Friday, RentGuarantor Holdings PLC (AQSE: RGG), a UK-based provider of rent guarantee services, delivered a positive annual activities update, highlighting a year of strong growth and strategic partnerships. The company reported a 62% increase in revenue year-on-year for Q3 2024 and anticipates this upward trend to continue through the end of the year.
In 2024, RentGuarantor established 208 new business partnerships with entities ranging from letting agents to charities. A significant development was the introduction of a three-year guarantee contract in July 2024, catering to the demand for longer tenancies in the Private Rental Sector (PRS). This move is expected to generate recurring revenue and positively impact the company's growth.
The company is actively working on an updated tech platform set to launch in 2025, promising an enhanced user experience and supporting further growth. Additionally, RentGuarantor is expanding its team, with plans to hire more staff in the coming year to support various strategic initiatives.
To fund its expansion, RentGuarantor announced a proposal to issue a two-year convertible loan note with a 10% annual coupon, aiming to raise up to £500,000. Furthermore, the company has centralized its shareholder communications onto its Investor Hub, offering a unified platform for company updates and shareholder interaction.
CEO Paul Foy expressed optimism about the company's trajectory, citing the addition of new staff, the anticipation of further revenue growth, and the success of over 50 trade shows and events attended throughout the year. Despite the challenges in the UK capital markets, Foy noted the strong support from shareholders and the board's commitment to cautious yet ambitious scaling of the business. RentGuarantor is poised for considerable growth in the short to medium term, aiming to become a leading brand in the UK PRS.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.