- Rental services provider Rent.com.au (RNT) has frozen its shares at the start of a new week as it prepares to tap investors for fresh capital
- At this stage, just how much the company wants to raise or what the funding will support is unknown
- However, RNT is set to release details of the raise before or on September 9
- Rent.com.au is focused on providing rental services — such as property databases and rental resources — to Australia’s seven million-strong rental market
- The company’s preliminary financials indicate RNT boosted its revenue by 13.3 per cent to $2.45 million over FY20
- In addition, RNT managed to decrease its operating loss margins by 33.3 per cent, meaning the company would’ve been $1.67 million in the red after tax at the end of the 2020 financial year
- Rent.com.au shares last traded for five cents a pop on Friday, September 4
Rental services provider Rent.com.au (RNT) has frozen its shares at the start of a new week as it prepares to tap investors for fresh capital.
At this stage, just how much the company wants to raise or what the funding will support is unknown, but RNT is set to release details of the raise before or on September 9.
As a result, RNT shares will be paused from trading on the ASX until that date.
Rent.com.au is focussed on providing rental services — such as property databases and rental resources — to Australia’s seven million-strong rental market.
On the website, prospective landlords can advertise their properties and sign on tenants using RNT’s suite of renting tools. These include; Renter Resume, an online rental application; RentConnect, a tool to connect new tenants to water and electricity; and RentPay, a mobile app where tenants can make rent payments.
At the end of August, Rent.com.au released its preliminary final results. The unaudited figures indicate the communications services company boosted its revenue by 13.3 per cent to $2.45 million over FY20.
In addition, RNT managed to decrease its operating loss margins by 33.3 per cent, meaning the company was $1.67 million in the red after tax at the end of the 2020 financial year.
Rent.com.au also tabled a 46.6 per cent improvement in its earnings before interest, taxes, depreciation and amortisation (EBITDA) loss for the period.
In a market update released on August 20, RNT claimed the first quarter of the 2021 financial year was already tracking ahead of the prior quarter financially.
At this stage, Rent.com.au’s final FY20 report is set for market release on October 23.
Rent.com.au shares last traded for five cents a pop on Friday, September 4.