Quarterly Activities Update

RentGuarantor (AQSE: RGG), a provider of rent guarantee services to prospective tenants across the socioeconomic 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 2024 ("Q1" or the "Quarter").

Highlights

Strong growth

For Q1 2024, revenue is up 62% year-on-year ("YoY") compared with the same quarter last year, and the number of tenant contracts is up 38% YoY, demonstrating an increasing demand for the RentGuarantor service. The average revenue per tenant contract also rose by 5% YoY, from £697.87 to £741.82.

Signing of key strategic contract

RentGuarantor signed a strategic contract with University Living for the use of the RentGuarantor service. University Living is a student accommodation provider, and supplier of technology-driven products and services designed to make the student lettings journey quicker and easier for all parties across the rental value chain.

Signing of partnership agreements

In Q1, the Company signed partnership agreements with a total of 29 industry bodies, including letting agents, councils, and student accommodation providers.

Upgrading of technology system

During the Quarter, RentGuarantor implemented an internal technology system upgrade from HubSpot. The improved system will enhance the internal efficiency of the Company's data processing teams.

Attendance at industry conferences

RentGuarantor attended eight industry conferences during the Quarter, hosted by its partners Propertymark and the NRLA, where the team spoke with industry leaders and increased visibility for the RentGuarantor service.

Paul Foy, CEO of RentGuarantor, said: "Following further success this quarter, I am delighted to provide an update to shareholders. I'm pleased to have maintained the strong growth achieved in 2023 at the start of this year, with revenue up a significant 62% compared to the same period last year. These strong statistics are a clear indication of the high demand for our services, which reflects the faith that landlords and tenants are showing in RentGuarantor. We have been further supported by the signing of 29 partnership agreements, including a strategic partnership with University Living, with whom we share the collective goal of helping students find suitable and secure accommodation. I look forward to providing shareholders with another positive update next quarter."