Grainger (LON:GRI) reported a 23 percent increase in profit in its half-year results, on the back of a ‘strong’ trading performance.

Pre-tax profits rose to hit £50.6 million, up from £41.2 million a year ago, with adjusted earnings up 20 percent to £34.1 million. The results were underpinned by a 9 percent jump in rental income, with a 4.1 percent like-for-like rental growth across its entire portfolio.

Results were also boosted by the group’s attainment of £756 million of private sector investments, with £258 million in the planning or legal process and a further £519 million under consideration.

“We are a business on a strong growth trajectory and the opportunity in the UK PRS market is vast. We are uniquely placed given our market leading position and our in-house capability to originate, invest and operate homes for rent,” said Helen Gordon, Grainger’s CEO.

The group raised its interim dividend by 9 percent to 1.74 pence from 1.6 pence. Shares in Grainger (LON:GRI) are largely flat, currently up 0.32 percent at 314.80 (1021GMT).