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Grainger reports 'strong' trading performance as profit rises 23%

By BFN News | 09:29 AM | Thursday 17 May, 2018


Grainger reported 'strong' trading performance in half-year results on Thursday as profit before tax rose 23% underpinned by a 9% jump in rental income. Pre-tax profits in the six months to March 31 grew by 23% to £50.6m from £41.2m for the same period a year ago, while adjusted earnings rose 20% to £34.1m. The UK listed landlord said net rental income grew 9% to £21.8m as acquisitions and rental growth more than offset the impact of disposals. The firm reported 4.1% like-for-like rental growth across its entire portfolio. EPRA NNNAV rose 1% since the year end to 306p per share after returning £13.6m to shareholders in the period, the firm said. Grainger said it had secured £756m of private sector investments, with a further £258 in the planning or legal process and £519m was under consideration as it progressed toward its initial £850m target. The group raised its interim dividend by 9% to 1.74p from 1.6p. '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, Chief Executive of Grainger. At 9:29am: (LON:GRI) Grainger PLC share price was +1p at 314.8p Story provided by StockMarketWire.com

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