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Interim Results

Hammerson adjusted profits up

26 July 2017 08:03

Hammerson's adjusted profits rose to £119.4m in the six months to the end of June - 6.0% up on last time.

Net rental income rose by 9.7% to £184.0m and the IFRS profit (including non-cash valuation changes) increased by 76.7% to £287.1m.

The group declared an interim dividend of 10.7p per share - 5.9% up on a year ago.

Chief executive David Atkins said: "Today we announce another strong set of results, underpinned by record leasing activity and positive capital value growth right across our business, which has been boosted by our high-growth markets in Ireland and premium outlets.

"This performance is particularly pleasing in the context of a more uncertain political and economic backdrop and structural shifts in the retail sector. In an environment of continuing retail polarisation, brands are prioritising our well invested, prime locations to support a multichannel platform.

"This demonstrates the relevance of our portfolio and the success of our strategy focused on prime retail destinations in growing consumer markets, ensuring that we remain one of the winners of retail evolution.

"The consistent application of our Product Experience Framework to enhance retail design, digital solutions, customer engagement and sustainability underpins these results.

"Whilst we are beginning to see a softer consumer backdrop and increased headwinds for retailers in the UK, given our leading assets and the diversity of our portfolio across the rest of Europe, I am confident that we will continue to grow income and dividends in line with previous guidance."

At 8:03am: (LON:HMSO) Hammerson PLC share price was +1.5p at 587p

Story provided by StockMarketWire.com

Related Company: HMSO

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