Grainger plc reported consolidated earnings results for the year ended September 30, 2018. For the year, group revenue was £270.7 million against £264.7 million a year ago. Operating profit after net valuation gains on investment property was £145.6 million against £104.6 million a year ago. Profit before tax - continuing operations was £100.7 million against £86.3 million a year ago. Profit after tax - continuing operations was £87.4 million against £73.5 million a year ago. Profit for the year attributable to the owners of the Company was £87.4 million against £74.7 million a year ago. Diluted earnings per share were 20.9 pence against 17.9 pence a year ago. Net debt was £866 million reflecting continuing investment into PRS assets against £848 million a year ago. Net cash inflow from operating activities was £126.3 million against £45.5 million a year ago. Acquisition of investment property was £179.7 million against £118.9 million a year ago. Acquisition of property, plant and equipment and intangible assets was £2.9 million against £0.8 million a year ago. Adjusted earnings were £94.0 million against £74.4 million a year ago. Adjusted EPS (after tax) was 18.2 pence against 14.3 pence a year ago. EPRA NAV per share was 348 pence against 343 pence a year ago.

Tony Wray has decided to step down at the AGM in 2019, by which time he will have served over seven years on the Board as a Non-Executive Director.

Subject to approval at the AGM, the final dividend of 3.52 pence per share (gross) amounting to £14.7 million will be paid on 11 February 2019 to shareholders on the register at the close of business on 14 December 2018.