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Grainger plc CEO - a great position to progress our next phase of growth

Grainger plc CEO - a great position to progress our next phase of growth

Wed 6 Feb 2019 07:26 by about : operational news - 0 Comments - 855 words

Grainger’s resilient growth strategy delivers strong performance

Grainger plc, the UK's largest listed residential landlord, today provides an update on trading for the first four months of its financial year to the end of January 2019. The company will announce its half year financial results on 16 May 2019.


Helen Gordon, Chief Executive of Grainger, said:


"It has been a good start to the financial year. Following our acquisition of APG's stake in GRIP, our business model is now underpinned by a quality £1.3bn stabilised PRS (Private Rental Sector) portfolio. This is the largest stabilised PRS portfolio in the UK and is performing well. We achieved a 3.4% like-for-like rental growth on our PRS portfolio for the first four months of the year, which demonstrates the depth of customer demand, the quality of our offering, and the resilience of the sector.


"When we launched our new strategy in early 2016 we set a target to invest £850m into new PRS assets by 2020. Our completed portfolio is now over 150% of this target with a further £808m in our secured investment pipeline two years ahead of plans.


"Lettings progress at Clippers Quay in Salford, the largest PRS scheme outside of London, has been very encouraging with lease-up and rent levels ahead of expectations. This endorses our view that well located, quality accommodation at mid-market rents will attract strong demand. We have 12 schemes currently on site, with a number of completions due this year, and we look forward to replicating this success across our pipeline.


"Strong sales performance at the end of last year reduced our vacant ex regulated properties available for sale. Pricing is steady and volumes have slowed slightly, we remain confident that we will achieve our full year expectations.


"With the business now underpinned by a resilient rental income stream and a robust balance sheet we are in a great position to progress our next phase of growth."


These articles are summaries / highlights and dont always include all financial news updates. Check at company website INVESTORS INFORMATION for full published results.

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