Full Year 2019 Grainger PLC Earnings Call Transcript
Thank you for those that have been waiting patiently. Good morning, everyone. And welcome to Grainger's Full Year Results. I'm pleased to report that this has been a year of growth and further transformation for Grainger. We have a strong set of results. Our pipeline of new developments is now flowing and our income is further boosted by our GRIP acquisition that we made earlier this year.
This business now has more revenue delivered through strong resilient net rental income than sales. We have doubled our net rental income since the start of the strategy, and we're well ahead of plan.
So we've achieved a lot this year. So we're going to have a full presentation today as you can tell by the weight of the packs. So the format for this morning is that I will take you through the highlights and, in particular, the progress we're making on our pipeline, why it has been a transformational year for Grainger, and the successful acquisition and integration of the GRIP portfolio. Vanessa, our CFO, will take you through the financial
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