Grainger plc (Grainger plc), a UK-based residential property business, on Thursday reported a sharply improved performance for the year ended September 30, 2025, with profitability boosted by strong valuation gains, higher rental income and a significant tax credit arising from its REIT conversion.
Profit before tax rose steeply to £102.6 million from £40.6 million a year earlier, supported by a £29.5 million net valuation gain on investment property, compared with a loss of £32.5 million last year. The result also benefited from a £1.1 million gain from financial interests in property assets, compared with a £1.3 million loss in the prior year. In addition, the loss on disposal of investment property narrowed substantially to £1.6 million from £5.8 million a year earlier.
Operating profit increased to £128.0 million from £119.1 million, helped by higher net rental income of £123.6 million versus £110.1 million last year.
Profit for the year attributable to shareholders surged to £202.6 million from £31.2 million. The increase was driven primarily by the profit before tax improvement and the recognition of a £123.6 million tax credit arising from the Group's conversion to REIT status. Earnings per share increased to 27.3p from 4.2p.
Excluding one-time items, adjusted earnings were down 1% at £91 million or 9.3p per share compared with £91.6 million or 9.3p per share last year.
EPRA earnings rose 12% year over year to £53.7 million or 7.3p per share from £48 million or 6.5p per share.
Revenue declined to £262.7 million from £290.1 million a year ago.
Looking ahead, the company maintained its previous guidance, reiterating its target for pre-tax EPRA earnings of £60 million for fiscal 2026 and £72 million by fiscal 2029.
The company expects to pay a final dividend of 5.46p per share on February 20, 2026 to shareholders on the register as of January 16.
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