Grainger plc Share News (GRI)

(Alliance News) - Grainger PLC on Wednesday said it has continued to perform "well" in the first four months of its current financial year, highlighting a strong sales performance and high rent collection.

The FTSE 250-listed residential property business stated for the four months ended January 31, total like-for-like rental growth was 2.4%, with PRS like-for-like rental growth at 1.8% and regulated tenancy like-for-like rental growth at 4.2%. Rent collection was at 98%.

Occupancy on its PRS portfolio - which represents 75% of total net rental income - remains at 90% in line with levels at the end of September, with the anticipated recovery delayed due to new lockdown restrictions.

"While we have seen a delay in the anticipated recovery of occupancy in our PRS portfolio, particularly in London, due to the new restrictions imposed since the Christmas period, we are seeing strong levels of new enquiries among prospective PRS customers, albeit with the majority of interest focused on move-in dates in the spring, pointing to a strong lettings market when restrictions are lifted," Chief Executive Helen Gordon said.

Turning to sales, Newcastle-upon-Tyne, England-based Grainger noted positive trading across all regions, adding its forward-looking sales pipeline is on track to deliver a strong sales performance for the year, with pricing ahead of valuations by between 1% to 2%.

Shares in Grainger were trading 0.3% lower at 269.60 pence each on Wednesday morning in London.

By Ife Taiwo; ifetaiwo@alliancenews.com

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