26th Feb 2025 08:25
(Alliance News) - Hammerson PLC on Wednesday said its annual loss shrank thanks to a smaller loss on property valuations, as the shopping centre landlord noted "robust" occupier demand.
Hammerson is a London-based real estate investment trust focused on city-centre shopping centres in the UK and elsewhere.
It said its pretax loss narrow to GBP42.3 million in 2024 from GBP65.5 million in 2023.
Annual gross rental income was GBP189 million, down 9.1% from GBP208 million, while revenue dropped 9.8% to GBP121.1 million from GBP134.3 million.
However, net revaluation loss on properties more than halved to GBP20.6 million from GBP45.2 million, offset by higher finance expenses. Finance costs surged 34% to GBP95.4 million, compared to GBP71.3 million.
Hammerson booked a loss from discontinued operations of GBP481.5 million, swung from a profit of GBP14.8 million.
In July 2024, Hammerson agreed to sell its entire interests in Value Retail PLC for EUR705 million. The disposal completed in September.
Hammerson said occupier demand was robust, with GBP8.6 million of headline income already exchanged in 2025.
The occupancy rate in flagship shopping centres was 95.1% as at December 31, up from 94.6% a year before.
Black Friday, Christmas Eve and New Year's Eve aw year-on-year business increases of 10% to 12% for all its flagship destinations, Hammerson said.
The group said it had good footfall momentum in the fourth quarter on 2024, reflecting new openings and seasonal events.
Hammerson recommended a final dividend of 8.07 pence, up 3.4% from 7.80p. The total payout was 15.63p, 4.2% higher than 15.00p.
Basic loss per share widened to 106.0p from 10.3p.
Hammerson said it has strong momentum. Despite the uncertainty in the macroeconomic environment, it said its portfolio is well positioned to drive rental growth and earnings from the high demand for scarce, relevant space where brands are consolidating.
Shares in Hammerson were down 0.2% to 288.80p in London on Wednesday morning. They were flat at ZAR67.86 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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