Rent.com.au posts strong revenue numbers, its shares take off

Ian Hitchcock/Getty Images

Shares in rent.com.au jumped after the property renting website released strong quarterly revenue numbers.

A short time ago, its shares were up 14.5% to $0.071.

Total revenue was $514,00 for the September quarter, up 8% on the previous quarter and 46% higher than the same three months last year.

“This is our ninth successive quarter of revenue growth,” says CEO Greg Bader.

“We know this is expected from a business such as ours but being able to grow the business whilst also developing new products and reducing costs is very rewarding.”

At the end of the September quarter, the webiste had more than 172,000 renter resume customers.

The company says it’s still on track to hit break even during the 2018 financial year.

“We are performing well. We achieved an EBITDA (earnings before interest, tax, depreciation and amortisation) of -$200k for the month of September, the best result in the history of the business,” says Bader.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.