27th Nov 2019 09:23
(Alliance News) - Grainger PLC said Wednesday it has delivered a strong performance against a backdrop of both political and economic uncertainty, supported by strong demand of rental property across the UK.
The residential landlord said for the financial year to September 30, its net rental income grew 45% to GBP63.5 million from GBP43.8 million in 2018.
Grainger said its strategic focus on the UK private rented sector continues to deliver real growth in the business, underpinned by a strong demand for rental homes across the country.
Profit before tax rose 30% to GBP131.3 million from GBP100.7 million, the company said.
Citing the significant increase in net rental income this year and overall robust performance, the company proposed final dividend of 3.46 pence per share, a 9% increase from 2018, with total dividend for the year of 5.19p, up from 4.75 pence in 2018.
The company said its GBP2.6 billion residential portfolio and GBP2.0 billion private rental sector pipeline is well ahead of its 2020 target.
"Looking forward to the year ahead there is great focus on building our best in class operational platform, driven by the quality of our people and new technology, as well as delivering circa 1,000 new homes for our customers across the country," Chief Executive Officer Helen Gordon said.
"Our focus on continuing to build the longer-term investment pipeline will continue as we pursue our ambition to grow the business significantly over the next five years."
Grainger shares were up 2.5% in London at 283.00 pence each on Wednesday.
By Loreta Juodagalvyte; [email protected]
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