Hammerson FY22 Loss Narrows, Rental Income Down; Stock Down

Shares of Hammerson plc (HMSO.L) were losing around 8 percent in the early morning trading in London after the Property development and investment company recorded a loss in its fiscal 2022, narrower than last year, and weak gross rental income. The company also said its Board will not be recommending a further dividend payment for 2022.

IFRS loss for the year was 164.2 million pounds, compared to last year’s loss of 429.1 million pounds. The latest results reflected a 282 million pounds revaluation deficit, of which 96 percent was in the4 fourth quarter.

Basic loss per share was 3.3 pence, narrower than loss of 8.7 pence last year.

Adjusted earnings went up 60 percent to 105 million pounds from last year’s 65.5 million pounds. Adjusted earnings per share were up 62 percent to 2.1 pence.

Annual gross rental income dropped to 215.2 million pounds from prior year’s 250.4 million.

Like-for-like net rental income climbed 29.2 percent.

The company further said its Board will not be recommending a further payment in respect of 2022 but continues to anticipate re-instating a cash dividend for 2023, which will be at least the minimum required to continue to meet its REIT/SIIC distribution obligations.

Looking forward, the company said it has strong momentum and are well placed to deliver another year of robust adjusted earnings and cashflow in 2023 and anticipate a return to cash dividends.

In London, Hammerson shares were trading at 26.99 pence, down 7.90 percent.

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