Home Business News Hammerson reports losses of £266m

Hammerson reports losses of £266m

by LLB Reporter
25th Feb 19 10:15 am

Shopping centre owner Hammerson reported on Monday their full year results, showing a loss before tax of £266.7m, compare to £413m profits in 2017.

Hammerson’s net rental income declined to £347.5m by 6.2%. In 2018 major retailers House of Fraser and Maplin and many other either went into administration or went into a company voluntary arrangement (CVA).

Chief executive David Atkins said: “2018 was a tough year, particularly in the UK. Tenant failures, the structural shift in retail and a more considered consumer created a difficult operating environment, putting pressure on property values.”

The company’s portfolio value has dropped to £9.94bn by 5.9% and in 2018 the company sold off £570m worth of assets. The company has revealed that are to dispose of £500m of assets this year.

Activist investor, Elliott said in a statement, “This increased focus on strategic disposals, as marked by updated targets for 2019 and a current pipeline of potential sales of over £900m, signals a positive development in the company’s progress, and its ability to ensure that its portfolio of high-quality assets delivers compelling value for all shareholders.”

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