- Grainger reported 'strong' trading performance in half-year results on Thursday as profit before tax rose 23% underpinned by a 9% jump in rental income.

Pre-tax profits in the six months to March 31 grew by 23% to £50.6m from £41.2m for the same period a year ago, while adjusted earnings rose 20% to £34.1m.

The UK listed landlord said net rental income grew 9% to £21.8m as acquisitions and rental growth more than offset the impact of disposals. The firm reported 4.1% like-for-like rental growth across its entire portfolio.

EPRA NNNAV rose 1% since the year end to 306p per share after returning £13.6m to shareholders in the period, the firm said.

Grainger said it had secured £756m of private sector investments, with a further £258 in the planning or legal process and £519m was under consideration as it progressed toward its initial £850m target.

The group raised its interim dividend by 9% to 1.74p from 1.6p.

'We are a business on a strong growth trajectory and the opportunity in the UK PRS market is vast. We are uniquely placed given our market leading position and our in-house capability to originate, invest and operate homes for rent,' said Helen Gordon, Chief Executive of Grainger. At 9:29am: [LON:GRI] Grainger PLC share price was +1p at 314.8p

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