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Hammerson PLC reported on Thursday its annual loss shrank as occupancies remained strong, while footfall and sales improved.
The London-based property development and investment company said it pretax loss was £50.7 million in 2023, narrowed from £164.0 million in 2022. The IFRS loss reduced to £51 million from £164 million.
Revenue grew to £134.3 million, up 2.2% from £131.4 million. But gross rental income fell 3.3% to £208 million from £215 million.
Flagship portfolio occupancy stood at 95%, down slightly from 96. Footfall was up 3% year-on-year.
As at December 31, portfolio value was £4.7 billion, compared to £5.1 billion at December 31, 2022, due to disposals and derecognition, plus capital return.
Hammerson restored final dividend of 0.78 pence, bringing the total payout to 1.50p in 2023, up from 0.2p in 2022.
Looking ahead, the property group said it expects further cost reductions in 2024, and is confident to grow top-line and earnings off a new base.
Shares in Hammerson were up 0.6% to 24.92 pence in London on Thursday. But they lost 0.2% in Johannesburg to R 6.05.
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