22nd Feb 2023 09:23
Hammerson PLC - London-based property developer focused on urban and retail space in the UK, Ireland and France - Restates 2021 results for IASB accounting. This follows an agenda decision stipulating that losses incurred on rent concessions, such as during the Covid-19 pandemic, should be charged to the income statement in the year they were granted.
Adjusted earnings for 2021 are subsequently reduced to GBP65.5 million from GBP80.9 million. Hammerson says this is in line with the GBP15.4 million cut in adjusted net rental income to GBP174.4 million from GBP189.8 million.
Hammerson will report 2022 results on the new accounting basis on March 9.
Current stock price: 28.34 pence, down 2.5% in London on Wednesday morning
12-month change: down 21%
By Holly Beveridge; Alliance News reporter
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