Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Grainger PLC    GRI   GB00B04V1276

My previous session
Most popular
Real-time Quote. Real-time CHI-X - 10/17 11:39:39 am
279.6 GBp   +0.36%
09/18GRAINGER : Project Update
05/24GRAINGER PLC : Ex-dividend day for interim dividend
05/15GRAINGER : Acquisition
News SummaryMost relevantAll newsOfficial PublicationsSector newsTweets

Grainger : Pre-Close Statement & Capital Markets Day

share with twitter share with LinkedIn share with facebook
share via e-mail
09/27/2017 | 08:11am CEST

27 September 2017

Grainger plc

Pre-Close Statement & Capital Markets Day

Good end to the year and positive strategic progress

Grainger plc, the UK's largest listed residential landlord, today provides an update on trading for the year ending 30 September 2017 ahead of its full year results announcement on 30 November 2017.

Helen Gordon, Chief Executive, said:

'It has been a year of significant strategic progress. We have secured substantial private rented sector ('PRS') investments and improved our operational platform. We expect to deliver another period of strong financial performance at our full year results in November, and our in-house capability to originate, invest in and operate UK rental homes provides a strong platform for future growth.

'Our transition to a business focused on the PRS with improved income returns continues at pace. Our secured PRS pipeline stands at £517m, and has been achieved within 20 months of announcing our new strategy and £850m investment target. It will be supplemented by our recently announced £80m investment at Gore Street in Salford, and we have a number of other exciting opportunities in advanced stages.'

Financial performance

Trading performance and outturn

We have delivered a strong trading performance in the second half of the year, with good results from sales and tightly controlled operational and finance costs. We expect to report Adjusted Earnings of approaching £70m (FY16: £53.1m).

Sales of vacant properties have been achieved at c.2% ahead of the September 2016 year end vacant possession value, and robust residential sales have been supported by development activity and as we work through our strategic land sites.

Our year end valuation process is currently underway. We saw 2.1% growth in capital values in the first half of the year and anticipate a modest further improvement in the second half, in line with the Board's expectations.

Continued rental growth

We have seen like-for-like rental growth across our portfolio of 3.7% for the eleven months to the end of August. Our PRS portfolio has seen 3.2% growth and we have seen 4.4% annualised rental growth in our regulated tenancy portfolio.

Reducing costs

Our focus on managing costs and operating efficiency has continued and we expect to report a gross to net property operating cost for the full year of around 26%. We are also on track to achieve our £27.5m overheads target.

Grainger's income return is also benefiting from improved finance costs and we expect our cost of debt at the period end to have reduced to 3.5%.

Continued investment in PRS

Our transition to a business focused on the UK private rented sector ('PRS') continues at pace and our secured investment pipeline now stands at £517m, around 60% of our £850m target, achieved within 20 months of announcing our new strategy. Once our £80m acquisition on Gore Street in Salford goes unconditional following completion of a building contract, we will reach 70% of our target.

In total we have £341m of schemes in the planning or legal stages, which if secured will enable us to achieve our £850m target. A further £469m of potential schemes are under consideration.

Capital markets day

We are hosting a capital markets day today, followed by a site visit to Argo Apartments, a £33m, 134 unit PRS scheme in Canning Town, London. It is due to complete by the end of 2017 and is being acquired by GRIP REIT plc, our London-focused PRS co-investment vehicle with APG.

Our update will focus on Grainger's market leading position and its in-house capability to originate, invest in and operate UK rental homes.

A presentation will be made available at 14:00 GMT on Grainger plc's corporate website - www.graingerplc.co.uk. No webcast or conference call facilities will be available.

No further information will be provided on current trading.


For further information:

Grainger plc

Helen Gordon/ Vanessa Simms/ Kurt Mueller

London Office Tel: +44 (0) 20 7940 9500

Newcastle Office Tel: +44 (0) 191 261 1819

Camarco (Financial PR adviser)

Ginny Pulbrook / Geoffrey Pelham-Lane

+44 (0) 20 3757 4992/4985

Grainger plc published this content on 27 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 September 2017 06:09:18 UTC.

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on GRAINGER PLC
09/18GRAINGER : Project Update
05/24GRAINGER PLC : Ex-dividend day for interim dividend
05/15GRAINGER : Acquisition
05/14GRAINGER PLC : half-yearly earnings release
05/09GRAINGER : Acquisition
05/08GRAINGER : Notice to Noteholders
05/04GRAINGER : Updated Timing of Interim Results Presentation
05/02GRAINGER : exits Walworth joint venture
04/30GRAINGER : Notice of Interim Results
04/24GRAINGER : Notice of Redemption
More news
News from SeekingAlpha
08/03Britain - Lost En Route To Empire 2 
05/17Grainger PLC 2018 Q2 - Results - Earnings Call Slides 
2017Grainger PLC 2017 Q4 - Results - Earnings Call Slides 
2017Grainger (GRGTF) Investor Presentation - Slideshow 
2015Momentum Traps - How To Avoid The Siren Song Of Overhyped Stocks 
Financials (GBP)
Sales 2018 46,4 M
EBIT 2018 105 M
Net income 2018 90,5 M
Debt 2018 916 M
Yield 2018 1,91%
P/E ratio 2018 12,89
P/E ratio 2019 13,21
EV / Sales 2018 44,2x
EV / Sales 2019 40,5x
Capitalization 1 137 M
Duration : Period :
Grainger PLC Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GRAINGER PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 3,39  GBP
Spread / Average Target 22%
EPS Revisions
Helen Christine Gordon Chief Executive Officer & Executive Director
Mark Sydney Clare Non-Executive Chairman
John Kenny Chief Operating Officer
Vanessa Kate Simms Chief Financial Officer & Executive Director
Anthony Paul Wray Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
GRAINGER PLC-5.91%1 498
CHINA VANKE CO., LTD.--.--%33 904
VONOVIA-7.05%23 011
VINGROUP JSC--.--%13 106