PROPERTY giant Grainger today said it was a out performing the market as it revealed its results for the six months to March.
The Newcastle-based plc, which is Britain’s biggest residential landlord, boosted sales from its UK portfolio of property by 5.8% to £94.6m and fee-based income rose by 61.2% to £5m.
It also reported a hike in operating profit (before valuation movements and non-recurring items) of 7.9% to £64.1m but a fall in pre-tax profits to £15.1m from £65.2m.
Grainger said this figure was compared to a year ago when the indicator was “materially enhanced by valuation gains of £45m”.
The business, which also owns property in Germany, reduced its debt by £42m to £1,412m from September 30 last year.
Chairman, Robin Broadhurst, said: “Grainger continues to deliver value through strong operational performance, maintaining the momentum gathered in the previous financial years.
“Grainger's residential UK portfolio valuation has risen 2.8% and sales on vacancy are being achieved at 5.7% above September 2011 vacant possession values.
“This demonstrates our ability to outperform the wider housing market as a result of our portfolio's strategic geographical weighting and the application of our specialist expertise and skills.”