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 £42.3 million in 2024 from £65.5 million in 2023.
Annual gross rental income was £189 million, down 9.1% from £208 million, while revenue dropped 9.8% to £121.1 million from £134.3 million.
However, net revaluation loss on properties more than halved to £20.6 million from £45.2 million, offset by higher finance expenses. Finance costs surged 34% to £95.4 million, compared to £71.3 million.
Hammerson booked a loss from discontinued operations of £481.5 million, swung from a profit of £14.8 million.
In July 2024, Hammerson agreed to sell its entire interests in Value Retail PLC for €705 million. The disposal completed in September.
Hammerson said occupier demand was robust, with £8.6 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 R 67.86 in Johannesburg.
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