Business
Half Year Results
Half Year Results.
About this update from Grainger Plc
[{"type":"text","content":"\n \n \n RNS Number : 8310M\n Grainger PLC\n 14 May 2020\n \n \n \n \n 14 May 2020\n \n \n \n \n \n Grainger plc\n \n \n \n \n \n Half year results for the six months ended 31 March 2020\n \n \n \n \n \n \n Strong H1 performance; \n \n \n positive lead indicators for H2\n \n \n \n · \n Net rental income up +27%\n \n \n · \n Like-for-like rental growth up +3.4%\n \n \n · \n LTV at six year low at 32.9%\n \n \n · \n No staff furloughed\n \n \n · \n Dividend policy maintained, +6% on a per share basis\n \n \n \n \n \n \n \n \n Helen Gordon, Chief Executive of Grainger, the UK's largest listed residential landlord, said:\n \n \n \"Grainger is in a strong position financially and our portfolio is performing as expected, showing a high degree of resilience during these uncertain times. We have achieved high rent collection, strong rental growth and maintained occupancy levels over 97%. We have continued to grow our business, serve our customers and deliver new rental homes. \n \n \n \n \n \n \"Our business has been focused on three key areas since the coronavirus lockdown: Innovate, Communicate and Improve. We have implemented new ways of serving our customers remotely and enabling safe interactions and property transactions using technology and virtual viewings. We have increased our contact with and support for our customers, suppliers and partners. And we have been investing in training for our employees so that we can emerge from this global crisis stronger. \n \n \n \n \n \n \"Due to the strength of the business and the resilience of our sector, our dividend policy will be maintained, with a +6% increase in our interim dividend.\n \n \n \n \n \n \"Our focus for the rest of the year will remain on the continuity of service to our customers and the delivery of new rental homes, whilst ensuring the health and safety of all our employees, customers and suppliers remains our highest priority.\" \n \n \n \n \n \n Key financial headlines\n \n \n § \n Resilient rental demand \n \n \n o \n 60% of Grainger's income is now derived from PRS assets\n \n \n o \n Net rental income1 up +27% to £37.0m in H1 (HY19: £29.1m)\n \n \n o \n +3.4% like-for-like rental growth2 in H1 across our entire portfolio (HY19: 3.7%)\n \n \n o \n Rent collection for March 2020...