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Property company Grainger reported a modest rise in first-half profit as sales growth offset a fall in net rental income owing to the pandemic.
For the half year through 31 March, pre-tax profit rose 1% to £50.3 million year-on-year, while net rental income fell to £34.7 million from £37.0 million.
The fall in rental income reflected 'planned asset recycling, lower occupancy and delays in pipeline completions,' the company said.
Like-for-like rental growth was 1.7% maid strong rent collection, which stood at 98% as at 31 March.
Adjusted earnings grew 11% over the period, driven by sales growth of 30%, which 'more than offset a reduction in occupancy in our PRS portfolio (89%) caused by Covid-19 lockdown restrictions,' the company said.
'Green shoots seem to be appearing, with increased city centre footfall, increased leisure spending and a gradual return to more normal levels of economic activity. This analysis has led us to our positive market outlook,' the company said.
At 8:37am: (LON:GRI) Grainger PLC share price was 0p at 290p