Grainger plc (GRI.L) reported that its fiscal year profit before tax declined to 27.4 million pounds from 298.6 million pounds, last year. Earnings per share was 3.5 pence compared to 30.9 pence. The Group noted that IFRS result declined due to the prior year one-off 81.2 million pounds valuation gain from the transfer of trading assets in preparation for REIT conversion along with a lower valuation performance in fiscal 2023. Adjusted earnings increased 4% to 97.6 million pounds. Adjusted earnings per share was 10.3 pence compared to 10.2 pence. EPRA earnings was 39.8 million pounds, up 41%. EPRA earnings per share increased to 4.2 pence from 3.1 pence.

For the year ended 30 September 2023, group revenue was 267.1 million pounds compared to 279.2 million pounds, last year. The Group delivered 12% growth in net rental income to 96.5 million pounds. The Group recorded a 8.0% like-for-like rental growth in its PRS portfolio. Occupancy was 98.6% in PRS portfolio.

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Original: RTT – Earnings: Grainger Plc FY23 EPRA Profit Rises; Net Rental Income Up 12%