TIDMRGG
RNS Number : 1525Y
RentGuarantor Holdings PLC
02 September 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES,
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WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
2 September 2022
This is a correction to the announcement published at 11:44 on 2
September 2022 (RNS number 1294Y) which incorrectly stated that
'RentGuarantor was pleased to announce its results for the period
ended 31 December 2021. The correct date is 30 June 2022. The full
corrected announcement is included below.
RentGuarantor Holdings PLC
(the "Company" or "RentGuarantor")
Unaudited Interim Results for the 6 Months to 30 June 2022
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 30 June 2022.
CHAIRMAN'S STATEMENT
I am pleased to present our Interim Results for the six months
ended 30 June 2022 and an update on our activities to date.
Since we were admitted to trading on the AQSE Growth Market in
December 2021, the Company has continued to invest in its
technology, products and people. We have signed strategic
partnership agreements to progressively extend the brand and reach
of RentGuarantor and to raise awareness and thus to grow and
develop the provision of tenant rent guarantees.
Key milestones in the period include:
- In April, the Company signed an agreement with the National
Residential Landlord Association ("NRLA") for an initial term of 12
months. Under the Agreement, RentGuarantor has a non-exclusive
licence to use the NRLA trademarks in the United Kingdom and
Northern Ireland. The NRLA has over 95,000 registered landlords and
is recognised as a place of primary importance for information and
training for landlords nationally. Being approved as part of their
Recognised Supplier Scheme gives RentGuarantor access to NRLA's
registered landlord base in the UK which controls approximately
500,000 properties.
- This was followed in May by an agreement with Propertymark Ltd
for a non-exclusive licence to use the Propertymark trademark in
the United Kingdom. Propertymark is a leading membership body for
the property letting and sales sector with close to 18,000 members.
Under the Agreement, Propertymark agrees to promote RentGuarantor's
rent guarantees for tenants through marketing activities including,
articles in digital newsletter, advertisements in property
magazines and exhibition stands at conferences.
In June, we raised GBP1,000,000 of additional capital, in the
form of convertible loan notes, and these funds provide a strong
base to support our plans for growth and provides valuable working
capital.
All of this has been achieved against an uncertain economic
outlook, complicated by political changes in the UK and the war in
Ukraine. Notwithstanding these uncertainties, we are continuing to
invest for the future whilst taking prudent steps not to overreach
ourselves. We have made a number of key staff hires to support the
strategic initiatives and are optimistic about the long-term
potential for the business. We have continued to take a cautious
but considered approach to the Group's long-term strategy.
Once again, the enthusiasm and hard work from all of our people
has been vital in achieving this progress and I would like to
warmly thank them for the continued commitment to the Company.
The results show further progress in building a sustainable
business model albeit that we are only in the early phases of
developing our customer offerings.
Financial Results
The Group delivered further significant growth in the six months
to 30 June 2022 with an increase in revenue of 86% on the
comparative six-month period last year to GBP170,000. Our operating
profit has more than doubled from GBP61,000 to GBP126,000 in the
six-month period. Losses have however risen from GBP257,000 to
GBP353,000, reflecting further investment in people and marketing
activities. The loss per share increased from 2.64 pence last year
to 3.13 pence in the six months to 30 June 2022.
As a result of the capital raised in June, the Group has
remained in a healthy cash position, and this provides a strong
balance sheet to support our growth plans and to deliver long-term
value for shareholders.
Summary and Outlook
We have made solid progress in the first half of the year with
key appointments to the team and strategic agreements signed.
The months of July and August have seen further increases in
revenues as we continue to build our team and our capabilities.
Whilst the economy and property sector are likely to be impacted
by the current uncertainties, we have built the foundations for the
long-term and are well placed to capitalise on the opportunities
this environment brings.
I look forward to reporting to you on our progress over the
coming months.
Graham Duncan
Non-Executive Chairman
1 September 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
BlytheRay (Financial PR)
Tim Blythe, Megan Ray, Madeleine Gordon-Foxwell
+44 207 138 3204
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEAR TO 30 JUNE 2022
Unaudited Unaudited Audited
half year half year
to to Year to
30 June 31 December
2022 30 June 2021 2021
GBP GBP GBP
Revenue
Continuing operations 170,492 91,246 241,033
Cost of sales
Continuing operations (43,785) (29,629) (71,568)
Operating profit 126,707 61,617 169,465
Administrative expenses (475,321) (316,312) (1,675,673)
Finance costs (4,305) (3,627) (35,705)
Loss on ordinary activities
before taxation (352,919) (258,322) (1,541,913)
Taxation on profit of ordinary
activities - - -
Loss after tax and comprehensive
income for the period (352,919) (258,322) (1,541,913)
========== ============= ============
Loss per share (expressed in
pence per share) 3.13 2.64 15.19
---------- ------------- ------------
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2022
Unaudited Unaudited Audited
half year half year
to to Year to
30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
Assets
Non-current assets
Intangible assets 294,179 331,042 305,446
Right of use assets 22,893 45,786 34,339
Tangible assets 8,160 3,964 5,511
325,232 380,792 345,296
------------ ------------ ------------
Current assets
Trade and other receivables 60,619 23,762 34,248
Cash and cash equivalents 517,261 17,485 142,033
577,880 41,247 176,281
------------ ------------ ------------
Total assets 903,112 422,039 521,577
============ ============ ============
Equity and liabilities
Equity attributable to owners
of the parent
Ordinary shares 11,268,680 9,827,332 11,268,680
Share premium 593,500 107,144 593,500
Reorganisation reserve (8,050,001) (8,053,001) (8,050,001)
Accumulated losses (4,159,473) (2,522,948) (3,806,554)
------------ ------------ ------------
(347,294) (641,473) 5,625
------------ ------------ ------------
Liabilities
Non-current assets
Loans 1,025,000 779,378 -
Lease liability 24,160 47,030 21,248
------------ ------------ ------------
1,049,160 826,408 21,248
------------ ------------ ------------
Current liabilities
Trade and other payables 201,246 237,104 480,200
Lease liability - - 14,504
201,246 237,104 494,704
Total liabilities 1,226,246 1,016,483 515,952
------------ ------------ ------------
Total equity and liabilities 903,112 422,039 521,577
============ ============ ============
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF YEAR TO 30 JUNE 2022
Unaudited Unaudited Audited
half year half year
to to Year to
30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
Cash outflows from operating activities
Cash consumed in operations (559,846) (708,447) (812,411)
Net cash outflows from operating
activities (559,846) (708,447) (812,411)
------------------------- ---------- ------------
Cash flows from investing activities
Expenditure on non-current assets (4,603) (1,114) (4,014)
Expenditure on intangible assets (43,518) (30,011) (58,900)
------------------------- ---------- ------------
Net cash outflows from investing
activities (48,121) (31,125) (62,914)
------------------------- ---------- ------------
Cash flows from financing activities
Proceeds from loans 1,000,000 466,293 497,149
Finance costs paid (4,305) (3,627) (35,705)
Lease repayments (12,500) (12,500) (25,000)
Proceeds from issue of shares - 296,977 571,000
------------------------- ---------- ------------
Net cash inflows from financing
activities 983,195 747,143 1,007,444
------------------------- ---------- ------------
Net increase in cash and cash equivalents 375,228 7,572 132,119
========================= ========== ============
Analysis of cash and cash equivalents
during the period:
Cash and cash equivalents at the
beginning of the period 142,033 9,914 9,914
Increase in cash and cash equivalents 375,228 7,572 132,119
------------------------- ---------- ------------
Cash and cash equivalents at the
end of the period 517,261 17,486 142,033
========================= ========== ============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR TO 30 JUNE 2022
Share Reorganisation Accumulated
Share Capital Premium Reserve Losses Total
GBP GBP GBP GBP GBP
As at 31
December 20
20 9, 607,351 65,125 (8,053,501) ( 2,278,159) ( 659,184)
-------------- ---------- --------------- -------------- ------------------
Share capital
issued 1,661,329 528,375 - - 2,189,704
Impairment
adjustment - - 3,500 - 3,500
Loss for the
year - - - ( 1,528,395) ( 1,528,395)
As at 31
December 202
1 11,268,680 593,500 (8,050,001) (3,806,554) 5,625
-------------- ---------- --------------- -------------- ------------------
Share capital
issued - - - - -
Loss for the
period - - - (352,919) (352,919)
As at 30
June 2022 11,268,680 593,500 (8,050,001) (4,159,473) (347,294)
----------- ---------- ------------ ------------ ----------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. These unaudited financial statements have been prepared on
the basis of the accounting policies adopted in the accounts to 31
December 2021.
2. The calculation of basic earnings per share has been based on
the loss for the period and the weighted average 11,268,680 (period
ended 30 June 2021: 9,761,821) Ordinary Shares in issue throughout
the period.
3. The interim report to 30 June 2022 was approved by the Directors on 1(st) September 2022.
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END
NEXEADNAEALAEFA
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September 02, 2022 09:35 ET (13:35 GMT)
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