Grainger adjusted earnings up 39%

Grainger's adjusted earnings rose by 39% to £34.1m and net rental income increased by 11% £20.0m in the six months to the end of March.

Profit before tax rose by 13% to £41.2m and and EPRA NNNAV increased by 8 pence per share or 3% since the year end to 295p

Other highlights:

- Dividend per share up 10% to 1.60p (HY16: 1.45p)

- Net debt of £791m and LTV 36.0% (FY16: £764m and 35.9%)

- Cost of debt at period end reduced to 3.6% (FY16: 3.9%)

Chief executive Helen Gordon said: "I am pleased to report that the pursuit of our strategy is delivering strong results.

"In the first six months of the year we have increased adjusted earnings by 39% and net rental income by 11%.

"We expect this momentum to continue now that we have secured £439m of private rented sector investment, over half of our £850m target, and have good visibility on additional investment opportunities to meet our overall target.

"We are making good progress delivering our pipeline, and on average we are completing a new PRS building every two months over the next two years.

"Grainger is a focused, simpler and more efficient business. We have made changes to the way we operate in order to enhance returns, through reducing costs, simplifying processes and improving the scalability of our operating platform.

"The private rented sector growth opportunity is compelling with strong investment fundamentals.

"Our strategy to grow rents and simplify and focus the business puts Grainger in a strong position to deliver further sustainable income led growth."