Granger’s pre-tax profit rose in FY24; Update to EPRA short-term earnings guidance

LONDON (dpa-AFX) – Grainger plc (GRI.L) reported pre-tax profits of £40.6 million for the 2024 financial year, up from £27.4 million last year. Earnings per share were 4.2 pence, down from 3.5 pence. EPRA’s profit was £48.0m, up 21%. EPRA EPS was 6.5p, down from 5.4p. EPRA’s adjusted earnings per share after tax were 4.9 pence, down from 4.2 pence. Adjusted profits were £91.6 million, down 6% on the previous year. Adjusted earnings per share were 9.3 pence, down from 10.3 pence.

For the twelve months ended 30 September 2024, revenue was £290.1 million, compared to £267.1 million in the previous year. The group recorded a 14% rise in net rental income to £110.1 million. PRS rent growth in the same period was 6.3%.

Looking ahead, the Group raised EPRA’s profit forecast for the 2026 financial year from £5 million to £60 million, its second increase in the last 12 months. In addition, the Group expects EBITDA margin to increase significantly from 54% currently to over 60% by FY2029.

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