High Street

Hammerson returns to profit

However, the group also saw revenue fall to £62m from £65.3m

Hammerson has revealed a pre-tax profit of £50m for the six months ending June 28, contrasted with a £376m loss over the same period in 2021.

However, the group also saw revenues fall to £62m from £65.3m.

The company said this reflects a 48% increase in like-for-like net rental income, lower administration and finance costs and strong contributions from its value retail holding.

Meanwhile it reported that footfall strengthened to end Q2 at 90% of 2019 levels, and
Sales were approaching 2019 levels overall, ahead of 2019 levels in Q2.

Some £10.5m leasing deals were concluded in H1 22, with headline leasing 31% above previous passing.

Rita-Rose Gagné, chief executive of Hammerson, said: “Footfall, sales, occupancy and collections are recovering and now close to 2019 levels. We saw a good leasing performance now ahead of previous passing rent and marginally ahead of ERV.

“We have strengthened our tenant profile, we have a strong and diversified leasing pipeline for the second half, and robust occupancy levels across our destinations. We have also continued to make progress on our pre-development pipeline, with key milestones in the first half met that enable further options for value creation.”

She added: “We are a better, more resilient, and financially secure business as a result of the actions taken since the beginning of 2021. We are conscious of the potentially volatile environment ahead and remain focussed on delivering our strategy. We have identified a number of levers within our control to continue to create value. We see more opportunities ahead.”

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