skip to content

Trading statements

Grainger adjusted earnings rise

27 September 2017 07:25

Grainger saw a strong trading performance in the second half of the year, with good results from sales and tightly controlled operational and finance costs.

The group said it expected to report adjusted earnings of approaching £70m (FY16: £53.1m). An update said: 'Sales of vacant properties have been achieved at c.2% ahead of the September 2016 year end vacant possession value, and robust residential sales have been supported by development activity and as we work through our strategic land sites.

'Our year end valuation process is currently underway. We saw 2.1% growth in capital values in the first half of the year and anticipate a modest further improvement in the second half, in line with the Board's expectations. 'We have seen like-for-like rental growth across our portfolio of 3.7% for the eleven months to the end of August.

'Our PRS portfolio has seen 3.2% growth and we have seen 4.4% annualised rental growth in our regulated tenancy portfolio.'

It continued: 'Our transition to a business focused on the UK private rented sector continues at pace and our secured investment pipeline now stands at £517m, around 60% of our £850m target, achieved within 20 months of announcing our new strategy.

'Once our £80m acquisition on Gore Street in Salford goes unconditional following completion of a building contract, we will reach 70% of our target.

'In total we have £341m of schemes in the planning or legal stages, which if secured will enable us to achieve our £850m target.

'A further £469m of potential schemes are under consideration.'

Story provided by StockMarketWire.com

Related Company: GRI

Info Point:

To buy or sell shares call our Dealing Room on 0113 243 6941.

Too much jargon? Our glossary will help make sense of things.

Find out more about our Share Dealing Services.

Client Area Access

» Secure Login

» Not registered yet?

-

Branch Finder

Redmayne-Bentley have High Street branches throughout the UK. Find your nearest branch.