Results round-up

Hammerson posted its half-year report for the six months to 30 June on Monday, with net rental income improving 5.1% to £167.7m during the period, or 2.1% on a like-for-like basis.

The FTSE 100 firm reported profit including valuation changes of £162.5m, a drop of 50.2%, with adjusted profit increasing 6% over the same period last year to £112.6m.

Adjusted earnings per share were up 5.1% to 14.3p, and the board announced an interim dividend of 10.1p, up 6.3% on the first half of 2015.

“I am pleased to deliver another set of solid results for this half year with good operational metrics and EPS growth,” said Hammerson chief executive David Atkins.

“Looking forward, we have confidence in the resilience of our business model, which will underpin our ability to deliver robust income returns during and beyond this period of political and economic uncertainty in the UK.”

As at 30 June, the company’s property portfolio was worth £8.96bn, a 7% improvement on the start of the period, while equity shareholders funds were worth £5.68bn, up 3%.

EPRA net asset value per share grew 2.4% to £7.27, with Hammerson’s gearing up five percentage points to 59% and the loan-to-value ratio up two percentage points to 40%.

Insurer Hiscox increased gross written premiums and enjoyed surging profits and earnings thanks to sizeable currency gains.

The FTSE 250 group lifted gross premiums written rose 17.5% to £1,288.5m as its Lloyd's of London and re-insurance arms maintained discipline in tough markets.

Retail premiums were up 14% and the US up 33% in local currency.

Retail was the biggest profit contributor to the 2016 interims, at £92.3m, up from £61.6m last year, and analysts suggested the scale of this division remains the key point of differentiation compared to its peers.

Thanks to the weakness of the pound pre-tax profit climbed 52.5% to £206m and earnings per share by 61% to 70.4p.

The total dividend was hiked by a ha'penny to 8.5p.

Hiscox said trading conditions remain tough with rating pressure affecting most markets, which necessitated occasional shrinking.

In retail businesses rates in casualty are flat to softening but are slightly up in personal lines, while specialty lines such as kidnap and ransom and contingency are seeing fierce competition.

"Conditions are most challenging in the London Market," the company said, pointing to aviation, energy and big ticket property business all experiencing rate pressure for some time and that contagion now spreading to other lines.

Hiscox Re has reported rate reductions for some years but there are signs of this slowing at the important 1 June and 1 July renewals.