2nd Aug 2024 09:38
(Alliance News) - RentGuarantor Holdings PLC on Friday announced an increase in revenue for the first half of 2024, driven by new partnership agreements with letting agents.
RentGuarantor is a provider of rent guarantee services to prospective tenants across the socio-economic spectrum in the UK private rental sector.
RentGuarantor reported a 70% rise in revenue to GBP517,589 for the half from GBP304,965 a year before.
It noted that during the period it signed partnership agreements with 55 letting agent entities or groups.
RentGuarantor said its operating loss widened to GBP448,753 for the half-year from GBP396,637 a year before. However, it attributed this to continued investment in technology, people and marketing.
Looking ahead, RentGuarantor said it continues to take a "cautious but considered" approach amidst economic and geopolitical uncertainties.
Chair Graham Duncan commented: "During 2024, we have continued to build on the growth achieved in 2023. We have developed further strategic relationships and partnerships which have helped to drive our growth in revenues and have generated an increased awareness of the Group amongst customers and the industry. Our technology has been further strengthened to support this forecasted growth, and our focus has remained on providing rent guarantee services."
RentGuarantor shares were unchanged at 278.00 pence each in London on Friday morning. They last traded on Aquis Stock Exchange at 286.00p on Thursday.
By Lydia Doye, Alliance News reporter
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