Grainger expects sales to rise despite tough market‎

GRAINGER, Britain’s largest residential property owner, said it expects completed sales from its UK assets to be worth £89m for the six months to 31 March, up £1m compared to last year.

The Newcastle-based company’s trading update showed that the value of its portfolios of UK residential and development operations will increase by around two per cent at the half-year. In addition, there were £1m worth of sales from its German portfolio.

The results came despite tough market conditions. Grainger also said its pre-tax profit would benefit from a partial reversal of mark-to-market movements on its long-term financial derivatives and the purchase of HI Tricomm Holdings in the first-half.

The company, which will announce its interim results on 19 May, will continue to comfortably meet its banking covenants and reshape its debt with £290m from new lenders, it said in the statement.