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Hammerson PLC on Thursday said it swung to an interim profit as business by multiple measures began to return close to pre-pandemic levels in the first half of 2022.
In the six months to June 30, the real estate investment trust focused on shopping centres swung to a pretax profit of £50.6 million from a loss of £354.8 million a year previous.
Adjusted earnings more than doubled to £51.1 million from £20.1 million, while basic earnings per share swung to a profit of 1.1 pence from a loss of 8.2p the previous year.
Chief Executive Rita-Rose Gagne said: ‘Footfall, sales, occupancy and collections are recovering and now close to 2019 levels. We saw a good leasing performance now ahead of previous passing rent and marginally ahead of ERV. We have strengthened our tenant profile, we have a strong and diversified leasing pipeline for the second half, and robust occupancy levels across our destinations.’
Net assets at June 30 were £2.80 billion, up from £2.75 billion on December 31, though the value of the managed portfolio fell by 1% in the first half of the year.
Unchanged from a year prior, the firm declared an interim cash dividend of 0.2p per share.
Hammerson shares were up 8.6% to 23.48 pence in London on Thursday morning. They were up 7.9% in Johannesburg at R 4.80.
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