(Alliance News) - 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 GBP50.6 million from a loss of GBP354.8 million a year previous.
Adjusted earnings more than doubled to GBP51.1 million from GBP20.1 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 GBP2.80 billion, up from GBP2.75 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 ZAR4.80.
By Heather Rydings; heatherrydings@alliancenews.com
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Hammerson (HMSO)