TIDMRGG
RNS Number : 4549E
RentGuarantor Holdings PLC
30 June 2023
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.
30 June 2023
RentGuarantor Holdings PLC
(the "Company" or "RentGuarantor")
Final Results
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 31 December 2022.
HIGHLIGHTS
-- RentGuarantor completes its first year on the AQUIS stock exchange
in London
-- RentGuarantor nominated for an AQUIS Company of the Year at the
"Small Cap Awards"
-- Commenced design and development of Fourth Generation RentGuarantor
Platform
-- Increased customer services staff in response to demand
-- Revenue of GBP414k up year on year by 72%
-- Arrears claims running at 1.6% of total revenue.
-- Completed 714 (2021: 423) Rent Guarantee contracts up 69% year
on year
CHAIRMAN'S STATEMENT
I am pleased to present my second Chairman's report and an
update on our activities for the year ended 31 December 2022.
During 2022 we have continued to build the business following
our admission to the AQSE Growth Market in late 2021 and these
efforts are reflected in a continuation of our growth in revenues
and an increased prominence in the market. Our focus has been on
the rent guarantee services and raising the market's awareness of
our services.
We have also strengthened our governance procedures and were
delighted to have Peter Coleman join the board as a Non-Executive
Director in February 2023. These changes are central to the growth
of its business model as is our ongoing investment in our
technology platform.
The year has not been without its challenges and interest rates
have risen rapidly from record lows. Inflation continues to put
pressure on household budgets and the marketplace generally. This
has caused both landlords and tenants to re-assess their property
aspirations but at the same time this has emphasised the need for
the Company's services across the property rental sector. We have
given considerable attention to the adjustments taking place in the
market and have carefully manged the risks to our growth strategy.
Our cautious but focused approach holds the business in a strong
position to meet the economic and regulatory headwinds faced by
tenants and landlords alike.
We have prudently managed our cost base and raised additional
capital from our shareholders during the year to support our growth
plans and manage working capital.
I am pleased that despite the uncertain economic conditions, the
Group has continued to achieve growth in revenues and build its
market presence. In March 2023, the Company joined the Apex segment
of the Aquis Stock Exchange which we believe will further enhance
our growth strategy. RentGuarantor has been nominated for an AQUIS
Company of the Year award at the Small Cap Awards to be held in
June. This is, I believe, recognition of the hard work of everyone
connected with the Company.
The results we are reporting today show the significant progress
that has been made in our first full year as a listed company and
are a direct result of our focus on providing the very best
products and customer service.
Financial Results
The Group delivered significant revenue growth in FY22 of 72% to
GBP414,000 and a reduced level of losses. As a result of the
capital raised in the year, the Group has remained in a positive
cash position and our balance sheet provides a strong platform to
achieve further growth in 2023.
People
Again, none of this success would be possible without the
passion and commitment shown by our staff and directors. These
results are a reflection of that endeavour and on behalf of the
Board, I offer them my sincere thanks.
Board and Governance
We have continued to review our governance procedures and the
recent addition of Peter Coleman as a Non-Executive Director has
added additional strength and oversight to the Board. I am grateful
for the contributions that the management team has provided
throughout the year.
Summary and Outlook
I am pleased to say that the investment in marketing, technology
and people in 2022 is continuing to be reflected in our growth in
the first few months of 2023. We are however seeing only a small
reduction in inflation and interest rates are unlikely to fall for
some time. We operate in an environment where the market can change
quickly. Our careful management of these changes and the inherent
risks underpin our approach to growing the business. We will
continue to review market developments and to invest in our team
and core services to support our growth plans.
The economic and geo-political environments are evolving, and we
continue to take a cautious but considered approach to the Group's
long-term strategy. We believe that the long-term opportunity
remains significant.
I look forward to reporting to you on our progress over the
coming year.
Graham Duncan
Non-Executive Chairman
29 June 2023
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
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 DECEMBER 2022
Year
ended Year ended
31-Dec 31-Dec
2022 2021
GBP GBP
Continuing operations
Revenue 414,078 241,033
Direct costs (100,549) (71,568)
Gross profit 313,529 169,465
Administrative expenses (1,180,375) (1,675,673)
Operating loss (866,846) (1,506,208)
Finance costs (43,932) (35,705)
Loss on ordinary activities
before taxation (910,778) (1,541,913)
Income tax expense - -
Loss for the year (910,778) (1,541,913)
------------ ------------
Loss per share (expressed in
pence per share) (8.03) (15.19)
------------ ------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
2022 2021
GBP GBP
Assets
Non-current assets
Intangible assets 272,027 305,446
Right of use assets 11,446 34,339
Tangible assets 9,708 5,511
------------ ------------
293,181 345,296
------------ ------------
Current assets
Trade and other receivables 28,648 34,248
Cash and cash equivalents 91,887 142,033
------------ ------------
120,535 176,281
------------ ------------
Total assets 413,716 521,577
------------ ------------
Equity and liabilities
Equity attributable to owners
of the parent
Ordinary shares 11,581,175 11,268,680
Share premium 796,621 593,500
Reorganisation reserve (8,050,001) (8,050,001)
Accumulated losses (4,717,332) (3,806,554)
------------ ------------
(389,537) 5,625
Liabilities
Non-current liabilities
Loans 500,000 -
Lease liability - 21,248
------------ ------------
500,000 21,248
Current liabilities
Trade and other payables 289,565 480,200
Lease liability 13,688 14,504
------------ ------------
303,253 494,704
------------ ------------
Total liabilities 803,253 515,952
------------ ------------
Total equity and liabilities 413,716 521,577
------------ ------------
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
2022 2021
GBP GBP
Cash outflows from operating activities
Cash consumed in operations (910,155) (812,411)
Net cash outflows from operating
activities (910,155) (812,411)
---------- ----------
Expenditure on non-current assets (8,737) (4,014)
Expenditure on intangible assets (77,938) (58,900)
Net cash outflows from investing
activities (86,675) (62,914)
Cash flows from financing activities
Receipts from issue of convertible
loans 1,000,000 497,149
Finance costs paid (43,932) (35,705)
Lease repayments (25,000) (25,000)
Proceeds from issue of shares 15,616 571,000
Net cash inflows from financing
activities 946,684 1,007,444
Net increase / (decrease) in cash
and cash equivalents (50,146) 132,119
---------- ----------
Cash and cash equivalents at the
beginning of the year 142,033 9,914
---------- ----------
Cash and cash equivalents at the
end of the year 91,887 142,033
---------- ----------
NOTES TO PRELIMINARY RESULTS FOR THE PERIOD ENDED 31 DECEMBER
2022
1. The financial information set out above does not constitute
statutory accounts for the purpose of Section 434 of the Companies
Act 2006. The financial information has been extracted from the
statutory accounts of RentGuarantor Holdings PLC and is presented
using the same accounting policies, which have not yet been filed
with the Registrar of companies, but on which the auditors gave an
unqualified report on 29 June 2023.
The preliminary announcement of the results for the year ended
31 December 2022 was approved by the board of directors on 29 June
2023.
2. Loss per share
Basic earnings per share is calculated by dividing the earnings
attributable shareholders by the weighted average number of
ordinary shares outstanding during the year. Reconciliations are
set out below:
2022 2021
Losses attributable to ordinary
shareholders (910,778) (1,541,913)
Weighted average number of shares 11,349,158 10,149,179
Basic and diluted loss per share
(pence) (8.03) (15.19)
----------- ------------
As the Group is loss-making, any potentially dilutive
instruments would be considered anti-dilutive, and are disregarded
for the purposes of calculating diluted earnings per share.
- ends -
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June 30, 2023 02:00 ET (06:00 GMT)
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