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A turn-around in the fair value of derivatives hit pre-tax profit at Grainger, the asset and property management focused on the residential sector. Profit before tax slumped to £15.2m in the year to March 31st from £65.2m, with much of the reduction due to an £8.8m decline in the fair value of the group's derivatives portfolio; the previous year, the group had marked up the value of its derivatives portfolio by £22.9m.
N+1 Brewin continues to view Grainger (GRI) shares as a "buy", with a target price of 160p. The residential landlord's sales pipeline stood at 118 million pounds on 31st January and the broker added that margins on completed sales improved year-on-year from 38.7% to 41.1%. Brewin also noted that the shares trade at a 49.3% discount to forecasted NAV of 209p, while the company continues to benefit from improving market rates on renewals and new lets. The shares were unchanged at 106p.
after selling some of their housing stock in 2009 and improving much of their portfolio, increasing rents, the fact they have refinanced, the fact they are uk's largest landlord, and the below target price...I have a massive hard-on for this stock!!!! anyone else?
Brewin Dolphin maintained its "buy" recommendation for residential landlord Grainger (GRI) with a 160p target price. A strong full year performance, with 34% year-on-year operating profit growth and net asset value growth to 216p per share, leaves the group in a strong position says the broker. Additionally, Brewin notes strong cash generation of 254 million pounds, well ahead of previous levels or around 200 million pounds, which provides flexibility in a period of cautious house price growth. The broker also believes that refinancing risk has been removed following the recent extension of debt maturity. Grainger shares edged down 0.9p to 105.9p.
Robin Broadhurst, Chairman of Grainger plc, commented: "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. "We have invested wisely in strategic acquisitions during the year. Going forward we will also continue to supplement profits from our core reversionary business with a growth in fee income from our asset and property management activities. Such activities enhance our return on capital and rely less on investment. We therefore anticipate a further reduction in our requirement for debt in the near to medium term and our successful refinancing strategy has been based around this approach. "We look forward to continuing using our skills to enhance our performance within the residential sector."
Financial highlights · Profit before tax £26.1m (2010: loss of £20.8m) · Operating profit before valuation movements and non-recurring items up 34% to £126.2m (30 September 2010: £94.2m) · Gross net asset value per share up 8.2% to 216p (30 September 2010: 200p) · HI Tricomm and Grainger GenInvest acquisitions performing above expectations · £1.2bn of new debt secured during the year and up to the date of this announcement to refinance existing debt and in connection with acquisitions, taking average maturity of the Group's drawn debt to 5.9 years (2010: 3.6 years) · Over £100m of net debt reduction in the second half of the year · Final dividend of 1.30p per share. At the half year £2.2m was returned to shareholders (equivalent to 0.53p per share) through a tender offer for shares making a total return to shareholders equivalent to 1.83p per share (2010: 1.70p) an increase of 8.3% on the final dividend and 7.6% on the full year dividend
http://www.investegate.co.uk/Article.aspx?id=201111240700246779S
....I have just deposited my dues with the market to gain my entrance here. I am enthused by the quality of the portfolio and the opportunity afforded to capitalise upon the principal accelerator within the realm of real estate at present -increasing rental yield. Best of wishes to all participants. BW.
An improvement in operating profit, one off gains from discounts on company acquisitions and a favourable movement in the fair value of financial instruments have all led to a significant step up in interim pre-tax profits at Grainger (GRI). Pre-tax profits for the 6-months ended 31st March 2011 amounted to 65.2 million pounds, up from 3.5 million pounds on the comparable period a year earlier. Looking ahead, the property giant said it remains confident in the ability of its "well located, cash generative portfolio to outperform the market." Shares in Grainger, which directly owns 2.1 billion pounds of property assets and has 2.8 billion pounds of property assets under management, gained 4.5p to 128.2p.
http://www.investegate.co.uk/Article.aspx?id=201105190700168816G
RNS out this morning for half year report. Quite encouraging considering the climate. Robin Broadhurst, Chairman of Grainger plc, commented: "Grainger has made very significant progress in the first six months of this financial year and delivered a strong set of results. Key financial performance measures show strong improvement and a series of major transactions emphasise both our ambition and our ability to source and deliver well priced opportunities. "General house prices have remained broadly stable over the last six months although liquidity and transaction volumes remain low. Grainger has continued to respond to this environment by rebalancing its portfolio to geographic locations where economic activity and therefore the potential for capital appreciation is higher. We have also introduced additional and innovative sources of income which are less reliant on trading. "We remain confident in the ability of our well located, cash generative portfolio to outperform the market."
Grainger resilient despite challenges Date: Thursday 14 Apr 2011 LONDON (ShareCast) - Residential housing specialist Grainger said it expects completed sales from its UK portfolio in the six months to 31 March 2011 to be £89m from £88m the year before as tough economic conditions continue. The group, which is headquartered in Newcastle upon Tyne and manages properties in the UK and Germany, said profit before tax for the six month period will be materially enhanced by two items, firstly the partial reversal of mark to market movements on its long term financial derivatives and secondly by the gain on acquisition arising from the purchase of HI Tricomm. There was £1m of sales from its German portfolio compared to £3m in 2010. Sales on vacancy in its wholly owned portfolios have been made at values in excess of September 2010 vacant possession values. "We anticipate that the value of our UK portfolios will increase by around 2% at the half year," it said. Banking covenants are forecast to continue to be comfortably met.
Trading Update GRAINGER REPORTS ONGoING OPERATIONAL AND SALES MOMENTUM Grainger plc ("Grainger" or the "Company" or the "Group"), the UK's largest quoted residential property owner, today provides a trading update in advance of its interim results for the six months to 31 March 2011 which will be announced on 19 May 2011. For the six month period to 31 March 2011, we expect completed sales from our UK portfolios (UK residential, home reversions and development) to be £89m (2010: £88m). In addition, there were £1m of sales from our German portfolio (2010: £3m). Sales on vacancy in our wholly owned portfolios have been made at values in excess of September 2010 vacant possession values. We anticipate that the value of our UK portfolios will increase by approximately 2% at the half year. As previously reported we have made two strategic portfolio acquisitions in the first six months. These were HI Tricomm Holdings Limited from Invista Castle and our partner's share in the Grainger GenInvest LLPs. These acquisitions brought approximately £400m of assets onto the Group balance sheet. Acquisitions through ordinary trading in our UK residential and home reversion businesses were approximately £9.6m (2010: £14.4m). Banking covenants are forecast to continue to be comfortably met and we will show continued re-shaping of Group debt with £290m of debt provided by lenders new to the Group. This increases the maturity of our debt and the number of lenders to the Group, and is in line with, and delivers on, our previous statement in our Preliminary Year End Results on 25 November 2010, which was that "going forward, our focus will be on early consideration and implementation of debt financing options". Profit before tax for the six month period will be materially enhanced by two items, firstly, as anticipated, the partial reversal of mark to market movements on our long term financial derivatives and secondly by the gain on acquisition arising from the purchase of HI Tricomm Holdings Limited as referred to in our statement on 4 February 2011. The Company will comment in more detail on its progress at the time of its interim results announcement in May.
http://www.investegate.co.uk/Article.aspx?id=201104140700098795E
Property owner Grainger (GRI) retained its cautious outlook on the UK housing sector as its sales pipeline for the year ended 31st January 2010 came in at 20 million pounds less than a year earlier. In an interim management statement, the UK's largest quoted residential property owner with in excess of 12,000 homes, said its sales pipeline for the year was 76.2 million pounds, while its acquisition pipeline stood at 13.4 million pounds, up from 8.6 million pounds a year earlier. "Conditions in the UK residential market remain challenging, as evidenced by low levels of sales and mortgage approvals," the company added.
Commenting, Andrew Cunningham, Chief Executive of Grainger, said: "We are actively managing our specialist portfolio which continues to demonstrate its defensive qualities and liquidity whilst maintaining future upside. Sales achieved during the first four months of the financial year are at prices above our September 2010 valuations. We continue to employ an extremely selective acquisitions policy, only seeking out opportunities that we believe will offer sustainable value. The acquisition of the MOD residential portfolio illustrates our ability to invest in the residential market in a variety of ways. The transaction also carries with it eighteen year debt with a lender from outside our existing lending group. This, together with the ten year £100m debt facility agreed with M&G Investments, gives evidence of progress in the diversification of debt. From March 2011 we will further enhance the quality and visibility of our financial reporting by increasing the frequency of portfolio valuation to twice annually."
Highlights · Total Group sales pipeline of £76.2m at 31 January 2011 (31 January 2010 - £94.8m) · Acquisitions pipeline of £13.4m as part of our regular trading (31 January 2010 - £8.6m) · Acquisition of the "Hi Tricomm" MOD residential portfolio from Invista for £18.5m on 4 February 2011 which will be accretive to both NAV and recurring profit in the current year · From March 2011, portfolio valuation will be carried out twice annually at the half and full year (previously carried out annually at September) · Completion of Sovereign joint venture with Moorfield, generating £17.5m of cash for the Group · First steps taken in re-shaping Group debt through the agreement on 8 February 2011 of a £100m ten year facility with M&G
http://www.investegate.co.uk/Article.aspx?id=201102090700079039A
Tipped by the IC this week,hefty emphasis on the discount to downgraded nav,highlighted the directors buys and pointed out there won't be any trouble on the banking covenants unless the resi Market drops a third(in which case dare I surmise there will be bigger problems out there!!!).
07 October 2010 Grainger plc Director Shareholdings Grainger plc announces that it has received a notification dated 7 October 2010 from Standard Life Investments Limited that, following a transaction on 6 October 2010, they now have a total interest in 32,760,205 ordinary shares of the company representing 7.869% of the total voting rights. For and on behalf of Grainger plc M P Windle Assistant Company Secretary
Grainger plc ('Grainger'/ the 'Company'/ the 'Group') Grainger strengthens its management team with the appointment of three executive directors to its Board Grainger plc, the UK's largest listed specialist residential property owner and manager, today announces the appointment of three new executive directors to its Board. Nick Jopling will join Grainger as Executive Director responsible for property and real estate matters. Nick is currently Head of Residential at CB Richard Ellis where he also chairs the UK Development Board and the European Residential Group. Prior to joining CB Richard Ellis in 2004, Nick was Managing Director of Allsop & Co Residential Investment Management Business for five years growing it to manage a portfolio of some 4,500 units. He is a well known figure in residential circles, was a founding member of the IPD Residential Index Committee and is a member of the British Property Federation Residential Committee. Mark Greenwood will join the Board as Finance Director. Mark has worked in finance since 1982 and held a number of senior positions within Alfred McAlpine Plc from 1989 to 2008. In particular from 1999 he served as Finance Director of the Special Projects Division and subsequently the Project Services Business team which included joint venture relationships and PFI investments. He acted as Group Finance Director from 2007 until its takeover in 2008. The Board is also pleased to announce that Peter Couch is appointed to the Board, effective 1 June 2010, as Executive Director responsible for Grainger's Retirement Solutions business. He will continue to act as Chief Operating Officer, a position he was appointed to in 2009. Peter joined Grainger in 2005 and since that time he has grown the Retirement Solutions business to become a market leader with some £480 million of assets. The business has been Mortgage Solutions Best Home Reversion Provider for four successive years. Prior to joining Grainger, Peter spent most of his career in the financial services sector and held several senior roles within the AMP Group including Managing Director of 'In Retirement Services' at NPI and Sales Director at AMP Bank. The commencement dates for Nick and Mark will be confirmed in due course. All appointments are subject to final FSA approval. Peter Couch currently owns 72,542 shares in the Company. There is no further information required to be disclosed pursuant to Listing Rule 9.6.13R. Commenting, Andrew Cunningham, Chief Executive, said; "We are very pleased to be welcoming people of such strong calibre to the Grainger Board. These are proven, experienced individuals who will provide a great combination of residential, financial and operational expertise to the Company." Robin Broadhurst, Chairman, said; "Grainger's recent refinancing and successful rights issue has put the Group in a stron
By Jonathan Buck Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Grainger PLC (GRI.LN), the U.K.'s largest specialist quoted residential property owner, Tuesday said it expects to report a 42% year-on-year rise in completed sales from its core and retirement solutions portfolio in its fiscal first half due to increased stability in residential markets. For the six-month period ended March 31, Grainger said it expects to post sales from its core and retirement solutions portfolio of about GBP78.5 million, up from GBP55.3 million in the same period a year ago. Completed sales include GBP5.2 million of investment sales, or sales with tenants in place, and GBP14.9 million of one-off sales of land and associated assets from its agricultural portfolio. The company, which directly owns more than 13,000 properties in the U.K. and 7,000 in Germany, added it also had a further GBP30.8 million of transactions in the pipeline, either with contracts exchanged or under solicitors' instructions. During the six-month period, Grainger completed, exchanged on or placed in solicitors' hands some GBP42.6 million of property acquisitions. That compares with GBP12 million of acquisitions for the whole of fiscal 2009. At 31 March, it anticipates that it will have cash and committed facilities available of approximately GBP300 million. Grainger's shares Monday closed at 134 pence, giving it a market capitalization of GBP557 million. The stock has slipped 6.3% in value in the past three months, but remains up 54% over the past year. The company will announce half-year results May 20. -By Jonathan Buck, Dow Jones Newswires; +44 (0)207 842 9237; jonathan.buck@dowjones.com (END) Dow Jones Newswires April 13, 2010 02:28 ET (06:28 GMT)
Grainger plc (“Grainger”/ the “Company”) GRAINGER ACQUIRES TENANTED RESIDENTIAL PORTFOLIO IN £15.3 MILLION OFF-MARKET TRANSACTION Grainger plc, the UK’s largest specialist quoted residential property company, today announces that it has acquired PHA Limited for a total consideration of £15.3m. The company owns 162 residential properties located in Devon. The purchase price reflects a cash on cash yield of 5.7%. The properties, the majority of which were developed in the 1950’s and 1960’s, comprise 146 houses, 16 purpose built flats and 73 garages. Fifty of the units are subject to regulated tenancies, twelve are subject to assured tenancies and the remainder are let on Assured Shorthold Tenancies, together with a vacant property, a commercial tenancy and two development sites. The portfolio currently generates a total rent roll of more than £876,000 per annum. Grainger estimates the portfolio value to be £17.2m. Whilst the portfolio has been very well maintained over the years there remain numerous opportunities to enhance income and extract the reversionary value through selective refurbishment and modernisation. Commenting on the transaction, Andrew Cunningham, Chief Executive said; “Following our successful rights issue, we have been reviewing various acquisition opportunities that fit with our existing holdings and our ongoing asset management strategy, and that will benefit from the activities and expertise of our residential management team. “This is a significant portfolio, in the south west of the UK, which we have acquired in an off-market transaction. We have a strong presence in this area, understand the local market well, and therefore believe that this acquisition offers a number of opportunities for us to deploy our property and asset management expertise, creating value over the medium to long term.” For further information: Grainger plc Andrew Cunningham/Dave Butler Tel: +44 (0) 20 7795 4700 Tel: +44 (0) 191 261 1819
More consistant good rises here. Not a volatile share like some of the oils and techs just good steady rises. Dividends as well-can't be bad!
2 voices now, except I'm shorting it so we cancel each other out, will go long after RI. GL, but not much for a couple of weeks