Highlights of Rent.com.au's Financial Year Ended in June 30, 2020 Report

Rent.com.au, one of the biggest rent-based real estate marketplaces in Australia, has released its financial report for 2020, ended June 30th of this year. 

Highlights from the report include: 

• Net operating loss after tax of $1,665,215 for the year ended 30 June 2020 ( down from $2,497,183 year-over-year).
• Overall revenue is $2,452,239, growth of 13% year-over-year.
• Issued 33,333,333 shares at an issue price of $0.045 per share to sophisticated, professional and other exempt investors, to raise $1.5 million (before costs). 
• The net assets of the Group have increased from $1,415,643 at 30 June 2019 to $1,795,125.
• Cash reserves increased from $151,534 at 30 June 2019 to $631,771. 

The key management consisted of the following directors:

• Garry Garside (Non-Executive Chairman)
• John Wood (Non-Executive Director)
• Sam McDonagh (Non-Executive Director)
• Philip Warren (Non-Executive Director)

Executives: 

• Greg Bader (Chief Executive Officer)
• Jan Ferreira (Chief Financial Officer and Company Secretary)

RentPay, which we have recently reported on, was mentioned in the report, as well, as it is the company's latest endeavor while working towards a contactless process in the wake of the COVID crisis. Novatii Group acquired a 2.5% equity shareholding for $250,000 in RentPay Technology Pty Ltd, a subsidiary within the Rent.com.au Limited that owns the RentPay system.