Ruth Mitchell

Grainger builds on strong southern market

Newcastle-headquartered property firm Grainger yesterday said its half-year profit had soared thanks to the rising value of its London and South East portfolio.

The FTSE 250-listed company, the UK’s largest listed residential landlord, said it made a pre-tax profit of £65.2m in the six months to March 31, compared to £3.5m a year earlier.

“We remain confident in the ability of our well located, cash generative portfolio to outperform the market,” said chairman Robin Broadhurst.

The company said its net asset value per share, a key indicator for the property industry, increased 5%, to 210 pence, due to strong performance in its main markets of London and the south east.

Analysts at Peel Hunt said “Grainger’s valuation has again outperformed U.K. house price indices, demonstrating the defensive nature of the mostly London and south east-located portfolio.”

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