Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Property developer and investor Hammerson reported wider losses as revenue was hurt by a fall in net rental income as an increasing number of retailers launched voluntary arrangements or went into administration amid an uncertain backdrop.
For the year ended 31 December, pre-tax losses widened to £573.4m from £175.1m on-year as revenue fell 15% to £190.3m.
Net rental income, on a like-for-like basis, decreased by 6.7% during the year, with 'tenant restructuring, in the form of CVAs and administrations, the largest single factor reducing income,' the company said.
A final 2019 dividend of 14.8p and full-year 2019 dividend of 25.9p was declared, in line with 2018.
'We have taken decisive action over the past 12 months to reduce debt and significantly reshape the portfolio. Against a challenged retail and investment backdrop, we have exceeded our 2019 disposal target, exited the retail parks sector as we said we would and reduced debt by a third,' Hammerson said.
'With the outlook for the UK retail market remaining uncertain, we believe we should maintain our focus on reducing debt during 2020,' it added.