Rent.com.au Publishes Full Year Results — Net Loss of $2.7 million as Revenue Grows 9%

The Australian rental marketplace operator Rent.com.au has released its full-year financial results, with the company saying "the Group will continue as a going concern" despite recording losses of nearly A$3m.

Highlights include:

• Yearly revenue up 8.9%
• Core portal business profitable at A$220k EBITDA
• EBITDA loss widens from $689k to A$1.6 million
• Net loss doubles to A$2.7 million from A$1.3 million in 2021
• Losses driven by significant investment in RentPay product
• No dividend payout for shareholders

On the surface, the numbers aren't good. But it is in fact all systems go for the Australian rentals specialist.

The Group's core portal business was profitable for the year and ended at A$220k EBITDA, almost double the A$115k it earned in 2021.

Losses are being driven by Rent.com.au's ambitious RentPay product, which incurred EBITDA losses of A$1.8 million for the year. RentPay, which lets tenants pay their rent via an app, raised A$2.5m investor money earlier this year to market. The private investment round was oversubscribed with CEO Greg Bader adding that the company has seen "increasing interest" from real estate agents.

However, there will be no dividend paid out to shareholders this year, as losses per share hit $0.66.

The company claims its mobile app has better ratings than its competitors and that it maintained its traffic with 660,000 unique visitors per month.

Rent.com.au partnered up with electricity giant Origin Energy earlier in the year in a deal that means customers will now get electricity and gas services from Origin.