Newspaper article The Journal (Newcastle, England)

Grainger Seal Centenary Year with PS64.3m Profit; PROPERTY

Newspaper article The Journal (Newcastle, England)

Grainger Seal Centenary Year with PS64.3m Profit; PROPERTY

Article excerpt

Byline: COREENA FORD coreena.ford@ncjmedia.co.uk

PRIVATE landlord Grainger Plc has soared into the black with pre-tax profits of PS64.3m after a successful year of debt reduction and development.

The Newcastle-founded firm starts its second century in business with an 8.3% lift in its residential property values - a figure boosted by the fact that 60% of its estate lies in London and the South East.

The rise has sent the firm, the UK's biggest private landlord, back into profit for the year ended September 30, having posted a loss of PS1.7m for the same period last year.

Triple net asset value, the property sector's key indicator, also rose 38p (24%) to 195p per share and the firm has recommended a final dividend of 1.46p per ordinary share, making a total dividend for the year 2.04p per ordinary share, an increase of 6.25%.

The business, founded in 1913, has also achieved its aim to reduce its debt, mindful that the housing bubble could burst significantly. Chief executive Andrew Cunningham said the company's target to drop net debt below PS1bn was reached before the year end, reducing the figure by PS235m to PS959m. With government incentives in place the firm is also looking to develop Build-to-Rent opportunities in the UK in the south of the UK and along the M62 corridor, and construction has begun on their first build-to-rent scheme in Barking, Essex.

Development work is also ongoing in Clapham, where on which Redrow will build 248 homes. Total sales revenue from this site now amounts to PS24.9m and we anticipate that the next phase will come to market in December 2014.

Chief executive Andrew Cunningham said the strong results represent the fruition of much strategic planning in which the firm utilised its skills in trading, managing, developing, fund management and investing in residential property to great effect. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.