Operator
Good morning, ladies and gentlemen, and welcome to the Grainger plc Full Year Results Investor Presentation. [Operator Instructions] Before we begin, we would like to submit the following poll. And if you could give that your kind attention, I’m sure the company would be most grateful.
And I would now like to hand you over to the executive management team from Grainger plc. Helen, good morning.
Helen Gordon
CEO & Executive Director
Good morning, and thank you, everyone, for joining us this morning. I’m joined today by Rob Hudson, our CFO; and Kurt Mueller, our Head of Corporate Affairs. Last week, we presented our full year results, and they were very strong in terms of the growth in our earnings, in our income and in our margin. And what we’re going to do today is take you through an abbreviated presentation and then leave plenty of time for question and answer.
One of the things that has happened to Grainger this year that we’ve actually delivered, we are the U.K.’s leading residential REIT. So we converted to a REIT in September. And what that means is that now — we’re free from corporate tax on our income.
We are the largest build-to-rent investor operator in the U.K. And one of our real strengths is our operational platform, which is a real barrier to entry in a business that has a high degree of customer interface. and we have a long track record of proving our earnings and our growth in value.
The one thing I would say about our underlying business is
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