24th Jul 2015 06:45
LONDON (Alliance News) - Property developer Hammerson PLC on Friday said its pretax profit fell in the first half of 2015 thanks to lower revenue from its joint ventures, even as its rental income improved over the period.
Hammerson said its pretax profit for the half to the end of June was GBP329.4 million, down from GBP362.5 million, primarily due to a fall in the FTSE 100-listed company's share of results from its joint ventures, which declined to GBP121.1 million from GBP183 million.
The group said its net rental income in the half was up to GBP159.5 million from GBP146.9 million, driven by 2.1% like-for-like growth from its portfolio.
Hammerson said its UK shopping centres generated a 2% growth in sales on 1.2% higher footfall, while its UK shopping centres estimated rental value rose by 3.3% on a rolling 12-month basis to the end of June.
Hammerson said it will pay an interim dividend of 9.5 pence, up 8% from the 8.8p it paid a year earlier.
"The business has performed very well in the first half, underpinned by robust consumer confidence and an active asset management strategy resulting in sector-beating earnings growth of 13%. Our prime assets continue to attract retailer demand from some of the most sought after brands, lifting ERV growth across the portfolio," said David Atkins, Hammerson's chief executive.
"Looking ahead, the business is well positioned to benefit from continuing momentum across our key markets and to deliver attractive and sustainable returns for shareholders," Atkins added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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