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Grainger HY Pre-tax Profit Down

Grainger Plc. (GRI.L) reported that its profit before tax for the six months ended 31 March 2020 declined to 49.6 million pounds from 54.3 million pounds in the previous year.

Profit attributable to the owners of the company was 40.1 million pounds or 6.4 pence per share, compared to 49.3 million pounds or 9.0 pence per share in the previous year.

Adjusted earnings decreased by 12% to 33.7 million pounds from the previous year, as a result of higher levels of asset recycling in the same period last year.

Net rental income increased by 27% to 37.0 million pounds from the prior year as a result of investment activity and strong operating performance.

Group revenue was 86.9 million pounds, down from 107.0 million pounds in the prior year.
The company said it remains committed to its policy to distribute 50% of annual net rental income as a dividend, with a one-third payment at the interim stage. The interim dividend has increased by 6% to 1.83 pence on a per share basis.

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