Highlights
Strong value growth delivered, with gross net asset value (NAV) per share up 20% to 291p (FY13: 242p) and triple net asset value (NNNAV) up 24% to 242p (FY13: 195p);
Profit before tax up 26% to £81.1m (FY13: £64.3m);
Strategy has delivered continued outperformance from our UK residential assets, with a 14.6% increase in the market value of our portfolio, significantly higher than the average of 9.5% for the Nationwide and Halifax house price indices;
Encouraging start to the new financial year. As at 31 October 2014 our total Group sales pipeline1 amounted to £77m (helped by an increased level of development activity), which should deliver £35m of profit, with UK vacant sales values 1.9% above September 2014 valuations (FY13: £52m, £18m and 6.3% respectively).
A final dividend of 1.89p per ordinary share (FY13: 1.46p), resulting in a total dividend for the year of 2.50p per ordinary share (FY13: 2.04p), an increase of 22.6%, reflecting our performance in the year and maintaining capacity for accretive reinvestment in the business.
Robin Broadhurst, chairman of Grainger, commented:
"In my final statement as chairman of Grainger, I am pleased to announce that the Group has once again had a strong period of performance and is on solid ground for continued growth.
"We have set out a clear strategy for the business which will continue to trade reversionary assets, which provide attractive returns. In addition, Grainger will increasingly allocate capital to market rented assets and opportunities in the growing build to rent market, often through Grainger managed co-investment vehicles.
"There is significant value in the business for shareholders and I am excited by the prospects for the future of Grainger."
