Grainger swings into profit

Grainger, Britain’s largest listed private landlord posted a nine per cent rise in annual gross net asset value and swung to a profit over the year. The company, which owns and manages properties across the United Kingdom and Germany, yesterday said its gross net asset value rose to 242p per share from 223p over the year to 30 September. It booked pre-tax profits of £64.3m over the year, compared to a loss of £1.7m last year.