Hammerson reports surge in full-year profit
Shopping centre owner Hammerson has seen its full year pre-tax profit almost double from a year earlier.
In the year to 31 December pre-tax profit was £703.1 million compared to £341.2 million in the previous year. Net rental income edged up 2.1% on a like-for-like basis to £305.6 million.
The company said its occupancy rate remained strong with its portfolio 97.5% let at the year-end.
Hammerson chief executive David Atkins said: “The recovery in UK consumer sentiment has continued to strengthen, driving increased demand from retailers for prime space, which is now translating into ERV growth across the whole portfolio. In France, we have seen an encouraging improvement in performance, reflecting the success of our refurbishment programme.
“With strong momentum across our markets predicted to continue, bolstered by further growth from our prime portfolio, strategic exposure to the fast growing outlet sector and our major development programme, we remain confident in our ability to deliver sustainable growth going forward.”
During the year, construction began at Hammerson’s Victoria Gate development in Leeds and at WestQuay Watermark in Southampton.
In January 2014, Hammerson and its partner Aviva Investors sold the Queensgate shopping centre in Peterborough. In addition, the company bought its joint venture partner’s 40% interest in Highcross, Leicester for £180 million in September.
