Rightmove's shares surge on sales

Rightmove has seen profits jump since it was floated on the market

Shares in property website Rightmove have surged more than 10% after it said that encouraging estate agents to use its services boosted annual earnings.

The firm said that sales rose by 85% to £33.6m in 2006, and it expects annual profits of between £17m and £17.4m.

In England and Wales, 83% of agents were listing properties on its website by the end of 2006, Rightmove said.

Rightmove - which floated on the stock market in March last year - also has set up a letting firm.

Following the announcement, shares in Rightmove were trading 39.75 pence, or 10.2%, higher at 430p.

Last year, Rightmove's shares dropped below their 335p flotation price after the firm decided to scrap a £22m investment in developing a Home Information Pack business.

The company said that it now has 11,200 estate agents on its books