TIDMRGG
RNS Number : 2286V
RentGuarantor Holdings PLC
04 April 2023
4 April 2023
RentGuarantor Holdings PLC
(the "Company" or "RentGuarantor")
Quarterly Activities Update
RentGuarantor (AQSE: RGG), a provider of rent guarantee services
to prospective tenants across the socio-economic 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 2023 ("Q1" or the "Quarter").
Highlights for the Quarter
-- Strong growth
Revenue is up 92% compared to the three-month period ended 31
March 2022 ("Q1 2022"), reflecting an increasing demand for
RentGuarantor's services; the Company's guarantee figures are up
60% on Q1 2022.
-- Promotion to Apex segment
The Company joined the Apex segment of the Aquis Stock Exchange
("AQSE") in the Quarter. The Apex segment of AQSE features larger,
more established businesses, and enforces stricter eligibility
criteria to encourage greater liquidity. The move to Apex is
expected to advance growth, whilst ensuring that the highest levels
of corporate governance continue to be upheld.
-- Signing of three strategic contracts
RentGuarantor signed strategic contracts with Clever Student
Lets, X1 Property Management Ltd, and Vorensys Limited. These
industry suppliers will promote RentGuarantor's services to their
respective tenant and landlord networks across the UK, assisting in
the expansion of the Company's customer base, and further
increasing interest in its services.
-- Signing of partnership agreements
In Q1, the Company signed partnership agreements with a total of
eight letting agent entities or letting agent groups.
-- Attendance at industry conferences
The RentGuarantor team attended six industry conferences in the
Quarter, including the National Landlord Investment Show in London
and the Propertymark Scottish National Conference in Edinburgh.
RentGuarantor also held speaking engagements at two National
Residential Landlord Association ("NRLA") regional meetings.
-- Appointment of Independent Non-Executive Director
RentGuarantor announced the appointment of Peter Keith Coleman
to the Board as an Independent Non-Executive Director.
Paul Foy, CEO of RentGuarantor, said: "I am pleased to provide
this update to shareholders following a quarter of transformative
growth for the Company. We have seen increases in demand for our
services, with guarantee figures up 60% on Q1 2022. This has
partially been driven by the signing of contracts with three
industry suppliers, whose use of the RentGuarantor software will
broaden our access within the rental market. This expansion of our
customer base is reflected in the signing of partnership agreements
with eight letting agent entities and groups, who will help elevate
interest in our services.
"I am delighted with the Company's admission to the Apex segment
of the Aquis market. To hit all the criteria required for an Apex
company is testament to RentGuarantor's strong corporate governance
and business positioning. We look forward to another positive
quarter and the continued growth of the Company."
For more information, please visit: www.rentguarantor.com
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
+44 20 7309 2203
Optiva Securities Limited (Broker)
Vishal Balasingham
+44 203 411 1881
BlytheRay (Financial PR)
Tim Blythe, Megan Ray
+44 207 138 3204
About RentGuarantor Holdings Plc
RentGuarantor provides a rent guarantee service to tenants
wishing to rent property in the UK from the Private Rental Sector
("PRS"). The rent guarantee service is an online service where
applications can be managed on a secure and bespoke digital
platform designed and built by RentGuarantor. RentGuarantor
supplies its service to the whole of market - students, employed,
and people on benefits including Universal Credit. Local
authorities have a legal obligation under housing and other
property related Acts of Parliament to provide tenants with a home
and this is mostly achieved by paying for the tenant to reside in a
PRS property. Local authorities use the guarantee service as they
cannot become a guarantor. RentGuarantor's risk from rent
guarantees is fully underwritten by Lloyds of London.
The Company's strategy is to strengthen its senior and middle
management team and grow revenue in accordance with its business
model. RentGuarantor sees the PRS continuing to grow with
affordability to buy, coupled with lifestyle choices being the key
drivers over the next 3-5 years.
RentGuarantor will rollout additional services that complement
RentGuarantor's proposition, which will deliver additional revenue,
and cement RentGuarantor as the leading rental guarantor company in
the UK.
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