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Grainger Annual Profit Before Tax, Sales Improve

Grainger plc (GRI.L) on Thursday reported full-year profit before tax of 152.1 million pounds, 53% higher than 99.1 million pounds reported during last year.

Excluding one-time items, earnings were 83.5 million pounds compared with 81.8 million pounds during the year-earlier period.

Earnings per share for the year increased to 16.1p from 12.7 p a year ago.

Overall sales for the year increased to 187.8 million pounds from 144.1 million pounds a year ago.

Net rental income, however, declined 4 percent year-over-year to 70.6 million pounds from 73.6 million pounds, impacted by lower average occupancy as well as disposals.

Passing net rental income grew 9 percent year-over-year to 80.9 million pounds.

The company has proposed a final dividend of 3.32p per share to be paid on 14 February 2022 to Shareholders on the register at the close of business on 31 December 2021.

"Looking to Grainger's future, we plan to increase our growth momentum and build upon our £3.1bn operational portfolio of 9,727 rental homes. Our £1.9bn PRS pipeline will more than double our net rental income. This growth will enable us to further enhance shareholder returns. The scalable platform we have developed delivers a compounding effect on earnings growth as we increase our top line rental income, which we expect to increase 2.5 times from our pipeline," Helen Gordon, Chief Executive of Grainger commented.

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