Grainger HY Pre-tax Profit Rises

Grainger plc (GRI.L) reported that its profit before tax for the six months ended 31 March 2021 slightly increased to 50.3 million pounds from 49.6 million pounds last year.

Profit attributable to the owners of the company was 40.1 million pounds or 5.9 pence per share compared to 40.1 million pounds or 6.4 pence per share in the prior year.

Group revenue for the period grew to 101.3 million pounds from 86.9 million pounds in the prior year.

The company maintained its interim dividend at 1.83 pence per share.

Grainger has agreed to forward fund and acquire a 259-home build to rent development in Derby for 37.4 million pounds, with St James Securities. The scheme is part of St James Securities wider mixed-use regeneration of the Becketwell area in Derby city centre. GMI Construction Limited has been appointed as the contractor.

Grainger expects the investment to generate a gross yield on cost of 7% once stabilised.

The transaction is subject to the satisfaction of certain conditions which are expected to be met in the next few weeks. The transaction will become unconditional and then considered fully secured. Construction is expected to commence shortly thereafter, with completion targeted for second-half of 2023.

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