RentGuarantor Hldgs - Final Results
RNS Number : 8896Q
RentGuarantor Holdings PLC
30 June 2022
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. 

 

30 June 2022 

RentGuarantor Holdings PLC  

 

 (the "Company" or "RentGuarantor") 

 

Final Results

 

 

RentGuarantor, a company which provides a rent guarantee service to tenants wishing to rent property in the UK from the Private Rental Sector, is pleased to announce its results for the period ended 31 December 2021.

 

CHAIRMAN'S STATEMENT

 

I am pleased to present our 2021 Annual Report and an update on our activities to date.

 

RentGuarantor Holdings PLC was admitted to trading on the AQSE Growth Market on 8 December 2021, shortly before the Company's year-end. As such, this is my first report as Chairman of the Company.

 

During 2021, the Company continued to invest in its technology and people and the listing on AQSE provides the Company with the platform to progressively raise awareness of our potential and thus to grow and develop its provision of tenant rent guarantees.

 

We have raised further capital from our shareholders during the year and this has supported the Company though an exciting but challenging period.

 

Despite the challenging year we have all faced, the Group continues to build on the strong foundations put in place in recent years. I am delighted to have been appointed as Chairman at such an exciting time and I am particularly pleased to be releasing our maiden full year results as a publicly listed company.

 

None of this success would be possible without the passion and diligence shown by our people, who have risen to every challenge posed by the pandemic. These results are a reflection of that endeavour and on behalf of the Board, I offer them my sincere thanks.

 

The results we are reporting today show the significant progress that has been made over the past year and are a reflection of how our team has remained focused on providing the very best customer service.

 

Financial Results

The Group delivered significant revenue growth in FY21 of 99% to £241,000. As a result of the capital raised in the year, the Group has remained in a positive cash position, and this has been enhanced further in 2022 with the proceeds from convertible loans. This provides a strong platform to execute plans and deliver sustainable value.

 

People

None of this success would be possible without the passion and diligence shown by our people, who have risen to every challenge posed by the pandemic. These results are a reflection of that endeavour and on behalf of the Board, I offer them my sincere thanks.

 

Board and Governance

We have strengthened the Board during the year and established a solid working relationship, remaining well connected and communicative despite the restraints of the pandemic. I am grateful for the contributions that have been made to date.

 

Summary and Outlook

We operate in a dynamic market where new trends and technologies can, and do, change the market rapidly. The ability to adapt and react quickly to the opportunities this environment brings will be key to our success and we are investing heavily in the technology that will best position us to succeed as this market continues to evolve.

 

The economic and geo-political environments are bringing great uncertainty for many, and we are conscious of the challenges this brings for our customers and the market we operate in. This also brings opportunities as we take a cautious but considered approach to the Group's long-term strategy.  We believe that the long-term opportunity remains significant.

 

The focus for the year ahead is to further develop the Group's products and to widen our strategic partnerships.

I look forward to reporting to you on our progress over the coming year.

 

Graham Duncan

Non-Executive Chairman

30 June 2022

 

 

                                                                                              

 

The directors of RentGuarantor accept responsibility for this announcement. 

 

 

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                                                                                                                              

+44 20 3772 0021  

            

Optiva Securities Limited (Broker)                                                                     

Vishal Balasingham                                                                                                                                    

+44 203 411 1881 

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2021

 


 

Year ended


Year ended


 

31 December


31 December


 

2021


2020


 

£


£

Continuing operations

 




Revenue

 

241,033


 121,411

Direct costs

 

(71,568)


(30,469)


 




Gross profit

 

169,465


90,942


 




Administrative expenses

 

(1,675,673)


(509,733)


 




Operating loss

 

(1,506,208)


(418,791)


 




Finance costs

 

(35,705)


(50,179)


 




Loss on ordinary activities before taxation

 

(1,541,913)


(468,970)


 




Income tax expense

 

-


 -  


 




Loss for the year

 

(1,541,913)

 

(468,970)

 

 

 

 

 

Loss per share (expressed in pence per share)

 

(15.19)

 

(4.90)

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021



2021

 

  2020


 

£

 

£

Assets





Non-current assets





Intangible assets

 

305,446


347,683

Right of use assets

 

34,339


57,232

Tangible assets

 

5,511


3,745

 


345,296


408,660

Current assets

 

 

 

 

Trade and other receivables

 

34,248

 

20,122

Cash and cash equivalents

 

142,033


9,914


 

176,281


30,036

Total assets

 

521,577

 

438,696


 

 

 

 

Equity and liabilities

 

 

 

 

Equity attributable to owners of the parent

 

 

 

 

Ordinary shares

 

11,268,680


9,607,351

Share premium

 

593,500


65,125

Reorganisation reserve

 

(8,050,001)


(8,053,501)

Accumulated losses

 

(3,806,554)


(2,278,159)


 




Liabilities

 




Non-current liabilities

 




Loans

 

-


169,305

Lease liability

 

21,248


33,003


 

21,248


202,308


 




Current liabilities

 




Trade and other payables

 

480,200


870,572

Lease liability

 

14,504


25,000


 

494,704


895,572

Total liabilities

 

515,952


1,097,880

 

 




Total equity and liabilities

 

521,577

 

438,696

 

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021

 



Year ended 31 December 2021

 

Year ended 31 December

2020

 


£

 

£

Cash outflows from operating activities

 

 



Cash consumed in operations

 

       (812,411)


       (318,650)

Net cash outflows from operating activities

 

       (812,411)


       (318,650)

Cash flows from investing activities

 




Expenditure on non-current assets


        (4,014)


        (2,644)

Expenditure on intangible assets


(58,900)


(54,793)

Net cash outflows from investing activities


    (62,914)


    (57,437)

 

 




Cash flows from financing activities





(Repayment of) / proceeds from issue of convertible loans

 

497,149


222,848

Finance costs paid

 

(35,705)


(46,998)

Lease repayments

 

(25,000)


(23,300)

Proceeds from issue of shares


571,000


215,000

Net cash inflows from financing activities


1,007,444

 

     367,550

 

 

 

 

 

Net increase/(decrease) in cash and cash equivalents


132,119


(8,537)

Cash and cash equivalents at the beginning of the year

 

 9,914


 18,451

Cash and cash equivalents at the end of the year


142,033

 

9,914

 

 

 

NOTES TO PRELIMINARY RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2021

 

1.         The financial information set out above does not constitute statutory accounts for the purpose of Section 434 of the Companies Act 2006.   The financial information has been extracted from the statutory accounts of RentGuarantor Holdings PLC and is presented using the same accounting policies, which have not yet been filed with the Registrar of companies, but on which the auditors gave an unqualified report on 30 June 2022.

 

The preliminary announcement of the results for the year ended 31 December 2021 was approved by the board of directors on 30 June 2022.

 

 

2.         Loss per share

        Basic earnings per share is calculated by dividing the earnings attributable shareholders by the weighted average number of ordinary shares outstanding during the year. Reconciliations are set out below:


2021

 

2020

 

 

 

 

Losses attributable to ordinary shareholders

(1,541,913)


(468,970)





Weighted average number of shares

10,149,179


9,575,324

Basic and diluted loss per share (pence)

(15.19)


(4.90)

       

        As the Group is loss-making, any potentially dilutive instruments would be considered anti-dilutive, and are disregarded for the purposes of calculating diluted earnings per share.

 

 

- ends -

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NEXBKKBQQBKDDAN ]]>