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Grainger Plc Reports Good Start To Year; Says Confident Of FY View - Quick Facts

Grainger Plc. (GRI.L), a residential landlord, Wednesday reported that it has been a good start to the financial year. Pricing is steady and volumes have slowed slightly, and the company remains confident to achieve full year expectations.

In its trading update, for the first four months of the year to the end of January 2019, the company said its 1.3 billion pounds stabilised Private Rental Sector or PRS portfolio, of about 4,750 units, is performing well.

The company achieved a 3.4% like-for-like rental growth on PRS portfolio, which demonstrates the depth of customer demand. This is the largest stabilised PRS portfolio in the UK and is performing well, the company noted.

Residential sales remain in line with historic levels. Residential sales for the period performed in line with prior year.

Helen Gordon, Chief Executive of Grainger, said, "Strong sales performance at the end of last year reduced our vacant ex regulated properties available for sale. ...With the business now underpinned by a resilient rental income stream and a robust balance sheet we are in a great position to progress our next phase of growth."

The company will announce its half year financial results on May 16.

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