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
+44 207 193 4418
Alfred Henry
Corporate Finance Limited (AQSE Corporate
Adviser)
Nick Michaels
Maya Klein
Wassink
+44 (0) 20 8064 4056
Zeus (Joint
Broker)
Simon Johnson (Corporate Broking)
James Hornigold (Investment Banking)
+44 203 829 5000
Oberon Capital
(Joint Broker)
Mike Seabrook
Nick Lovering
+44 (0) 203 179 5300
BlytheRay
(Financial PR)
Megan Ray
Will Jones
+44 207 138 3204
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.
