Cost Cutting Pledge Sees Share Price Soar for Grainger ; Commercial Property

Summary

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Grainger (GRI), the UK's largest quoted residential property owner, saw its shares rise more than nine per cent after it pledged to step up efforts to cut costs as strains on the UK housing market intensify.

The company said adverse market conditions affecting the UK housing sector would "continue for some time to come" and it had mothballed development and acquisition drives to shore up its balance sheet and reduce its pounds 1.65 billion of group net debt.

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Cost Cutting Pledge Sees Share Price Soar for Grainger ; Commercial Property

Grainger has bought just pounds 9 million of property in the last fou...

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