Rental property website rent.com.au say they are improving their position, notching up their tenth straight quarter of revenue growth on the back of increased product demand and reduced costs.
Offering rental property searches and products like renter resume creation, bond payment plans and tenancy record checks, the company reported revenue of $557,000 for the second quarter of 2018, up 43 per cent on the previous year.
In their Quarterly Activities Report for Q2, they also noted cash at hand of $1.4 million, equating to enough funding to see them through to June, with their EBITDA loss reducing to $537k (a 30 per cent improvement).
Rent.com.au Chief Executive Officer Greg Bader explained the strong results were due to increased product revenue of 11 per cent and reduced costs of 14 per cent.
“I am delighted that we’ve maintained our track record of delivering revenue growth in what is usually a quiet quarter for the industry,” Mr Bader noted.
“This makes 10 straight quarters of revenue growth and the latest result has again been driven by an increase in Renter Products revenue, which grew 16 per cent compared to the previous quarter.
“In addition to revenue growth, the cost measures we put in place at the end of the last quarter have borne fruit and continue to deliver value, helping rent.com.au to record another exceptional improvement in our EBITDA with a one-third reduction in our operating loss. This comes off the back of a similar improvement last quarter and bodes well for our break-even goal.”
First established in 2007 by property and new media entrepreneur Mark Woschnak, rent.com.au was listed on the Australian Securities Exchange in June 2015.
The company has had a recent focus on improving their existing products like RentCheck, RentBond, and RentConnect and notes they have plans for new rent-focused items in the future.
“We are currently working with partners to launch additional game-changing renting products, but we also realise that we have hardly scratched the surface with regards to what products and services are needed by our customers and that is the truly exciting part,” explained Mr Bader.
“We’re well advanced with this ongoing strategy, and the ongoing delivery of additional Renter Products is key to achieving break-even and essential towards us delivering on our overall goal of building a large and valuable online business.”