RentGuarantor Holdings PLC Quarterly Activities Update (2286V)

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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April 04, 2023 02:00 ET (06:00 GMT)

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