Strong footfall boosts sales, income for Hammerson in Q1

Shopping centre owner Hammerson on Tuesday reported a 5% rise in first-quarter rental income on higher footfall.

The company added that net income also increased 5% on rent collection, lower bad debt charges and tenant incentive impairments. Gross administration costs fell 13% on an annual basis.

Footfall in France, the UK and Ireland rose during the period, while sales increased 11%, 6% and 7% respectively.

"Looking forward, we have strong momentum and remain on track to return to cash dividends as previously guided," said chief executive Rita-Rose Gagne ahead of the company’s annual shareholder meeting.

Reporting by Frank Prenesti for Sharecast.com