Annual Activities Update

RentGuarantor Holdings PLC

22 November 2024

 

22 November 2024

RentGuarantor Holdings PLC

(the "Company" or "RentGuarantor")

Annual Activities Update

RentGuarantor (AQSE: RGG), a provider of rent guarantee services to prospective tenants across the socioeconomic spectrum wishing to rent property in the UK private rental sector, is pleased to provide a summary of its activities during the 2024 calendar year.

Highlights

·    Strong growth

As reported in the Company's Q3 2024 activities update, revenue was up 62% year-on-year ("YoY") compared with the same quarter last year, and the Company anticipates further growth on this figure for the full year to 31 December 2024.

·    Significant number of new business partnerships

RentGuarantor has signed 208 new business partnerships in 2024, including with letting agents, councils, student accommodation providers, landlords and charities.

·    Introduction of new tenancy contract

In July 2024, RentGuarantor introduced a three-year guarantee contract to match the demand for longer term tenancies in the Private Rental Sector ("PRS") in the UK. The three-year contract provides 'recurring revenue' for the Company, which is expected to contribute positively to its growth outlook.

·    Development of updated tech platform

Reflecting the Company's commitment to innovation, RentGuarantor is developing an updated tech platform which will provide an improved user experience and even greater capacity for growth in 2025.

·    Expansion of team

The team continues to grow, and the Company plans to onboard additional members of staff during 2025 to help manage the numerous strategic initiatives being developed internally.

·    Proposed launch of two-year convertible loan note

The Company recently announced that it proposes to issue a two-year convertible loan note ("CLN") with a 10% per annum coupon. The CLN is expected to raise debt of up to £500,000 to fund the growth and expansion of the business during 2025.

·    Investor Hub

RentGuarantor has fully transferred its shareholder communications onto its Investor Hub, which brings all company content into a single integrated platform and provides a place for interaction with shareholders. Sign up here.

Paul Foy, CEO of RentGuarantor, said: "Welcome to our end of year summary for RentGuarantor. It's been another successful year as the business continues to grow in a controlled and managed way. We have signed 208 new business partnerships, added five new members of staff to the team and are anticipating further revenue growth before year end.

"With over 50 trade shows and events attended during the year, the team has been very busy indeed, and we look forward to pursuing the further promotional opportunities currently being devised internally for next year.

"Whilst the challenges facing capital markets in the UK have been well documented, it's been hugely encouraging to see the loyalty of our shareholders, who continue to support the Company by holding their stock and believing in the business model.

"We anticipate considerable growth for the Company in the short to medium term and hope that this is reflected by improved conditions in the markets. As the Board continues to build the Company on behalf of its shareholders, we remain fully aligned to managing the business with caution, but, at the same time, scaling it to become a premier brand in the UK PRS.

"Thank you for your continued support. I look forward to sharing news of our growth and development in 2025."

Ends

For further information please contact: 

RentGuarantor Holdings PLC

Paul Foy, Chief Executive Officer                                                                                          

[phone] 

Alfred Henry Corporate Finance Limited (AQSE Corporate Adviser)

Nick Michaels

Maya Klein Wassink                                                                                                               

[phone]

Zeus (Joint Broker)

Simon Johnson (Corporate Broking)

James Hornigold (Investment Banking)

[phone]

Oberon Capital (Joint Broker)

Mike Seabrook

Nick Lovering

[phone]

BlytheRay (Financial PR)

Megan Ray

Will Jones

[phone]

About RentGuarantor

RentGuarantor provides a rent guarantee service to tenants wishing to rent property in the UK from the Private Rental Sector ("PRS"). It is an online service where applications are managed on a secure and bespoke digital platform designed and built by the Company. The goal is to make the process as simple as possible, with applications only taking a few minutes and RentGuarantor completing the application on the same day.

RentGuarantor supplies its service to the whole of the market - students, both from the UK and overseas, employed people and people on benefits including Universal Credit, ensuring that everyone has the opportunity to live in their dream rental home.

 

END