Business
Full Year Results
Full Year Results.
About this update from Grainger Plc
[{"type":"text","content":"\n \nRNS Number : 9124X Grainger PLC 30 November 2017 \n\n30 November 2017\n \n \nGrainger plc\n \n \nFull year results for the year ended 30 September 2017\n \nStrong financial results, repositioned for significant growth \n \n \nHelen Gordon, Chief Executive of Grainger, the UK's largest listed residential landlord, comments:\n\"We have transformed Grainger over the last two years, refocused our strategy and made the business more efficient. We have continued to deliver strong financial returns. We have increased our rental income, secured a significant number of new PRS investments, simplified and focused the business and repositioned it for further growth. \n\"Over the financial year, we delivered a 40% increase in adjusted earnings to £74.4m. I am also pleased to report a 5.6% increase in EPRA NNNAV to 303p per share and a total return of 7.3% for shareholders. \n\"The growth opportunity in the UK PRS market is significant and we are well placed with our unique in-house capability to originate, invest and operate. We have seen excellent momentum in acquisitions and we have now secured £651m of PRS opportunities since setting out our strategy.\n\"The future for Grainger is exciting. We are a fast-growing business, with great long-term value, and we are delivering a portfolio of good quality homes for rent which our customers, employees and shareholders can be proud of.\"\nHighlights\n \n§ £651m secured PRS investment pipeline (FY16: £389m)\n§ Net rental income up 8% to £40.4m (FY16: £37.4m)\n§ 3.8% like-for-like rental growth across our entire portfolio (FY16: 4.1%)\n§ Gross to net down 200bps to 26.0% (FY16: 28.0%)\n§ Overheads 14% lower at £27.2m (below £27.5m target, FY16: £31.8m)\n§ Adjusted earnings up 40% to £74.4 (FY16: £53.1m)\n§ Profit before tax up 2% to £86.3m (FY16: £84.2m)\n§ Dividend per share up 8% to 4.86p* (FY16: 4.50p)\n§ EPRA NNNAV up 5.6% to 303p (FY16: 287p)\n§ IFRS net assets up 10.6% to 178p (FY16: 161p)\n§ Market value of our properties increased by 3.4% (FY16: 5.3%)\n§ Loan to value of 37.7% (FY16: 35.9%)\n§ Cost of debt further improved to 3.4% at the period end (FY16: 3.9%)\n§ Total return on shareholder equity of 7.3% (FY16: 10.6%)\n \nStrategic progress\nGrowing rents - securing investment and enhancing income returns\n \n§ We have secured £...