Hammerson has released its results half year results for 2021, revealing an improved adjusted earnings compared to a crisis-hit 2020.
Hammerson’s IFRS loss narrowed to £376 million for the six months through June compared with £1.09 billion a year earlier, while adjusted earnings improved to 20.1 million pounds from 17.7 million.
By comparison, before the pandemic, the company had reported £107.4 million in adjusted earnings and a loss of £319.8 million on an IFRS basis.
Hammerson exited the UK retail park sector earlier this year, selling seven sites to help stabilise its finances after the pandemic pushed it to a £1.7 billion loss for 2020.
Rita-Rose Gagné, chief executive of Hammerson, said: “We have continued to respond to the changing landscape during the first half of 2021, which again was impacted by Covid-19. As we emerge from a unique moment in time, I see a pathway to create sustainable value as we transform the business to become more agile and able to anticipate and respond to this change.
“We own flagship destinations around which we can curate and reshape entire neighbourhoods and city centre spaces for generations to come.
“To realise this opportunity we are focused on continuing to de-lever the balance sheet through disposals of non-core assets, creating a leaner and more agile organisation, driving value in our destinations and accelerating our longer term developments.”
