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Hammerson posts pre-tax profit surge for H1 2017

Developer Hammerson has recorded a 77 per cent jump in pre-tax profit on the back of a strong performance in the first half of 2017.

The retail landlord and developer saw a strong growth in rental income at prime UK sites in H1, as well as a boost to the valuation of its portfolio.

Net rental income increased 9.7 per cent in the six months to 30 June 2017 compared with the same period last year, up to £184m.

Statutory pre-tax profit, which takes into account fluctuations in property values, rose 76.7 per cent to £287m, up from £162.5m a year earlier.

Hammerson’s portfolio value was up 5.6 per cent to stand at £10.5bn, with revaluations of properties accounting for £188m of the increase.

The company is due to open discussions with contractors over the £1.4bn expansion of Brent Cross in the coming weeks (pictured).

Hammerson chief executive David Atkins said: “This performance is particularly pleasing in the context of a more uncertain political and economic backdrop and structural shifts in the retail sector.

“In an environment of continuing retail polarisation, brands are prioritising our well-invested, prime locations to support a multichannel platform.

“This demonstrates the relevance of our portfolio and the success of our strategy focused on prime retail destinations in growing consumer markets, ensuring that we remain one of the winners of retail evolution.”

Hammerson said it expected to gain planning consent for the Brent Cross extension in September, adding that retailers had been keen to seek additional space in the shopping centre, which will grow by 175,000 sq m upon the project’s completion.

A report from the Planning Inspectorate on Hammerson’s compulsory purchase order has been submitted to communities secretary Savid Javid and is also expected to be decided in September. 

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