Grainger’s FY24 pre-tax profit rises; Upgrades to near-term EPRA earnings forecasts

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

For the twelve months ended September 30, 2024, turnover was £290.1 million, compared to £267.1 million the previous year. The Group recorded a 14% growth in net rental income to £110.1 million. Growth in PRS rents on a like-for-like basis amounts to 6.3%.

Looking ahead, the Group has revised its EPRA profit forecast for the 2026 financial year upwards by £5 million, to £60 million, the second upward revision in the last 12 months. Furthermore, the Group expects the EBITDA margin to increase significantly from 54% currently to over 60% by FY 2029.

For more earnings news, earnings schedule and stock earnings, visit rttnews.com.