16th Feb 2015 07:11
LONDON (Alliance News) - Hammerson PLC on Monday reported a jump in pretax profit for 2014, boosted by gains made on the valuation of its property portfolio, as its net rental income also ticked higher over the year.
The FTSE 100-listed property developer said its pretax profit for the year to the end of December was GBP703.1 million, more than double the GBP341.2 million posted a year earlier. The profit was driven higher by a big gain on the revaluation of its portfolio, which added GBP436.8 million to the pretax profit for the year, against only GBP90.3 million last year.
The group net rental income from continuing operations was GBP305.6 million for the year, up from GBP282.8 million last year, and up 2.1% on a like-for-like basis.
The company said its occupancy rate remains strong at 97.5%, albeit slightly lower than the 97.7% reported at the same time last year, and said leases for the year were signed at 6% above estimated rental value over the year, along with being around 5% above previous passing rents.
The group hiked its final dividend per share to 11.6 pence from 10.8 pence last year. The increase brings its total dividend for the year to to 20.4 pence per share, up from 19.1 pence last year.
"We have delivered strong results on the back of a significant uplift in asset valuation and continuing income growth. The recovery in UK consumer sentiment has continued to strengthen, driving increased demand from retailers for prime space, which is now translating into estimated rental value growth across the whole portfolio," said Hammerson Chief Executive David Atkins.
By Sam Unsted; [email protected]; @SamUAtAlliance
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