PROPERTY company Grainger is firmly back in the black after a year of building the business.
The Newcastle-based company - Britain’s biggest residential landlord - made a pre-tax profit of £26.1m in the year to the end of September compared to a loss of £20.8m 12 months earlier.
Grainger, which receives income on sales of residential properties, rental income and fees or other income from managed or co-invested businesses, also increased revenues to £296.2m from £244.5m.
The business owns residential property worth £2.4bn - 82% in the UK and the rest in Germany - which generated £86m in rents and asset sales of £223m during the year.
The company also diversified with a number of acquisitions and joint ventures and reduced its net debt by more than £100m in the second half of the year.
Chairman Robin Broadhurst said: "We have invested wisely in strategic acquisitions during the year. Going forward we will also continue to supplement profits from our core reversionary business with a growth in fee income from our asset and property management activities.
“Such activities enhance our return on capital and rely less on investment. We therefore anticipate a further reduction in our requirement for debt in the near to medium term and our successful refinancing strategy has been based around this approach.
"We look forward to continuing using our skills to enhance our performance within the residential sector."
