Grainger cautious about future growth

Residential housing specialist Grainger narrowed full year losses but it remains cautious about growth over the next two years.The group reported a pre-tax loss of £20.8m for the year ended 30 September compared to a loss of £170m in the prior year. Full-year group revenues declined to £244.5m from £302.2m a year ago.Chairman Robin Broadhurst commented, "In light of the on-going challenge of the current economic climate, we remain cautious about the prospects for general growth in residential values over the next two years."Grainger has appointed Nick Jopling as executive property director, Mark Greenwood as finance director and Peter Couch as chief operating officer and head of its retirement solutions business.However Broadhurst added, "With a strengthened senior management team... we will continue to concentrate on the returns from long term reversionary residential assets... In addition, we have seen the benefit of opportunistic acquisitions in related residential asset classes and will continue to pursue these. We look forward to a successful year."Grainger is recommending a final dividend of 1.20p per share, bringing the total for the year to 1.70p. Grainger plc