- Residential landlord Grainger increased its dividend despite reporting a fall in annual profit as revenue declined amid the impact of the pandemic.

For the year to 30 September 2020, pre-tax profit fell 16% to £110.8 million year-on-year as revenue fell to £214m from £222.8m. Net rental income was up 16% to £73.6m The average rent collection was 97% average rent and average occupancy for the year was 95%. The company proposed a final dividend of 3.64p, taking the total dividend to 5.47p per share, up 5% on last year. 'Whilst there may be some near-term economic challenges ahead, the fundamentals of our business remain in very good shape. Our pipeline will deliver a further 8,950 new high-quality homes and we will continue to build vibrant communities across the UK,' the company said.

At 8:37am: [LON:GRI] Grainger PLC share price was 0p at 290p

Story provided by