Hammerson narrows losses as footfall increases

9th Mar 2023 07:19

(Sharecast News) - Property developer Hammerson narrowed annual losses and said it was looking to cut costs further amid the tougher economic outlook.

The company, which owns shopping centres posted a £164m loss for 2022, compared with a loss of £429m a year earlier, and largely due to a £282m revaluation deficit.

"Whilst we remain very mindful of the uncertain macroeconomic outlook, we have a strong operational grip on the business and are targeting a further 20% reduction in gross administration costs by the end of 2024, and to complete the £500m disposal programme by the end of the year. We have strong momentum and are well placed to deliver another year of robust underlying earnings and cashflow and anticipate a return to cash dividends during the year," the company said on Thursday.

Footfall at its retail locations improved 11% during the year, ending the year at 90% of pre-Covid pandemic 2019 levels. Hammerson said positive footfall and sales trends had continued into the first few months of the year.

Reporting by Frank Prenesti for Sharecast.com