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Hammerson Reports First-Half Pretax Loss


Hammerson, the shopping-center operator, has announced a pretax loss for the first half of the year. Despite the loss, revenue has increased and footfall and like-for-like sales remain strong.

Financial Performance

Hammerson’s pretax loss for the first half of the year amounted to £1.2 million, compared to a profit of £50.3 million during the same period last year. The company attributes this loss to the disposal of interests in Italie Deux and Croydon, as well as an impairment charge related to a joint venture investment in O’Parinor.

However, revenue for the company has risen from £63.7 million to £69.1 million.

Positive Trends

Footfall at the end of the second quarter has seen a 4% increase compared to the previous year, with France and Ireland driving this growth. In addition, sales and occupancy have improved, while rent collection has returned to normal levels.

Key Metrics and Dividend Announcement

Net tangible assets per share, an important industry metric, saw a slight decrease of 1 pence to 52 pence. This decrease can be attributed to the effect of the scrip dividend.

The board has declared an interim dividend of 0.72 pence per share, which is an increase from the previous year’s dividend of 0.2 pence.

Future Outlook

Chief Executive Rita-Rose Gagne expressed confidence in the company’s leasing momentum for both the first half of 2023 and the second half of the year.

At 0717 GMT, Hammerson’s shares were up 0.48 pence, or 1.9%, at 25.88 pence.

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