RentGuarantor increases outlook again as September revenue balloons
(Alliance News) - RentGuarantor Holdings PLC on Thursday raised guidance again after reporting growth accelerated in the third quarter.
In response, shares in RentGuarantor, which provides rent guarantee services in the UK private rental sector, shot up 19% to 114.00 pence each in London on Thursday. They have risen nearly seven-fold from 17.00p in the last 12 months.
In a trading update, RentGuarantor said growth accelerated significantly during the third quarter and especially in late September, during the prime student letting season.
Revenue ballooned to GBP13 million in the nine months ended September 30 from GBP1.7 million the year prior. In September alone, revenue totalled GBP4.5 million versus just GBP240,000 a year ago.
Application numbers trebled to 21,747 from 7,066 with contract numbers surging to 11,608 from 2,343.
Average contract value also increased by 53% to GBP1,119 from 743. And despite the substantial growth in contracts, the claims ratio remains in line with the board's expectations and risk policy.
Adjusted earnings before interest, tax, depreciation and amortisation jumped to GBP5.9 million from a GBP189,000 loss.
Adjusted net profit totalled GBP5.9 million versus a GBP480,000 loss.
As a result, the firm expects expects full-year revenue, Ebitda and net profit to be "materially" above current market expectations.
RentGuarantor now expects to deliver revenue in excess of GBP19 million versus previous guidance of in excess of GBP14 million, and net profit in excess of GBP9 million, raised from "in excess" of GBP4 million.
RentGuarantor had already boosted guidance in a trading update at the start of September.
The firm said it understands market consensus for revenue to be GBP15.1 million, Ebitda between GBP4.1 million to GBP4.9 million and net profit GBP4.6 million.
By Jeremy Cutler, Alliance News reporter
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