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Grainger first-half profits rise on higher rents

Thursday, 16th May 2019
Residential landlord Grainger reported a rise in pre-tax profits as it increased rents and completed new housing developments.

For the six months ended 31 March 2019, profit before tax increased 7% to £54.3m as  net rental income grew 33% to £29.1m.

The company reported a 3.7% rise like-for-like rental growth across our entire portfolio, though that was a slower pace of growth than the 4.1% seen a year earlier.

But adjusted earnings were down slightly to £38.3m from £40.9m a year earlier, due to timing on sales and reduced development profits, the company said.

The interim dividend per share increased 10% to 1.73p a share for the half, from a year earlier.

'Over 2019 we will deliver a number of our early investments from our pipeline, namely Clippers Quay in Greater Manchester, Gunhill in Hampshire, Finzels Reach in Bristol and Eccy Village in Sheffield (1,152 homes). From this year, our pipeline of PRS development schemes will begin to deliver at scale,' the company said.

'We are in a strong position to deliver a good performance in the second half of the year and a positive overall result.'

'The acquisition of GRIP significantly accelerated our growth strategy to enhance shareholder returns and we have repositioned the income profile of the business. We expect our pipeline to more than double our net rental income over coming years and will directly lead to sustainable dividend growth.'

At 8:35am: (LON:GRI) Grainger PLC share price was 0p at 258.2p

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