Grosvenor profit falls 16%

Grosvenor has reported a 16% fall in profit before tax in its latest financial results for 2018. Profit before tax for 2018 stood at £196.6m, down from £233.1m the year before. Its revenue profit also dipped to £131m from £143.5m, but marked the third-highest revenue profit recorded since 2009. Grosvenor chief executive Mark Preston said the company’s 2018 financial performance was “better than we had expected”. He said this was largely due to the group’s international diversification strategy, with half of the company’s property assets now held overseas. The partial sale of the company’s 20% interest in Sonae Sierra