Hammerson's profits rise on demand for retail property

17th Feb 2014 07:03

- Pre-tax profit rises- Rental income climbs- Dividend raisedHammerson reported a rise in annual profits, driven by strong demand for retail property.The property group posted pre-tax profit for the year ended December 31st 2013 of£341.2m, up from £142.2m the previous year, as like-for-like net rental income climbed 2.1% to £282.8m.During the period the group secured £24m of new rents, compared to £19m in 2012. The firm achieved occupancy of 97.7%, exceeding the benchmark of 97%.The final dividend was raised 8% to 10.8p per share. Chief Executive David Atkins said: "We have reported a good set of results in a year when we saw the beginning of economic and consumer recovery in the UK. In France the economic picture is less clear cut, although personal debt levels remain low, providing the opportunity for a rebound in consumer spending when growth returns."RD