The PRS REIT posted a 120% increase in post tax profit for the year ended 30 June 2024.
Profit after tax rose from £42.5m to £93.7m, revenue increased 17% to £58.2m and net rental income grew 18% to £47.3m.
In the reporting period, the company completed 5,425 new homes – up 6% on last year – and its estimated rental value per annum was £67.5m – up 18%.
Last month, The PRS REIT announced that chairman Steve Smith would step down at its upcoming AGM as part of a series of changes to the board’s structure to appease a group of activist investors.
Smith said: “These are truly excellent numbers reflecting the efficacy of the strategy and the hard work and commitment of the board, our investment adviser, Sigma, our investors, banking and housebuilding partners, and local and central government supporters.
“To be in position to deliver a set of results of this quality after so many obstructions along the way, notably Covid and debt cost inflation, is a great achievement. The company is perfectly poised for its next phase of growth; investors are in a very strong position, with multiple options and, on a personal note, I sincerely hope that investors grasp the opportunity to enable the business to achieve its full potential
“The board remains confident about prospects, with affordability – average rent as a proportion of gross household income – and asset performance both very strong. In line with our announcement issued on 13 September, the newly-constituted board intends to review the company’s strategy and will provide an update when appropriate. The company is fully focused on maximising value for all shareholders.”
