Wrap Text
Trading, operational and rent collection update
Hammerson plc ("Hammerson" or the "Group")
(Incorporated in England and Wales)
(Company number 360632)
LSE and Euronext Dublin share code: HMSO JSE share code: HMN
ISIN: GB00BK7YQK64
Trading, operational and rent collection update
Adjusted earnings
Further to our announcement on 2 December 2021, and following a period of improved trading,
Hammerson today announces that it now expects that FY21 adjusted earnings will be in the range of
£75-80m1, ahead of the minimum of £60m previously indicated. Gross rental income was ahead of
expectations across the Group’s managed portfolio, whilst Value Retail delivered a stronger-than-
expected Q4 performance.
Footfall and sales
In the Group’s managed portfolio, as government restrictions were reintroduced during the key
Christmas trading period, footfall in the UK and Ireland softened marginally, whilst France remained
resilient. Overall, footfall recovered strongly during the year, particularly when restrictions were
eased, with some destinations exceeding 2019 levels and consistently exceeding national indices2.
This trend has continued in 2022 to date.
UK sales remained strong around Christmas, at 97% of 2019 levels in November and 93% in December;
sales in France were 92% of 2019 levels in November and 93% in December.
Footfall at Value Retail in Q4 was just under 90% of comparable 2019 levels, with brand sales
approaching 95%, and spend per visit marginally ahead.
Rent Collections
FY20 Group rent collections stand at 97% of billable rent; FY21 collections are at 88%.
Q1 22 collections to date are at 74% of billable rent. As with the last two quarters, the UK remains
the strongest performer with 78% of rent collected, Ireland stands at 75%, and France at 66%. We
expect collection rates to continue to improve as we go through the quarter.
Total
Waived,
Total Total Total Total Collected
Written Off
Period Demanded Billable Collected Outstanding of Billable
and Not Yet
(£m)3 (£m) (£m) (£m) %
Due
(£m)
FY 2021 207 18 189 167 22 88
Q1 22 42 3 39 29 10 74
Hammerson has its primary listing on the London Stock Exchange and secondary inward listings on the
Johannesburg Stock Exchange and Euronext Dublin.
27 January 2022
Sponsor: Investec Bank Limited
Footnotes:
1. The 2021 adjusted earnings benefits from net rental income from disposals exchanged and completed, including the Retail
Parks portfolio and Silverburn, of c.£18m, and surrender premiums of c.£20m (2020: £3m). The overwhelming majority of the
surrendered space has been re-let or is in planning for repurposing or redevelopment.
2. Shoppertrak The Total Mall benchmarks
Enquiries
Hammerson Investor Contact
Josh Warren, Hammerson, Director of Strategy & Investor Relations
T: +44 20 7887 1053 E: josh.warren@hammerson.com
Hammerson Media Contacts
FTI Consulting (for Hammerson)
Dido Laurimore
Tel: +44 20 3727 1000/ 0780 165 4424 E: dido.laurimore@fticonsulting.com
Notes to Editors
Hammerson
Hammerson creates vibrant, continually evolving spaces, in and around thriving European cities,
with a focus on prime urban estates and premium outlets. As at 30 June 2021, our portfolio of high-
quality venues had a value of £5.5 billion and included 21 flagship destinations in thriving cities and
investments in premium outlet villages through our partnership with Value Retail. Key venues
include Bullring, Birmingham, Dundrum Town Centre, Dublin, and Les Terrasses du Port, Marseille,
and investments in premium outlets at Bicester Village, Oxfordshire, La Vallée, Paris, and Las Rozas,
Madrid.
Date: 27-01-2022 09:00:00
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