Newspaper article The Journal (Newcastle, England)

Boom Sees Grainger's Profits Grow

Newspaper article The Journal (Newcastle, England)

Boom Sees Grainger's Profits Grow

Article excerpt

Byline: By Howard Walker

Landlord Grainger Trust continues to reap benefits of the property boom with half-year profits rising by a third.

The Newcastle-based company, the UK's biggest private landlord, recorded pre-tax profits of pounds 22.4m in the six months to March 31, an increase of 33pc on the same period last year.

Earnings per share rose 79pc to 53.3p and Grainger Trust now has more than 5,000 properties in its portfolio, currently valued at pounds 411m.

The company's strong showing comes on top of a doubling in full-year profits in the year to the end of September 2002 and has been built on the performance of its tenanted residential division.

Chairman Robert Dickinson said: "Progress in the current year has been satisfactory chiefly because the core tenanted residential business has performed strongly.

"We are taking full advantage of our expertise as residential traders and managers, together with our local knowledge, to deliver returns in a wide range of related areas. …

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