Saturday, 31 July 2010

Landlord reports £143m loss

20 May 2009 | By Tom Lloyd

Grainger, the largest quoted residential property owner in the UK, has reported a £143 million loss for the six months to the end of March.

The deficit is due to various one-off costs, including revaluation of its properties, and is down from a £0.2 million loss for the same period last year.

The landlord said it is making good progress with its current strategy of cash conservation, and it is confident of meeting its banking covenants before a September deadline.

Chairman Robin Broadhurst said the company also believes large landlords will have a significant role to play in meeting overall housing needs in the future, through schemes such as the Homes and Communities Agency’s recently announced Private Rented Sector Initiative.

He said: ‘Our expertise across all areas of residential activities, underpinned by our unique and diverse portfolio and supported by our property management structure, will enable us to take advantage of these new opportunities, as well as continuing to run and manage our existing business productively.’

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