Manchester-based PRS REIT plc — recently under attack from rebel shareholders — said on Tuesday its revenue, generated wholly from rental income, increased 17% to £58.2 million in the year to June 30, 2024, with operating profit soaring 90% to £111.7 million.
Net rental income rose 18% to £47.3 million.
PRS REIT plc is a closed-end real estate investment trust established to invest in the Private Rented Sector.
The fund also provided a first quarter update, saying current trading “remains very strong” and its portfolio has increased to 5,425 completed homes.
On September 13, PRS REIT said non-executive chairman Stephen Smith would resign at the next annual general meeting and two rebel shareholders — Robert Naylor and Christopher Mills — would join the board next month.
The move met most of the demands of a group of shareholders who called for a special meeting to oust Smith and David Steffan Francis from the property investor’s board. Francis will remain as a non-executive director until next year.
On Tuesday, outgoing chairman 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.”