Hammerson profits from recovery

21st Feb 2011 07:26

A revaluation of Hammerson's portfolio of shopping centres and retail parks swung the property giant far into the black during 2010.The owner of Brent Cross in London and Birmingham's Bullring made a pre-tax profit of £620.2m last year compared with a loss of £453.1m in 2009 thanks to a £447m increase in property values. They'd fallen £404m in 2009.Its shopping centres and retail parks were worth £363m more than the year before, while offices in the City and elsewhere were valued at an extra £44m. French retail made up the rest.Profit adjusted for revaluations grew by 11% to £144.5m and adjusted net asset value per share had risen 17.6% to 495p by the end of 2010. Net rental income fell 3% to £284.7m, but was up 3.5% on a like for like basis."This is a strong set of results which reinforces the strategy we are pursuing," chairman John Nelson said. "We have sold mature assets and reinvested in properties which offer better growth prospects through active management.""Looking forward, our financial flexibility and continued asset recycling will allow us to continue to take advantage of opportunities which we believe will arise in the coming period."A final dividend of 8.8p a share takes the total payout for the year to 15.95p, up from15.45p the year before.