Partner Article

Grainger buoyed by upturn in fortune

THE UK’S largest residential landlord Grainger plc today said its prospects for the future were good as it posted a 16% climb in operating profits.

The Newcastle company saw its operating profit climb to £48.0m in the six months to 31 March, compared to £41.3m the previous year.

Profit before tax improved to £3.5m, compared to a £143.0m loss in the first half of 2009.

Meanwhile, the company said it had a total sales pipeline at 31 March 2010 of £108m, compared to £86m in 2009 - this had increased to £121m at 14 May 2010.

Chairman Robin Broadhurst said: **“**Prospects for the Group are good. We have a resilient high quality portfolio of residential assets supported by an experienced team with a broad base of knowledge across the residential sector. Recently announced Board appointments and our financial restructuring will serve to strengthen this position further.“

This was posted in Bdaily's Members' News section by Ruth Mitchell .