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Hammerson PLC - London-based property developer focused on urban and retail space in the UK, Ireland and France - Restates 2021 results for IASB accounting. This follows an agenda decision stipulating that losses incurred on rent concessions, such as during the Covid-19 pandemic, should be charged to the income statement in the year they were granted.
Adjusted earnings for 2021 are subsequently reduced to £65.5 million from £80.9 million. Hammerson says this is in line with the £15.4 million cut in adjusted net rental income to £174.4 million from £189.8 million.
Hammerson will report 2022 results on the new accounting basis on March 9.
Current stock price: 28.34 pence, down 2.5% in London on Wednesday morning
12-month change: down 21%
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