Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guides
Guidance and tools
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks Stock plan guidance
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Grainger keeps targets unchanged despite slight FY25 miss
(Sharecast News) - Residential real estate investment trust Grainger delivered full-year results slightly below expectations on Thursday but kept hold of its targets to grow profits over the short and medium term.
Net rental income was up 12% over the 12 months to 30 September at £123.6m, driven by a strong delivery of pipeline scheme launches, which contributed £17.7m, the company said. On a like-for-like basis, rental growth was 3.6%, down from 6.3% but in line with the long-run average.
Adjusted earnings were down 1% at £91m as the company continued recycle out of its low-yielding, non-core assets - namely through the reduction of its regulated tenancy business. However, EPRA earnings improved 12% to £53.7m, lifting EPRA earnings per share up 12% to 7.3p.
Nevertheless, according to analysts at Berenberg, FY25 results were "a little below market expectations".
Headline pre-tax profit, however, surged 153% to £102.6m as a result of positive valuation movements. The company booked a net valuation gain on investment property of £29.5m during the period, compared with a £32.5m loss the previous year.
Net tangible assets per share came in at 298p, flat on last year and some 2% below consensus forecasts, though in line with management's expectations.
Meanwhile, the company declared a final dividend of 5.46p per share, lifting the total payout for the year to 8.31p, up 10% but slightly under the 8.5p expected by the market.
"It has been another excellent performance for Grainger and the outlook for the business is bright as we continue to deliver sector-leading earnings growth despite macro-economic headwinds," said chief executive Helen Gordon. "We are committed to continuing to deliver progressive dividend growth for years ahead."
Looking ahead, Grainger said it continues to target £60m in EPRA earnings in FY26, growing to £72m by FY29, in line with previous guidance, helped by the delivery of its £343m committed pipeline.
Shares were down 2.2% at 184.4p by 0927 GMT.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Diversity, Equity & Inclusion Reports | Doing Business with Fidelity | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
