Grainger back in the black
Residential property firm Grainger reported a return to full year profit and is confident the residential market will provide good medium term opportunities.
Residential property firm Grainger reported a return to full year profit and is confident the residential market will provide good medium term opportunities.
The residential landlord posted pre-tax profit of £26.1m in the year ended 30 September 2011 compared with a loss of £20.8m the same time a year earlier.
Gross net asset value per share rose 8.2% to 216p from 200p the year before. Group revenue increased to £296.2m from £244.5m before.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Net rental income climbed to £49.1m from £40.8m previously.
Chairman Robin Broadhurst said, "Our business has continued to demonstrate resilient performance and a proven ability to take advantage of opportunities that will provide long term value."
"This is supported both by our recent refinancing and by the strong cash generative capability of our portfolio. As a result, whilst being mindful of the challenges presented by the external environment, we are confident the residential market will provide good medium term opportunities."
Grainger, which reduced net debt by £100m in the second half of the year, said £1.2bn of new debt was secured during the year.
It added that HI Tricomm and Grainger GenInvest acquisitions were performing above expectations.
A final dividend of 1.30p has been recommended.
--
cj
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Will “Liberation Day” strike again?
Donald Trump’s 90-day tariff pause comes to an end on 9 July. Can we expect further market turmoil?
-
Israel claims victory in the '12-day war' with Iran
Donald Trump may have announced a ceasefire in the 12-day war between Israel and Iran, but what comes next depends on what happens internally in Iran