Grainger ups divi as rental income rises, but profit slips

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Property company Grainger increased its interim dividend as net rental income jumped, but profit fell on lower revenue.

For the six months ended 31 March 2020, pre-tax profit fell to £49.6m from £54.3m on-year as revenue slipped to £86.9m from £107m, but net rental income rose 27% to £37.0m.

'We have achieved high rent collection, strong rental growth and maintained occupancy levels over 97%,' the company said.

First-half sales generated fell to £22.8m from £31.3m as last year's sales had a higher level of asset recycling from its GRIP portfolio, it added.

The interim dividend was raised by 6% to 1.83p a share.

'Our balance sheet and liquidity are in a strong position with the lowest LTV and highest level of liquidity for six years. This position of strength combined with the resilience of our portfolio positions us well to navigate through the challenges in the economy and capitalise on any opportunities that may arise,' Grainger said.