Hammerson shares up on results

The share price of shopping centre operator Hammerson has risen this morning (February 17th) after the company released its latest financial results.

It announced that it recorded a 2.1 per cent increase in its like-for-like net rental income, which the firm described as a demonstration of the continued tenant demand for its properties, as well as the success of asset management initiatives.

Strong demand for high-quality retail property was also highlighted by the company, which revealed that new rents were secured of £24 million during 2013, compared to the 2012 figure of £19 million for 154,000m², which was 123,000m² in 2012.

Construction also started at Le Jeu de Paume, Beauvais; Silverburn extension, Glasgow; and Cyfarftha, Merthyr Tydfil last year, while Les Terrasses du Port, Marseille is now 93 per cent let and expected to be completed in May.

David Atkins, chief executive of Hammerson, said: "We have reported a good set of results in a year when we saw the beginning of economic and consumer recovery in the UK."

At 14:45 GMT, stocks in Hammerson were more than three per cent up for the day.

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