Helen Gordon, Chief Executive, said:
“We have had a year of significant success in line with our strategic plan for growth in the UK private rented sector (PRS). Our PRS portfolio continues to deliver strong rental growth, with a like-for-like growth of +3.1%. Our PRS investment pipeline, which now stands at £817m secured, is progressing well and is on track to deliver a step change in our net rental income and dividend as the pipeline stabilises. Our sales business performed well during the year with sales achieved 1.3% above vacant procession value, releasing further funding capacity for our pipeline.
“The coming year will see a number of our schemes start to become income producing with over 1,300 units set for delivery across our schemes in Manchester, Bristol, Birmingham, Sheffield and Milton Keynes. We are close to completing the UK's largest PRS development outside London, Clippers Quay in Salford, Greater Manchester. Clippers Quay will deliver 614 high quality homes for rent, with phase one of three completing today, with strong lettings interest at pricing above our underwriting levels.
“The remainder of our pipeline projects are all on track to deliver on plan, on time and within budget. Our investment and development teams continue to focus on securing new, compelling investment opportunities in our target locations across the country, and to this end we have good visibility over a further £287m of investment opportunities which are in the advanced stages of the planning process or legal negotiations and further opportunities under consideration.
“Overall, we are very pleased with the pace of strategic progress and we look forward to generating further momentum in the coming financial year”.