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| Grainger announces preliminary results for year Grainger plc, the UK's largest quoted residential property owner, announces its preliminary results for the year ended 30 September 2008. Financial highlights Operating profit up 19.1% to £106m (2007: £89m) before valuation and goodwill movements, reflecting increased net rents and management fees; trading profits unchanged on 2007 Underlying profit before tax of £12m o Loss before tax of £112m including valuation deficits, goodwill impairments and mark to market adjustments Portfolio valuation down 7.6% compared to 12.4% average fall shown by national house price indices Gross Net Asset Value per share down 35% to 535p (2007: 828p); Grainger NAV down 29% to 520p (2007: 732p) Sales from core and retirement solutions portfolios up 15% to £168m (30 September 2007: £146m) New bank financing totalling circa £228m raised After the balance sheet date, offer to convertible bond holders completed with 78% take up, with resulting reduction of 2.1% in the Groups LTV and increase in net assets of £42m Dividend for full year maintained at 2007 levels Operational highlights Boards focus on cash conservation continues with reduced levels of property spend and overhead costs allied with increased sales. Active asset and property management continues to add value to tenants Resilience of and market for assets demonstrated by increased sales activity Planning permission obtained for 1, 550 new homes and 100, 000 sqm of commercial space at Newlands Common, West Waterlooville. write your comments about the article :: © 2008 Construction News :: home page |