Business
Interim Management Statement
Interim Management Statement.
About this update from Grainger Plc
[{"type":"text","content":"\n \nRNS Number : 3507O Grainger PLC 06 August 2014 \n \n\n6 August 2014 \nGrainger plc\n \nInterim Management Statement\n \n \nGRAINGER REPORTS STRONG PERFORMANCE\n \n \nGrainger plc (\"Grainger\", the \"Company\" or the \"Group\"), the UK's largest listed residential property owner and manager, today announces its interim management statement covering its activities for the ten months to 31 July 2014.\n \n \nHighlights - continued positive performance on key metrics\n \n· Sales - Total Group sales for the ten month period are approximately £236.5m (31 July 2013: £258.7m),\ngenerating an estimated profit from sales of £71.1m (31 July 2013: £59.1m); \n· Margins on vacant (normal) sales were approximately 48.6% and prices achieved have been, on average,\nc.12.7% above September 2013 vacant possession value (31 July 2013: margins of 42.7% and prices achieved 6.7% above September 2012 vacant possession value);\n· Rents - Gross rents generated approximately £47.3m (31 July 2013: £61.4m), which are in line with\nexpectations, following a number of asset sales in the prior year; \n· Rental growth remains strong for assets held throughout the period;\n· Fees - Fees and other income totalled £10.5m (31 July 2013: £9.9m).\n \nCommenting, Andrew Cunningham, Chief Executive of Grainger, said:\n \n\"We have delivered a strong performance across all parts of the business over the period and we anticipate that our assets will continue to outperform the wider housing market. We continue to focus on generating shareholder value through investment, selective disposals, asset management and development opportunities, and the steady strengthening of the UK economy continues to underpin the progress of our business.\"\n \nMarket review \nImprovement in the UK economy continues and we are seeing signs of positive movement in house prices in a number of our regional markets in contrast to some recent moderating of house price inflation in London and the south east. \n \nAccording to Nationwide, UK house prices over the ten month period to the end of July 2014 have risen 9.8%, and the Halifax house price index showed an increas...