Exciting period for company as foundations for future growth laid through: Norwich Union Home Reversion distribution agreement purchases could reach £180m by December 2006, £58.5m acquisition of City North increasing our market rented portfolio to £230m, acquisition of 520 acres of land at West Waterlooville, European joint venture created to develop homes in Baltic States.
- £60.3m of residential sales with an average price of £149,000 6% higher than in previous year
- Investment value of residential portfolio marginally higher at £1.344bn
- Reversionary surplus now stands at £560m up from £536m at September 2004
- Net Asset Value at 31 March 2005 slightly lower at 539p per share against 547p at last year end - but no half year portfolio revaluation
- "Grainger NAV" higher at 482p per share from 480p at September 2004
- Impact of high level of "one-off" sales last year translates into lower profits before tax and exceptionals of £21.8m against £35.1m last time
- Interim dividend more than doubled to 1.70p from 0.81p
"We are pleased to report on another exciting period for the Group. Much of our activity in the early part of the year focussed on laying foundations for the Group's future growth and profitability.
"At the start of the year we established objectives for our main business areas and it gives us great satisfaction to report that we have made considerable progress in achieving them. A particularly pleasing theme of these achievements is our success in working with other partners, using their skills and resources to complement our own, to mutual benefit," Robert Dickinson, Chairman.
Source: Grainger Trust