Retail landlord Hammerson has reported its losses have widened to a pre-tax loss of £537.8m in the year to 31 December, up from £173.3m in 2018.
Hammerson reported an 11.2% decrease in rental income to £308.5m after it revealed that 6.7% of retailers were hit by administrations and restructuring. During the period the retail landlord reported 33 of its retailers undertook a CVA or went into administration affecting 94 units across Hammersons sites.
Adjusted profit also decreased by 10.9% to £214m compared with £240.3m in the same period in 2018.
Recently, Hammerson revealed it sold nine of its remaining retail parks for £455m. The company said it would maintain its “focus on reducing debt during 2020” amid the “uncertainty” of the UK retail market.
David Atkins, chief executive of Hammerson said: “The past 12 months to reduce debt and significantly reshaped the portfolio. Against a challenged retail and investment backdrop, we have exceeded our 2019 disposal target, exited the retail parks sector as we said we would and reduced debt by a third. This delivered nearly £1bn of transactions in the process.
“In strengthening our balance sheet further, we will create a more resilient business and also generate significant liquidity which could, at the appropriate time, be deployed to create enhanced returns for shareholders.”