|
RentGuarantor Holdings PLC on Monday said it has been anticipating the UK Renters’ Rights Act, which came into force in May, to cause ‘a structural shift in demand’. The London-based provider of rent guarantee services in the UK private rental sector said revenue in the first five months of the year was around £2.0 million, more than doubled compared to £780,000 a year earlier. The number of contracts executed by RentGuarantor over the five-month period jumped to 2,318 from 1,020 on-year, while the average value of new contracts secured was up 12% at £855 from £762. RentGuarantor said: ‘The Renters’ Rights Act 2025 came into force on 1 May 2026. The company has been anticipating the act to cause a structural shift in demand for rent and property damage guarantees in the UK.’ The company said the jump in revenue ‘was driven by a material uplift in new guarantee issuances and higher adoption of the company’s solutions across core customer segments within the private rental sector.’ The firm expects the stronger trading momentum to continue through the second half. RentGuarantor said it has increased visibility of positive earnings before interest, tax, depreciation and amortisation for 2026, while it speeds up its investment in artificial intelligence. Chief Executive Officer Paul Foy said: ‘The company’s performance in May 2026 marks a clear shift in demand for our professional guarantor service. The structural changes to the sector resulting from the Renters’ Rights Act are driving sustained growth across our core customer segments and reinforcing the relevance of our solution.’ He added: ‘In light of these advancements, we are moving quickly to scale capacity through our planned investment in AI, spearheaded by our in-house expertise, so that we can sustain this growth without compromising the high standards of service and risk management that underpin our business model, together with the potential appointment of additional board members during the current year. We are confident in the group’s prospects for the remainder of 2026, and I look forward to updating the market on our progress in due course.’ RentGuarantor shares rose 7.4% to 30.60 pence each on Monday afternoon in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
