RentGuarantor reports 72% revenue jump, 50% rise in tenant contracts in FY24
() , a provider of rent guarantee services to prospective tenants including students, benefit claimants, and retirees, announced its final results for the year ended December 31, 2024 (FY24).
RentGuarantor reported a 72% increase in revenues to £1.27m from £741k last year, driven by a 50% increase in tenant contracts to 1,687, and a 14% increase in the average contract price to £755. Arrear claims represented 4.03% of FY24 revenue. The group maintained strong growth momentum in FY24 after similar year-on-year performance was reported in FY23 and FY22.
Operationally, reported 10 channel partner agreements and 165 partnership agreements with letting agents as of time of release. The group also said it continued to advance development of its 4th generation RentGuarantor platform, expected to launch in 2025.
Graham Duncan, Non-Execute Chairman, commenting: "During 2024 we have continued to build on the growth trajectory of previous years. We have successfully developed our technology further, added new strategic relationships and partnerships which have helped to drive our growth in revenues and increased our profile amongst our partners in the industry."
View from Vox
RentGuarantor continues to deliver impressive year-on-year growth. Another 72% increase in turnover to £1.27m builds on similar revenue performance in FY23 and FY22. The surge in sales was driven by a 50% increase in tenant contracts, coupled with a 14% rise in the average contract price. Strong demand for 's services was underpinned by 165 new partnership agreements with a range of customers from across the letting sector.
In FY24, exceeded its previously set target for new users, letting agents, and landlord clients, growing to over 25,000 new signups per month. Simultaneously, expanded its professional rent guarantor services to over 1,100 letting agents in the UK. A £455k fundraise completed in January 2025 should fuel 's growth in FY25, enabling the group to expand its headcount and meet surging demand for professional rent guarantor services in the UK.
Furthermore, in July 2024 introduced a three-year guarantee contract to address rising demand for longer-term tenancies in the UK private rental sector. The three-year contract provides recurring revenue for the company, expected to accelerate future growth. To further support this demand, RentGuarantor is developing its next-gen tech platform to improve user experience and expand capacity for growth in FY25.
Demand has been boosted by regulatory changes, with the upcoming Renters' Rights Bill set to introduce new legislative requirements for the rental market. The regulation is good news for 's professional services as it is likely to drive increased demand from both tenants and landlords seeking secure and compliant rental solutions.
Overall, is well-positioned for strong growth in the short-to-medium term. Favourable regulation and a solid pipeline of partnerships and continued business development, alongside the £455k boost to the balance sheet, sets the stage for continued growth in user numbers. continues to expand its footprint and brand awareness through partnerships and product development, with its latest platform able to handle 1,000 applications per minute, supporting further growth in the B2B market.
Follow News & Updates from RentGuarantor:
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.