property
Rebecca Wayman

Grainger plc announces its "market leading" interim results

According to Grainger plc, the company has had a successful year after releasing its results for the year ended March 31, 2018.

Helen Gordon, chief executive of Grainger, the UK’s largest listed residential landlord, said: “I am pleased to report another period of strong performance. We delivered nine per cent growth in net rental income and 20 per cent growth in adjusted earnings.

“We continue to lead the private rented sector (PRS), a sector undergoing structural growth, and we are well positioned for the future. Our secured PRS investment pipeline now stands at £756m and we have a further £258m at the planning or legals stage.”

Helen went on to say that Grainger is well placed in the market, meaning the company has a “strong capability to originate, invest and operate homes for rent.”

Sales are supposedly continuing to perform well with profit up by 11 per cent. The firm has also provided additional spending for recycling into new PRS schemes, as well as refinancing its corporate bond with £350m on a 10-year issuance.

This news comes after the announcement yesterday that Grainger has acquired a PRS scheme in Milton Keynes for over £60m.

Helen concluded: “We are improving customer operations and our customers are responding by staying with us longer. Our like-for-like rental growth was 4.1 per cent over the six-month period.

“We are positioning Grainger for the next stage of growth, with investment in people, processes and technology to optimise our efficiency and scalability. We look to the future with confidence as we develop further good quality homes for rent, for the benefit of our customers, shareholders and employees.”

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