9th Mar 2023 12:42
(Alliance News) - Hammerson PLC said on Thursday its annual loss narrowed, though the property investor reported a drop in revenue.
The London-based property development and investment company said its pretax loss in 2022 narrowed to GBP164.0 million in the year ending 2022, from GBP408.0 million.
Hammerson said the loss was attributed to a GBP281.7 million revaluation deficit in the final quarter of 2022, though this was down 38% from GBP456.1 the previous year.
Revenue dropped 4.2% to GBP131.4 million from GBP137.2 million.
Hammerson paid 0.2 pence in cash dividends over the course of 2022, halved from 0.4p a year prior.
The firm is not recommending further dividend payments for 2022, but anticipates to reinstate cash dividends in 2023.
EPRA net tangible assets per share fell by 17% to 53 pence from 64p.
Chief Executive Rita Rose Gagne said the company does not yet know the "full impact of the cost of living crisis", which has created a period of higher inflation and interest rates, and continued supply chain disruption."
"We do not yet know the full impact of the cost of living crisis, a period of higher inflation and interest rates, and continued supply chain disruption. Moreover, this year highlighted the value of sustainable sources of energy," Gagne added.
Looking ahead, the company said its focus remains on "targeting a further 20% reduction in gross administration costs by the end of 2024, and to complete the GBP500m disposal programme by the end of the year."
Shares were down 12% at 25.86 pence in London on Thursday afternoon.
By Sabrina Penty; Alliance News reporter
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