Grainger pre-tax profits up 64%

Grainger, the UK's largest listed residential landlord, posts pre-tax profits of £84.2m for the year to the end of September - 64% up on last time.

Net rental income rose by 15% to £37.4m (FY15: £32.4m) and djusted earnings (recurring profit) increased by 69% to £53.1m. Dividend per share up 64% to 4.5p (FY15: 2.75p).

Chief executive Helen Gordon said: "FY16 has been a transformational year, with significant progress made in delivering our private rented sector growth strategy which we set out in January. We have secured £389m of investment, disposed of our non-core businesses, improved the capital structure of the company and reduced operational costs following an internal restructure. We have delivered strong financial results alongside these changes, with adjusted earnings increasing by 69% to £53.1m and a total return of 10.6%.

"The private rented sector growth opportunity is very compelling. With capacity to invest and a repositioned business, we are well placed to significantly improve our income and shareholder returns as we achieve our strategic objectives.

"The new financial year started well, we have secured new investments, further developed our PRS pipeline and the benefits are starting to come through from the actions taken to reduce costs. I am confident in our future prospects and Grainger's new, simpler and more focused structure which has strengthened our business and competitive position. I look forward to providing further updates on our progress throughout the year."