UK Property Group Sees Pre-Tax Profit Rise Amid Revenue Drop
- Hammerson reports pre-tax profit of £50m for the six months ending June 28, up from £376m loss in 2021
- Like-for-like net rental income increased by 48%
- Revenue fell to £62m from £65.3m
- Footfall at 90% of 2019 levels in Q2
- Sales approaching 2019 levels overall in Q2
- £10.5m leasing deals concluded in H1 22, up 31% from previous passing rent
- CEO Rita-Rose Gagné: ‘We are a better, more resilient business’
- Strong and diversified leasing pipeline for the second half of 2022
Hammerson, a UK property group, has reported a pre-tax profit of £50m for the six months ending June 28, marking an improvement from the £376m loss in the same period last year. The company’s like-for-like net rental income increased by 48%, while administration and finance costs decreased. Revenue fell to £62m from £65.3m. Footfall reached 90% of 2019 levels in Q2, with sales approaching pre-pandemic levels overall. The group concluded £10.5m leasing deals in H1 2022, up 31% compared to previous passing rent. CEO Rita-Rose Gagné stated that the company is now more resilient and financially secure due to actions taken since 2021. She also mentioned a strong and diversified leasing pipeline for the second half of 2022.
Factuality Level: 8
Factuality Justification: The article provides accurate information about Hammerson’s financial performance and the CEO’s comments on the company’s progress and future prospects. It includes relevant data such as pre-tax profit, revenue, footfall, sales, leasing deals, and occupancy levels. The information is presented in a clear and concise manner without any apparent bias or misleading statements.
Noise Level: 3
Noise Justification: The article provides relevant information about Hammerson’s financial performance and the CEO’s outlook on the company’s future prospects. It includes specific numbers and comparisons to previous periods, as well as a clear statement of the company’s strategy moving forward. However, it lacks in-depth analysis or exploration of broader trends or consequences for those affected by the company’s decisions.
Financial Relevance: Yes
Financial Markets Impacted: Hammerson’s stock price and retail real estate sector
Financial Rating Justification: The article discusses Hammerson’s financial performance, including pre-tax profit, revenues, and leasing deals, which are relevant to the company’s financial situation. It also mentions the impact on footfall and sales, which can affect the retail real estate market.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme events mentioned in the article
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