8 February 2024
RentGuarantor Holdings
PLC
(the "Company" or
"RentGuarantor")
Quarterly and Full Year 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 ("Q4" or the "Quarter") and full year ("FY2023"
or the "Year") ended 31 December 2023.
Highlights
·
Strong
growth
For FY2023, revenue is up approximately 79.1%
year-on-year ("YoY") from £414,078 to £741,537, and the number of
tenant contracts is up 57% YoY from 716 to 1,124, reflecting the
growing demand for the RentGuarantor service. The average revenue
per tenant contract also rose by 14.1% YoY from £578.32 to
£659.73.
·
Signing of key strategic
contracts
Over the course of the Year, the Company
announced strategic contracts with five new channel partners for
RentGuarantor, including Clever Student Lets, Let Insurance
Services Ltd T/a The Lettings Hub ("The Lettings Hub"),
InsureStreet Limited ("Canopy"), Vorensys, and X1 Property
Management Ltd.
·
Signing of partnership
agreements
The Company signed partnership agreements with
a total of 44 letting agent entities or letting agent groups
throughout the Year, including contracts with Heatons Property,
BEAM, Joint Living and Ilivearound.
·
Attendance at industry
conferences
The RentGuarantor team attended 11 industry
conferences in the Quarter, speaking with a diverse array of
leading voices and interested parties across the property and
rental sectors, and the investment space. In total, over the course
of 2023, RentGuarantor attended 37 industry conferences, helping to
broaden the visibility of the Company.
·
Implementation of a new
technology system
During the Year, RentGuarantor implemented a
new internal technology system from HubSpot. The new system allows
for the more efficient management of Company data.
·
Appointment of new insurance
partnership
RentGuarantor appointed a new insurance partner
during Q4, gaining the Company higher levels of protection, whilst
simultaneously reducing the costs of insuring the Company's
liability for any rent arrears.
·
Appointment of Non-Executive
Directors
In Q4, RentGuarantor announced the appointment
of David Cliff to the Board as a Non-Executive Director. David is a
Professor of Computer Science at the University of Bristol and has
previously held various technology advisory roles for
Hewlett-Packard, Deutsche Bank, and the UK Government. Earlier in
the Year, the Company announced that Peter Keith Coleman, whose
background includes almost 10 years in the mortgage brokerage
industry and over 25 years in IT consultancy, had also joined the
Board as a Non-Executive Director. David and Peter's combined
experience will help the Company optimise the profile and function
of its service across areas of the rental value chain.
·
Appointment of three new key
team members
Bruce Evans, former Managing Director of
Countrywide PLC, has joined the senior management team to support
and accelerate the businesses growth plan in the coming year and
beyond. Anna Clayton-Wright has also joined the Company as the
Product Owner, focusing on the further automation of
RentGuarantor's internal processes, overseeing the introduction of
AI and the build of key APIs with industry partners. Finally,
Michael Hollamby has joined RentGuarantor, focusing on the
acquisition of new channel partners and letting agency
partnerships.
·
Appointment of new brokers
and publication of Research Note
During the Year, RentGuarantor appointed two
new corporate brokers, Zeus Capital and Oberon Investments. Zeus
Capital subsequently published a Research Note (the "Note") on the
Company in Q4. The Note identified key features of the investment
case for RentGuarantor.
Post-period
Highlights
·
Change of
Auditor
RentGuarantor announced the appointment of
Haysmacintyre LLP ("Haysmacintyre") as the Group's
auditor in the post-period. At the Company's next Annual General
Meeting, Haysmacintyre's re-appointment will be proposed and voted
on by shareholders.
Paul Foy, CEO
of RentGuarantor, said: "Amidst a landscape of robust expansion
this Quarter, I am delighted to share our latest achievements with
shareholders. Our growth continues, with an impressive 79.1%
increase in revenue year-on-year, and a 57% increase in tenant
contracts: a testament to the burgeoning demand for our
services.
"As part of
our strategic advancements during the Quarter, the Company
appointed a new insurance partner, providing greater protection
necessary for continuous growth, as well as improving the security
of our services. This partnership compliments the vast number of
new appointments made this year, whereby we've strengthened the
Board, senior management, and our corporate advisory and broking
teams. The numerous strategic contracts and partnership agreements
signed have concluded a hugely positive calendar year for the
Company, and I look forward to providing more updates as we enter
the exciting phase of scaling the business in
2024."
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.
