15th Feb 2016 07:24
LONDON (Alliance News) - Property developer Hammerson PLC on Monday said its pretax profit rose in 2015 as its rental income was boosted by ongoing strong demand for premium retail space in the UK.
The FTSE 100-listed group said its pretax profit for the year to the end of December was GBP731.6 million, up from GBP702.1 million a year earlier as its net gains from its property investments, including those with joint ventures and associates, increased.
Gross rental income for Hammerson increased to GBP236.0 million from GBP206.5 million, driven by strong demand for premium space in its UK shopping centre estate. It secured 400 lettings over the course of the year, driving 2.3% like-for-like growth in its net rental income stream over the year.
Hammerson also said it was seeking encouraging results from its French portfolio, with tenant sales growing despite the tough market in the country, but said rental growth had been driven by its premium retail sites.
Hammerson said its occupancy rate at the end of December was 97.7%, up from 97.5% a year earlier, and said it would pay a final dividend of 12.8 pence per share, up 10% from 11.6p. Its total dividend for the year will be 22.3p, up 9.3% year-on-year.
"2015 was a strong year for the business, with our assets well placed to take advantage of improving consumer confidence and growing retailer demand for space in prime regional destinations, resulting in meaningful estimated rental value growth," said Hammerson Chief Executive David Atkins.
By Sam Unsted; [email protected]; @SamUAtAlliance
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