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Hammerson profits rise but says Covid recovery muted
5th Aug 2021 07:33
(Sharecast News) - UK retail landlord Hammerson on Thursday reported a rise in half-year adjusted profit as shops reopened from Covid-19 lockdowns, but warned that footfall had not yet rebounded to pre-pandemic levels.
Adjusted profit rose 14% to £20.1m for the six months to June 30. The company declared an interim dividend of 0.2p a share and said it would pay an enhanced scrip alternative of 2p a share as a normal dividend.
On a pre-tax basis the mall owner posted a loss of £354m compared with a loss of £1.14bn for the same period a year earlier.
"Footfall in all territories has yet to recover and is currently averaging at around 75% of 2019 levels. This follows an initial spike on reopening, with inner-city footfall still down on pre-pandemic levels ahead of a wider return to offices. Many retailers continue to report high sales and conversion rates as visitors shop with purpose," Hammerson said.
Adjusted profit rose 14% to £20.1m for the six months to June 30. The company declared an interim dividend of 0.2p a share and said it would pay an enhanced scrip alternative of 2p a share as a normal dividend.
On a pre-tax basis the mall owner posted a loss of £354m compared with a loss of £1.14bn for the same period a year earlier.
"Footfall in all territories has yet to recover and is currently averaging at around 75% of 2019 levels. This follows an initial spike on reopening, with inner-city footfall still down on pre-pandemic levels ahead of a wider return to offices. Many retailers continue to report high sales and conversion rates as visitors shop with purpose," Hammerson said.