Hammerson has reported a 9.2 per cent dip in pre-tax profit in its Half Year Results which were published this morning. Pre-tax profits at 30 June stood at £329.4 million compared with £362.9 million on June 30 2014 – a fall of £33.5 million.
However, a combination of improving consumer confidence and active asset management helped to boost Hammerson’s rental income by 8.6 per cent and increase NAV per share by 4.7 per cent,
The results reveal continued demand for high quality retail and leisure space across its shopping centre portfolio, leading an occupancy level of 97.2 per cent and a net rental income £159.5 million, compared to the £146.9 million reported for the same period last year.
The figures left Chief Executive David Atkins hailing a good performance despite the dip in profits.
“The business has performed very well in the first half, underpinned by robust consumer confidence and an active asset management strategy resulting in sector-beating earnings growth of 13 per cent,” he said.
“Our prime assets continue to attract retailer demand from some of the most sought after brands, lifting ERV growth across the portfolio.
Atkins continued to say that Hammerson’s business in France had proved ‘resilient’ in challenging conditions, and that progress was being made with the group’s development pipeline.
“Looking ahead, the business is well positioned to benefit from the continuing momentum across our key markets and to deliver attractive and sustainable returns for shareholders,” he concluded.
The interim dividend per share is 9.5p compared to 8.8p on 30 June 2014, a rise of 8 per cent.
