Hammerson FY adjusted earnings seen at no less than £100m

8th Nov 2022 08:35

(Sharecast News) - Property development and investment company Hammerson raised full-year guidance on Tuesday as footfall continued to improve and sales remained above 2019 levels.

Hammerson now expects full-year adjusted earnings to be no less than £100.0m after year-to-date like-for-like gross rental income rose by 11% as net rental income continued to benefit from a "strong" leasing performance, improved collections, and lower bad debt charges.

The FTSE 250-listed group said footfall across the company's sites "consistently" exceeded national indices, while sales continued to be above 2019 levels - with UK Q3 sales up 4%, France 3% higher, and Ireland 2% stronger.

In terms of leasing, Hammerson said 221 leases had been signed year-to-date, representing £17.0m of headline rent - 43% ahead of previous passing rent and 2% ahead of enterprise retail value on a net effective basis.

Year-to-date rent collections hit 93% and Hammerson highlighted that it expects collection rates to continue to improve before the end of the year.

As of 0940 GMT, Hammerson shares were up 8.71% at 23.35p.

Reporting by Iain Gilbert at Sharecast.com