Grainger has reported a 39% jump in adjusted earnings in its half-year, boosted by its continued focus on the private rented sector (PRS).
The company posted adjusted earnings – which strip out the impact of revaluation and were previously called recurring profit – of £34.1m for the six months to 31 March.
The growth was driven by an increase in net rental income which rose 11% to £20m.
It said it expected the momentum to continue after securing £439m of PRS investment, more than half its £850m target, and expects on average to complete a new PRS building every two months over the next two years.
“I am pleased to report that the pursuit of our strategy is delivering strong results,” chief executive Helen Gordon said.
“We expect this momentum to continue now that we have secured £439m of private rented sector (“PRS”) investment, over half of our £850m target, and have good visibility on additional investment opportunities to meet our overall target. We are making good progress delivering our pipeline, and on average we are completing a new PRS building every two months over the next two years.
“The private rented sector growth opportunity is compelling with strong investment fundamentals. Our strategy to grow rents and simplify and focus the business puts Grainger in a strong position to deliver further sustainable income led growth.”