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Rightmove flags strong performance, Aviva agrees to buy Optiom


Rightmove flags strong performance, Aviva agrees to buy Optiom By Sharecast

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Published Nov 27, 2023 07:35
Updated Nov 27, 2023 07:41

© Reuters Rightmove flags strong performance, Aviva agrees to buy Optiom

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Rightmove (LON:RMV) reported strong performance in a trading update on Monday, with overall revenue growth exceeding consensus expectations driven by higher average revenue per advertiser (ARPA) and stable estate agent subscriptions and new home development listings. It anticipated ARPA growth for the full year to be between £112 and £116, surpassing its previous guidance, largely due to increased usage by developers and estate agents. Other business units, including commercial real estate and mortgages, were performing as expected, and the company maintained confidence in its full-year outlook, expecting revenue growth of 8% to 10%, underlying operating profit growth of 7% to 8%, and an underlying margin of around 73%.

Aviva (LON:AV) said it has agreed to buy Optiom from Novacap and other minority shareholders for around £100m. Optiom, which operates as a managing general agent (MGA), is a provider of vehicle replacement insurance in Canada and offers flexible payment options to customers. Aviva said the deal expands its capital-light businesses, which make up over half of the company’s portfolio, and grows Aviva Canada’s presence in a profitable segment of the Canadian insurance market.

Newspaper round-up

The Bank of England’s reliance on “inadequate” forecasting models and a lack of intellectual diversity within its most senior ranks contributed to inflation sticking at among the highest levels in decades, a Lords report has found. In a report critical of Threadneedle Street, the powerful Lords economic affairs committee said the central bank had made “errors” in its handling of the inflation shock triggered after the Covid pandemic and Russia’s invasion of Ukraine. – Guardian

Women hold just one in five commercial roles on the boards of Britain’s 350 largest listed companies, according to research that suggests firms have blind spots and operate at “various levels of consciousness” when it comes to senior female staff. Many are failing to address important barriers that women face in the workplace, the report found, including operating a “woman tax”, whereby women are given additional tasks alongside their day jobs without placing the same expectation on their male peers. – Guardian

Nearly 7m sq ft of office space in Canary Wharf does not meet environmental property standards, new figures show. Outdated real estate across the business district, which is known for its huge office towers, could pose a problem for the embattled property group as the Government pursues its green agenda. Current proposals mean that by 2027 all commercial buildings must have an energy performance certificate (EPC) rating of A, B or C and by 2030 only A or B. – Telegraph

There is a “democratic deficit” in parliamentary scrutiny of the Bank of England because oversight of Threadneedle Street’s work has failed to keep up with the expansion of its responsibilities, peers have warned. The Lords’ economic affairs committee is calling for an overhaul in the way in which the Bank is held to account to reflect changes to its powers and objectives, which have “expanded substantially” in the 25 years since it was made operationally independent. – The Times

One of the more unusual flotations of 2024 is set to deliver a multimillion-pound windfall to BAE Systems (LON:BAES). While the London Stock Exchange has suffered a series of defections and snubs from international businesses, Air Astana, the flag carrier of Kazakhstan, looks set to follow a string of other companies from the country that have come to London to list shares. – The Times

US close

Stocks on Wall Street closed in a mixed state on Friday, in a truncated trading session after returning from the Thanksgiving holiday.

The Dow Jones Industrial Average was up 0.33% at 35,390.15, and the S&P 500 added 0.06% to 4,559.34.

On the other hand, the Nasdaq Composite slipped 0.11% to settle at 14,250.85.


Rightmove flags strong performance, Aviva agrees to buy Optiom

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