Shopping Centre Giant Hammerson Reports Strong Performance
- Hammerson’s FY22 adjusted earnings increased by 60% to £105m
- Net rental income increased by 29%
- Group portfolio value fell 5% to £5.1bn (from £5.4bn in 2021)
- Footfall improved 11% points from January to December 2022, reaching 90% of 2019 levels
- Sales remained ahead of 2019 levels
- 317 leasing deals agreed in 2022 (+2% excluding disposals)
- Rita-Rose Gagné: ‘Hammerson is a better, more agile and resilient business’
- Focus on simplifying core portfolio and reducing cost structure
- Strong momentum for robust adjusted earnings in 2023 and return to cash dividends anticipated
Shopping centre owner Hammerson has reported a significant increase in its FY22 adjusted earnings, up 60% to £105 million. This growth was driven by a positive rental income performance and an improved footfall of 11% points from January to December 2022, reaching 90% of 2019 levels. The company’s net rental income increased by 29%. Despite a 5% drop in the group portfolio value (from £5.4bn in 2021 to £5.1bn), Hammerson has maintained a stable balance sheet and agreed on 317 leasing deals in 2022, representing £45 million of headline rent. CEO Rita-Rose Gagné highlighted the company’s strategic progress and focus on sharpening operations, reducing costs, and transforming its operating model. Hammerson anticipates robust adjusted earnings and a return to cash dividends in 2023.
Factuality Level: 9
Factuality Justification: The article provides accurate information about Hammerson’s financial performance, including adjusted earnings, net rental income, footfall, sales, leasing deals, and the CEO’s comments on the company’s strategy and future plans. It is based on a press release from the company and does not contain any irrelevant or misleading information, sensationalism, redundancy, opinion masquerading as fact, bias, invalid arguments, logical errors, inconsistencies, or fallacies.
Noise Level: 4
Noise Justification: The article provides relevant information about Hammerson’s financial performance and the CEO’s perspective on the company’s strategy and progress. It includes specific numbers and data points to support its claims, such as adjusted earnings, net rental income, footfall, and sales figures. However, it lacks a broader context or analysis of the retail industry or economic factors that may have influenced these results.
Financial Relevance: Yes
Financial Markets Impacted: Hammerson’s stock price may be impacted by the financial performance report and outlook for future earnings and dividends.
Financial Rating Justification: The article discusses Hammerson’s financial performance, including increased adjusted earnings and net rental income, as well as the CEO’s expectations for future growth and cashflow. This information could affect the company’s stock price and impact investors.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the text.
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