Hammerson Posts Rise In Profit

reported a gain in its profit for the full year. Hammerson's net profit for the year surged to 699.1 million pounds ($1.08 billion), or 95.7 pence per share, versus a year-ago profit of GBP337.4 million, or 47.4 pence per share. Adjusted profit surged to 174.3 million pounds or 23.9 pence per share, compared to 164.5 million pounds, or 23.1 pence. Profit before tax climbed to 703.1 million pounds from 341.2 million pounds. Net rental income jumped to 305.6 million pounds, versus 282.8 million pounds. David Atkins, Chief Executive of Hammerson said, "We have delivered strong results on the back of a significant uplift in asset valuation and continuing income growth. The recovery in UK consumer sentiment has continued to strengthen, driving increased demand from retailers for prime space, which is now translating into ERV growth across the whole portfolio. In France, we have seen an encouraging improvement in performance, reflecting the success of our refurbishment programme."