RentGuarantor increases outlook again as September revenue balloons

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 £13 million in the nine months ended September 30 from £1.7 million the year prior. In September alone, revenue totalled £4.5 million versus just £240,000 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 £1,119 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 £5.9 million from a £189,000 loss.

Adjusted net profit totalled £5.9 million versus a £480,000 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 £19 million versus previous guidance of in excess of £14 million, and net profit in excess of £9 million, raised from "in excess" of £4 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 £15.1 million, Ebitda between £4.1 million to £4.9 million and net profit £4.6 million.

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