Results round-up

Grainger’s full-year profits rose as it secured £389m of investment and sold non-core businesses as part of its growth strategy.

The residential landlord secured £389m-worth of investment out of a target for £850m, it disposed of non-core development land for £8m and sold a Czech joint-venture for £10.7m, improved its capital structure and reduced costs.

A further £347m is in the planning or legal process for investment in the private rented sector.

For the year ended 30 September, pre-tax profit increased by 64% to £84.2m, when compared to last year, while net rental income rose by 15% to £37.4m, due to the company acquiring tenanted rental homes that gives immediate income.

Adjusted earnings climbed 69% to £53.1m and its return on shareholder equity edged higher from 10% to 10.6%, while the company declared a dividend of 4.5p, up 64% from last year.

Net debt narrowed by 33% to £764m and net property operating costs reduced to 28% from 31%.

Average like-for-like private rental sector growth accelerated from 3.4% to 3.6%.

The EPRA triple asset net value increased by 9% to 287p and EPRA net asset value gained 7%, before adjustments, or 3% to 330p.