Hammerson narrows losses as footfall increases

Property developer Hammerson narrowed annual losses and said it was looking to cut costs further amid the tougher economic outlook.

The company, which owns shopping centres posted a £164m loss for 2022, compared with a loss of £429m a year earlier, and largely due to a £282m revaluation deficit.

“Whilst we remain very mindful of the uncertain macroeconomic outlook, we have a strong operational grip on the business and are targeting a further 20% reduction in gross administration costs by the end of 2024, and to complete the £500m disposal programme by the end of the year. We have strong momentum and are well placed to deliver another year of robust underlying earnings and cashflow and anticipate a return to cash dividends during the year,” the company said on Thursday.

Footfall at its retail locations improved 11% during the year, ending the year at 90% of pre-Covid pandemic 2019 levels. Hammerson said positive footfall and sales trends had continued into the first few months of the year.

Reporting by Frank Prenesti for Sharecast.com