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RentGuarantor Hldgs - Quarterly Activities Update


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RentGuarantor Holdings PLC · RGG

29/04/2024 07:00

RentGuarantor Hldgs - Quarterly Activities Update
RNS Number : 2914M
RentGuarantor Holdings PLC
29 April 2024
 

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29 April 2024

 

RentGuarantor Holdings PLC

 

(the "Company" or "RentGuarantor")

 

Quarterly 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 quarterly activities update for the three-month period ended 31 March 2024 ("Q1" or the "Quarter").

 

 

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Highlights

 

·    Strong growth

For Q1 2024, revenue is up 62% year-on-year ("YoY") compared with the same quarter last year, and the number of tenant contracts is up 38% YoY, demonstrating an increasing demand for the RentGuarantor service. The average revenue per tenant contract also rose by 5% YoY, from £697.87 to £741.82.

 

·    Signing of key strategic contract

RentGuarantor signed a strategic contract with University Living for the use of the RentGuarantor service. University Living is a student accommodation provider, and supplier of technology-driven products and services designed to make the student lettings journey quicker and easier for all parties across the rental value chain.

 

·    Signing of partnership agreements

In Q1, the Company signed partnership agreements with a total of 29 industry bodies, including letting agents, councils, and student accommodation providers.

 

·    Upgrading of technology system

During the Quarter, RentGuarantor implemented an internal technology system upgrade from HubSpot. The improved system will enhance the internal efficiency of the Company's data processing teams.

 

·    Attendance at industry conferences

RentGuarantor attended eight industry conferences during the Quarter, hosted by its partners Propertymark and the NRLA, where the team spoke with industry leaders and increased visibility for the RentGuarantor service.

 

 

Paul Foy, CEO of RentGuarantor, said: "Following further success this quarter, I am delighted to provide an update to shareholders. I'm pleased to have maintained the strong growth achieved in 2023 at the start of this year, with revenue up a significant 62% compared to the same period last year. These strong statistics are a clear indication of the high demand for our services, which reflects the faith that landlords and tenants are showing in RentGuarantor. We have been further supported by the signing of 29 partnership agreements, including a strategic partnership with University Living, with whom we share the collective goal of helping students find suitable and secure accommodation. I look forward to providing shareholders with another positive update next quarter."

 

 

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 20 3772 0021

 

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)

Tim Blythe

 Megan Ray

+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.

 

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