Grainger PLC saw adjusted earnings for the full year to the end of September increase by more than 30% thanks to a strong trading performance in the second half of its financial year, the company announced yesterday.
Grainger said adjusted earnings for the full year to the end of September will be edging closer to £70m, up 32% from the £53.1m reported a year earlier.
The residential landlord is currently in the process of updating the valuation of its portfolio for the year-end, with marginal improvement anticipated in the second half of the financial year compared to the first half, when the value increased by 2.1%.
Like-for-like rental growth across the portfolio of 3.7% was reported for the 11 months to the end of August.
Grainger’s private sector rented portfolio has seen 3.2% growth, and the firm also saw 4.4% annualised rental growth in its regulated tenancy portfolio.
Grainger’s chief executive, Helen Gordon, said: “It has been a year of significant strategic progress. We have secured substantial private rented sector investments and improved our operational platform.
“We expect to deliver another period of strong financial performance at our full year results in November, and our in-house capability to originate, invest in and operate UK rental homes provides a strong platform for future growth.”