Housebuilder Grainger Plc (LSE:GRI) said in a post-close trading update on Thursday that it had a year of "record delivery" and accelerated growth in rental sales.
The housebuilder said total like-for-like rental growth was 7.7% for the remainder of fiscal 2023, up from 6.8% at the half-year point.
Private rented sector (PRS) like-for-like growth in rentals stood at 8%, it said, up from 6.9% for the first half of the year.
Its rental occupancy at the end of September was 98.6%, in line with the 98.5% spot occupancy during the first half of the year.
The company said it generated £194 million of sales during the year, including £70 million of vacant regulated sales.
This compares with residential sales profits of £63.3 million in 2022, which it said at the time reflected the “natural run off” of vacant sales in its regulated tenancy portfolio over time.
Grainger said it is due to complete more than 1,600 new build-to-rent homes this year, which it expects will drive a “step change” in its earnings per share (EPRA) and bring its operational portfolio to more than 10,000 homes.
The company said it had fixed the cost of its debt in the mid 3% for the next five years.