exec team and Board.
Loans to such a cash rich company. Woeful. Almost as bad as lending 50k to LTD EA businesses about to go bust !
Profitable companies even subtley forcing employees to take pay cuts for shares.
Domain in aus chestbanging how great.
They actualy grew revenue.
Wonder what the vast profitable Evil Rea will come up with
Does that mean that they will return to ripping us all off and hiking there fees once were all back to work !
Yes...and then some.
This is very contradictory to a previous RM press release that expressed their "comfortable" cash position that would enable them to see this crisis out. I wish I could find the link but I've read so many posts over the last 6 weeks I wouldn't know where to find it! Probably in EAT somewhere!
This is very contradictory to a previous RM press release that expressed their "comfortable" cash position that would enable them to see this crisis out. I wish I could find the link but I've read so many posts over the last 6 weeks I wouldn't know where to find it! Probably in EAT somewhere!
Shameless.
Rightmove isn't a normal company because we agents are its suppliers.
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