Shares in the UK’s largest listed residential landlord, Grainger PLC, are flat after releasing full years results.

Revenue jumped to £264.7m from £219.9m the year previously as the result of £651m of investment in new properties.

Compounding an increase in revenue, Grainger’s cost ratio fell 2% helped by cost discipline and supply chain efficiency.

The group continued their progressive dividend strategy with a 8% increase in the total dividend to 4.86p.

The company said they were positive on the outlook for UK residential property despite ongoing Brexit negotiations and said they planned to push forward with further investments in the sector.

Helen Gordon, Chief Executive of Grainger, commented on the results:

“We have transformed Grainger over the last two years, refocused our strategy and made the business more efficient. We have continued to deliver strong financial returns. We have increased our rental income, secured a significant number of new PRS investments, simplified and focused the business and repositioned it for further growth.

“Over the financial year, we delivered a 40% increase in adjusted earnings to £74.4m. I am also pleased to report a 5.6% increase in EPRA NNNAV to 303p per share and a total return of 7.3% for shareholders.

“The growth opportunity in the UK PRS market is significant and we are well placed with our unique in-house capability to originate, invest and operate. We have seen excellent momentum in acquisitions and we have now secured £651m of PRS opportunities since setting out our strategy.

“The future for Grainger is exciting. We are a fast-growing business, with great long-term value, and we are delivering a portfolio of good quality homes for rent which our customers, employees and shareholders can be proud of.”