“To finish 2019 with a record-breaking EBITDA quarter is exceptionally pleasing, especially when you factor in that we usually experience a seasonal revenue drop in the December quarter,” Bader said.
“Renter product revenue is very transactional and non-recurring in nature and as we expect, the last few weeks of the year sees people focused on the holiday season rather than moving house.
“We achieved a 19 percent improvement in EBITDA compared to the previous quarter. With an average monthly EBITDA loss of $100,000, this quarterly result is the closest the RENT Group has come to breakeven and is 54 percent better than we achieved in the same quarter last year.”
As expected, seasonality sees RENT’s revenue down compared to the previous quarter but up 13 percent on the same quarter in the previous year.
“We have seen performance lift across most revenue lines over the last 12 months as we have optimized supplier agreements and enhanced the products with new features,” Bader said.
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