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Rate this as a BUY following the results announcement on 01/12. § Net rental income up 15% to £37.4m (FY15: £32.4m); § Adjusted earnings* (recurring profit) up 69% to £53.1m (FY15: £31.5m); § Dividend per share up 64% to 4.5p** (FY15: 2.75p); § Profit before tax up 64% to £84.2m (FY15: £51.4m); § EPRA NNNAV growth of 9% to 287p (FY15: 263p); § Net debt reduced by 33% to £764m (FY15: £1,138m); § Loan to value reduced to 35.9% (FY15: 45.5%); § Cost of debt ahead of plan at 3.9% at the period end (FY15: 4.6%); and § Total return (return on shareholder equity) of 10.6% (FY15: 10.0%).
Ahead of FY16 earnings The Co. have been quite positive of late, stating good rental growth has continued, our sales performance has remained strong. Co. expect to report modest growth in market value of our property assets in second half of year and expect to report high single digit year-on-year growth in NNNAV for full year. In terms of price action we are at the mean value area on the daily chart but on the 1HR chart we are currently above value. A good result will surly push price into a new distribution area at the 230 level but the 226.26 level could provide some resistance. On the downside the key support will be at the value are of 220.30 and the low of 214.42 https://uk.tradingview.com/chart/GRI/wcqQFkOD-Ahead-of-FY16-earnings/
Grainger plc ("Grainger", the "Company" or the "Group"), the UK's largest listed residential property owner and manager, today provides a trading update covering its activities for the ten months to 31 July 2015. Trading highlights for the period include: · Strong sales performance across Reversionary business · Exceptional market response to first Build to Rent scheme, Abbeville Apartments in Barking, London · 929 tenanted PRS units have been acquired since the start of the year Commenting, Andrew Cunningham, Chief Executive of Grainger, said: "In addition to the excellent trading performance over the period, we continue to simplify the Group's operations and accelerate the growth of our PRS business. Today we can announce that, to increase our focus on the UK market, we have appointed investment bank, Lazard, to advise on the disposal of our wholly owned residential property assets in Germany. "Our focus on accelerating the growth of our UK PRS business is going well, with recent acquisitions bringing our total managed PRS portfolio in the UK to over 3,400 units, and with a pipeline of over 2,000 units. And last week we were pleased to achieve a significant refinancing package for our syndicated bank debt, reducing our cost of debt and extending maturities." Trading performance Reversionary business Strong trading results - Sales of vacant properties achieved prices on average 8.3% above September 2014 vacant possession value at margins of 51.2% (31 July 2014: prices achieved at 12.7% above September 2013 vacant possession value with margins of 48.6%). - Sales pipeline of vacant reversionary assets - £213.8m of sales completed, exchanged or in solicitors' hands (31 July 2014: £228.1m).
Bidders stalk the U.K.’s top landlord Grainger in ‘£1 billion takeover’ after investment group Crystal Amber takes 3% stake: Grainger, Britain’s largest market-listed landlord, is being circled by potential bidders considering a £1 billion-plus takeover
Property firm Grainger achieves sales growth despite electioneering building: Property management firm Grainger said despite the good start to the year, the company expects the months leading up to the election to result in a softer market on home sales as uncertainty weighs on market sentiment.
On the same day MTVW put out their statement clear that buying there is money better spent than here at the moment. Just holding a few here whilst buying at every opportunity with MTVW.
Unsure about this.... 1.1b debt and interest coverage ratio less than 1....however its had considerable debt for a while and didn't stop sp increasing from £1 level.
Recd in Midas share tips today.....trading statement on the Thursday?
Brokers still positive on Grainger and they continue to perform. Question will the general dampening of housing market keep them down around 200-230p. Wellesley project now fully through planning for 3850 new homes. Mentioned on another board that I bailed most of my stock and took a good profit some months ago. But still watching this with an eye on buying opportunities on general market sentiment. Their core business is renting solutions around London which is doing well and maybe the building side is keeping Grainger down even though Wellesley is a great project. Maybe it is a little too philanthropic for general building but I think Grainger pride themselves on leaving a legacy, just hope market is a little sympathetic to the cause! Reputation does matter but a profit is a profit and I got a little over excited a few months ago and realised it was time to buy similar companies like MTVW with a better balance sheet. Keeping the faith just with smaller amounts.
Could make 250p by close of play. Money flowing into Grainger. I am in danger of believing my own predictions at present. Thought growth would be steady this year but this share is flying.
Loads happening at Grainger. Deals being done and even the board has trimmed down. The main players in this company are good accountants and running a tight ship with lots of exciting deals being announced. Guess for year end 310p based on fact that they are leading the way in development solutions, have loads in the pipeline and accounts are very much under control. Cannot see anything stopping them this year. I am now buying again from a hold.
To me this looks like further cost cutting but with an eye on the cost of borrowing in future. I suspect like many companies they suspect the terms of future loans could be up and hence have sent a message to their lenders that there are alternative sources of money. Suspect time will show this to be a good move. Hopefully they have their eye on something.
Really pleased to see Grainger have got their debt under £1bn well ahead of schedule and by some margin. The house has very much been put in order this year and I would hope the continued rise of South East property prices will provide them with steady growth over the next 12 months. I will be holding, expecting slightly steadier growth this year. Much depends on finding some more exciting projects like Aldershot and the continued trimming of debt. Be interesting to see where the management see things heading as this company really have their finger on the pulse when it comes to the rental market. I like having a guess where the price is going but holding off to the markets digest Grainger.
Plum. Where do you see this heading? I want to try and go medium term.
Should be lots of good news out of Grainger results soon. Hoping to see they have got that debt under £1bn already as they have seemed fairly fixed on this figure for some time. Watching closely to gauge if they can maintain performance through 2014.
Good rise today, anyone why the big sells?
x 2 big trade/swap.?....
Looks like Grainger broken through and will march on to 200p as i said in May. Expect some big buys going forward.
Actually it was Johnny Cash. I am getting old!! London property shares still strong. GRI, MTVW and DJAN all doing well. GRI a hold might top up one of the other two.
In the immortal words of Glen Campbell "And long ago I stopped asking why?" Jefferies reiterates 176p.
Grainger still riding over the dips. Latest Jefferies rating of 176P. See Kier have won contract to maintain Grainger properties. Grainger thinks it will save money and improve service so sounds like another good piece of outsourcing.
ha! I'm with you - this has risen steadily and I must say, quietly from about 112p (when I started watching) to the 130s and now its in the 150s - all in about 6 mnths! Finally bought in at 154p as a 6 to 12 mnth hold. Cheers.
I feel like I need a Wilson on this site!!!! Anyway looking at 70 to 100% gain in last 12 months. That might wake you up. Aim shares somehow always promise but the FTSEs best shares are delivering.
I like companies like Grainger that say very little. I suspect there will be only good news coming out of interim results this week. I predicted this could go to 160p a few months ago and based on interim's I suspect this could be a march on to 170p to 200p. Mr Cunningham and his team seem to be quietly taking this company in the right direction. Renting is only going one way and Grainger are in the right places at the right time. A lot less hassle being here than buy to let and the returns are better. Keep it up.
170113 Grainger, as development partner for the Defence Infrastructure Organisation and the HCA, has submitted a major planning application to Rushmoor Borough Council for the 255 hectare former Aldershot Garrison site, known as Wellesley or the Aldershot Urban Extension (AUE). The outline planning application will pave the way for up to 3,850 new homes of which 35% will be affordable homes