(Alliance News) - Grainger PLC on Monday reported a strong performance in the first 11 months of financial 2022, enabled by good market conditions and robust momentum.
The Newcastle, England-based residential property developer reported like-for-like rental growth of 4.5% in the 11 months to the end of August.
The company said that a "strong" rental performance continued in the second half of its financial year, which ends September 30.
It attributed this to beneficial rental market conditions.
"Momentum in the business is continuing to accelerate and our mid-market strategy and in-house scalable operating platform has delivered a strong performance," Chief Executive Helen Gordon commented.
Occupancy remains at record levels at over 98%, the landlord stated.
Further, Grainger strengthened its build-to-rent portfolio with the GBP128 million acquisition of 468 new homes at Redcliff Quarter in Bristol. This brings its total investment in the city to 900 homes. It expects the scheme to complete in 2025.
"Despite the buoyant rental market, we are very mindful of the financial challenges facing many individuals. We are therefore taking a responsible approach to rental increases, ensuring affordability for our customers remains a central consideration and balancing rent increases with retention," CEO Gordon added.
Grainger will publish its annual results on November 17.
Shares were up 1.7% at 272.00 pence each on Monday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Grainger plc (GRI)