Hammerson adjusted earnings rise as net loss narrows

4th Mar 2022 07:03

(Sharecast News) - Retail property owner Hammerson reported a rise in adjusted earnings as the easing of Covid restrictions saw a rebound of footfall to its shopping centres.

The company on Friday reported earnings of £81m, up from £37m a year ago. Gross rental income fell to £241.6m from £287m due to disposals during the year. Hammerson's loss for the year on an IFRS basis narrowed to £430m form £1.7bn.

Hammerson declared a final dividend of 0.2p a share, with a scrip dividend alternative of 2p, in line with a year earlier.

The Brent Cross shopping centre owner said it was now beginning to see the lift of a footfall recovery across and a rising demand for prime retail space.

"Since the beginning of 2021, we have made fundamental changes in our business, realigning our portfolio with £623m of disposals, significantly strengthening the balance sheet, re-setting our organisation and putting in place a clear strategy for value creation focused on our prime urban estates," said chief executive Rita-Rose Gagne.

"The pandemic has accelerated trends in our operating environment, with people engaging with physical space in new ways. Our role is to create and curate relevant, appealing and sustainable spaces for the future."

Gagne said the firm was already seeing results from its strategy with strong occupier leasing demand and reduced vacancies, as well as a lower cost base.