Hammerson bounces back

Hammerson rebounded to report spectacular full-year pre-tax profits of £620.2m compared with a £453.1m loss last time. The owner of Brent Cross in north London and Birmingham’s Bullring lifted its net asset value 17.6 percent to 495p.

Occupancy at the end of last year stood at 97.3 percent, compared with 95.4 percent the previous year. This was attributable to demand from occupiers for prime, regionally dominant centres, convenient retail parks and modern offices.

John Nelson, Hammerson chairman, said: “This is a strong set of results which reinforces the strategy we are pursuing. Our rigorous focus on the performance of each asset is improving occupancy and income. We have sold mature assets and reinvested in properties which offer better growth prospects through active management.”

He said that looking forward, Hammerson’s financial flexibility and continued asset recycling would allow business to continue to take advantage of opportunities which it believed would arise in the coming period.