While shares in rent.com.au have been battered since the start of December, falling from the 57.5 cents to trade as low as 16 cents last week, shareholders may take some heart from the group’s March update released on Monday morning which featured solid growth in new agent registrations and above run rate unique website visits.
Given subsequent to the release of the data, management announced it would be conducting a capital raising it must expect first-quarter numbers will resonate with investors. Management has requested a trading halt until the earlier of the commencement of trading on Wednesday, April 6 or upon the provision of an announcement to the ASX by the company regarding the capital raising.
rent.com.au is the only national web portal in Australia that focuses solely on the rental property market and includes listings from both property agents and non-agent private landlords.
The group was established in 2007 and was a backdoor listing on the ASX in mid-2015. Its shares were well supported for most of the second half, particularly in the last quarter of calendar 2015 when they increased more than four-fold from 13 cents to the all-time high of 57.5 cents.
Crunching the numbers on data released today, unique visitors in March were circa 640,000 March which represented a strong end to a quarter in which more than 500,000 unique visitors were recorded each month.
In what could be a positive pointer for future listings and associated site views, approximately 500 new agents registered during March, more than six times the average of the preceding eight months.
Managing Director, Mark Woschnak, said, ‘We are focusing our resources on driving faster growth in agent and non-agent registrations as we look to increase our overall level of listings content from approximately 80% of national property listings currently on site’.