Half-year results show stable finances

Hammerson has today revealed a net rental income of£138.3 million for the half year to June 30, up 26.5 per cent on the previous year.

The developer’s profit before tax is£367.8 million, down 4.4 per cent. Adjusted profit before tax is£54.8 million, up 22.3 per cent.

The group invested£389 million in the first half of 2007. Since June 30, the sale of two major assets raised more than£500 million, some£40 million in excess of their value at December 31, 2006.

Hammerson chairman John Nelson said: “Against a background of greater uncertainty in financial markets, we are maintaining our strategy of creating value through asset management, development activity and capital recycling in key property markets in the UK and France.

“We have an investment portfolio of exceptional quality which, coupled with our outstanding development programme and pipeline, will enable us to continue to drive the performance of the business. I have great confidence in Hammerson’s future.”

Hammerson has also exchanged contracts to acquire an interest in Grand Maine, a 22,000 sq m shopping centre in Angers, Maine et Loire, for a total consideration including costs of£44 million from private property company Locasic.