| Tue 25 Apr 2023, 8:00 | | HAMMERSON PLC - Pre-AGM trading update |
|
Pre-AGM trading update
Hammerson plc
(Incorporated in England and Wales)
(Company number 360632)
LSE and Euronext Dublin share code: HMSO
JSE share code: HMN
ISIN: GB00BK7YQK64
(“Hammerson” or “the Company”)
Pre-AGM trading update
Hammerson plc today announces a trading update for the three months ended 31 March 2023
which is being issued ahead of the Company’s Annual General Meeting to be held at 0900 BST on 4
May 2023 at Marble Arch House, London.
Rita-Rose Gagné, Chief Executive of Hammerson, said:
“We have maintained our focus on execution during the first few months of the year. We have a
strong operational grip which is delivering top line growth, with continued momentum in leasing and
a strong pipeline. We have further reduced costs, with more to come as we create a sustainable and
agile platform.
We have exited minority stakes in France and other non-core interests, bringing total disposals since
the start of 2021 to over £840m, and a sharper focus on our core portfolio of city centre assets and
land. We have further strengthened the balance sheet and maintain a disciplined approach to
capital allocation. Looking forward, we have strong momentum and remain on track to return to
cash dividends as previously guided."
Strong Q1 reflecting consistent execution.
• Like-for-like gross rental income growth of +5% reflecting robust leasing, car parking and
commercialisation performance
• Like-for-like net rental income was up +5% benefiting from solid collections (FY 22 96%;
Q1 23 92%), lower bad debt charges and tenant incentive impairments
• Gross administration costs decreased 13% year-on-year in line with our commitment to reduce
these by 20% by the end of 2024
• Value Retail has seen a strong start to the year with spend per visit up +3%
Footfall and sales
• Footfall in the UK and France up +6% year-on-year; Ireland +13%
• Sales in the UK up +6% year-on-year; France +11%; Ireland +7%
• Value Retail footfall up +14% year-on-year; sales +17%
Leasing and occupancy
• Continued momentum on leasing with 61 leases signed year-to-date, representing £9m of rent on
a 100% basis
• Headline rent +18% ahead of previous passing rent, and +5% ahead of ERV on a net effective basis
• Diverse leasing mix including non-fashion, restaurant, leisure, and services
• Continued demand with a further £16m in solicitors’ hands
• Occupancy up year-on-year to 95%
Valuations
• Q1 managed portfolio valuations flat on 31 December 2022; slight increase to ERVs offset by
marginal adjustment to yields
Disposals
• The Group remains disciplined in its disposal programme
• Since full year 2022 results in March, we have completed disposals including Hammerson’s share
of Italie Deux and Italik, delivering a cumulative c.£410m of our £500m 2023 target; the Group
remains confident of completing the programme on schedule
Balance sheet and liquidity
• £22m of cash distributions received from Value Retail
• Including disposals to date and debt written down, the Group’s credit metrics have further
improved:
Pro-forma 31 December 2022
• Headline LTV 35% 39%
• FPC LTV 44% 47%
• Net debt/EBITDA 9x 10.4x
• The Group’s RCF facility of £613m extended to April 2026 with pro forma liquidity of £1.2bn
• No further Group unsecured debt maturities not covered by existing cash until 2026
Investor Enquiries:
Josh Warren, Director of Strategy, Commercial Finance, and Investor Relations
Tel: +44 (0)20 7887 1053 Email: josh.warren@hammerson.com
Media Enquiries:
Natalie Gunson, Communications Director, Hammerson
Tel: +44 (0)20 7887 4672 Email: natalie.gunson@hammerson.com
MHP for Hammerson
Oliver Hughes
T: +44 7885 224532 E: Hammerson@mhpgroup.com
Ollie Hoare
T: +44 7817 458804 E: Hammerson@mhpgroup.com
ENDS
25 April 2023
Hammerson has its primary listing on the London Stock Exchange and a secondary inward listing on
the Johannesburg Stock Exchange and on Euronext Dublin.
Sponsor:
Investec Bank Limited
Date: 25-04-2023 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
