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Online property firm Rightmove doubled its pre-tax profits during 2006, it revealed today.

Total revenue grew by 85 per cent to £33.6 million last year. Pre-tax profits increased 101 per cent from £8.8 million in 2005 to £17.7 million a year later, continuing Rightmove's rapid expansion.

Having floated on the stock exchange on March 15th last year, managing director Ed Williams described 2006 as a "landmark year" in the company's history.

"The rate of growth exceeded our expectations at the time of the flotation… resulting in two upgrades to our profit forecasts since then," he said.

"More than anything though I am pleased that we have preserved the creativity and entrepreneurialism that defines our company," he added.

Rightmove's growth came despite its "abortive investment" in home information packs (Hips), the government's troubled initiative designed to simplify the homebuying process.

"The particular circumstances of the government u-turn on Hips was disappointing given the substantial investment of effort we had made," Rightmove said in its results statement.

The company was one of the leading supporters of Hips but the abandonment of its main component, the home condition report, led to a swift retreat from the investment it had already made.

"In the circumstances we were able to act swiftly and decisively, followed by a rapid winding-up of our activity at minimal further cost," the company said.

Shares in Rightmove rose by 1.59 per cent on early morning trading.