Grainger PLC on Thursday boosted its dividend as it said it is on track to meet targets after reporting mixed first half results.
The Newcastle-upon-Tyne, England-based residential landlord reported an IFRS pretax loss of £14.6 million in the six months to March, swung from a £74.0 million profit the year prior.
This reflected a £46.6 million decline in valuations compared to a £28.7 million increase the year before.
EPRA earnings increased 4.0% to £31.4 million from £30.2 million as net rental income grew 7.8% to £66.1 million from £61.3 million.
EPRA net tangible assets per share fell 2.7% to 290 pence from 298p.
Chief Executive Helen Gordon called it a ‘strong’ performance.
‘Occupancy remains high, rental income continues to grow along with our portfolio, and like-for-like rental growth continues in line with expectations, underpinned by wage inflation,’ she added.
Grainger said it is on track to deliver its target of £60 million EPRA earnings for this financial year, a 12% increase year-on-year, and £72 million for financial 2029.
The interim dividend was increased, for the 21st consecutive period, by 3.2% to 2.94p per share from 2.85p.
Shares in Grainger were 2.9% lower at 150.70 pence each in London on Thursday.
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