Lift in advert spend boosts Rightmove

In an unscheduled trading update, Rightmove predicted that profits will be above current City expectations in 2010, although it warned this hinged on there being no significant change in market conditions.

Analysts revised their profit forecasts to match Rightmove's increased confidence. Numis Securities now expects profits of 50m in 2010, up 5m on its previous guidance and 10m higher than the 40m it expects in 2009 results later this month.

Rightmove said the improved outlook reflected higher spending by existing customers, continuing the trend in the latter part of 2009.

It also benefited from an increase in agency listing fees and a "healthy uptake" of its recently-launched display advertising products.

Rightmove's website had 17,600 advertisers at the end of October. It receives around 40 million visits a month on average.