Grainger backs outlook amid high occupancy and rental income growth

(Alliance News) - Grainger PLC on Thursday boosted its dividend as it said it is on track to meet targets after reporting mixed first half results.

The Newcastle-upon-Tyne, England-based residential landlord reported an IFRS pretax loss of GBP14.6 million in the six months to March, swung from a GBP74.0 million profit the year prior.

This reflected a GBP46.6 million decline in valuations compared to a GBP28.7 million increase the year before.

EPRA earnings increased 4.0% to GBP31.4 million from GBP30.2 million as net rental income grew 7.8% to GBP66.1 million from GBP61.3 million.

EPRA net tangible assets per share fell 2.7% to 290 pence from 298p.

Chief Executive Helen Gordon called it a "strong" performance.

"Occupancy remains high, rental income continues to grow along with our portfolio, and like-for-like rental growth continues in line with expectations, underpinned by wage inflation," she added.

Grainger said it is on track to deliver its target of GBP60 million EPRA earnings for this financial year, a 12% increase year-on-year, and GBP72 million for financial 2029.

The interim dividend was increased, for the 21st consecutive period, by 3.2% to 2.94p per share from 2.85p.

Shares in Grainger were 2.9% lower at 150.70 pence each in London on Thursday.

By Jeremy Cutler, Alliance News reporter

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