Member Article

Grainger plc reports strong performances with profits from sales up an estimated £12 million

Newcastle residential property firm Grainger has reported total group sales are at approximately £236.5 million, for the last ten months, down from £258.7 million at this point last year.

The company’s profit from sales for this period is estimated at £71.1 million, up from £59.1 million at this point in 2013.

Grainger reports that there has been improvement to the UK economy, with signs of positive movement in house prices in a number of our regional markets.

The firm also reports that the increased sales in 2013 were as a result of sales of tenanted property as part of the deleveraging programme.

During this period, the company completed, exchanged or placed in solicitors’ hands some £173.6 million of property acquisitions, including the £160 million acquisition of the Chelsea Houses Portfolio completed in April of this year.

Andrew Cunningham, chief executive of Grainger, said: “We have delivered a strong performance across all parts of the business over the period and we anticipate that our assets will continue to outperform the wider housing market.

“We continue to focus on generating shareholder value through investment, selective disposals, asset management and development opportunities, and the steady strengthening of the UK economy continues to underpin the progress of our business.”

This was posted in Bdaily's Members' News section by Ellen Forster .