ANALYST VIEWS | WERE HAMMERSON’S RESULTS IN LINE WITH EXPECTATIONS?

 
Kasmira Jefford
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ALISON WATSON LIBERUM CAPITAL

NAV and earnings were marginally ahead and dividend in-line. The underlying portfolio was broadly flat with UK retail parks the poorest performer. Yield expansion across the portfolio was offset by both rental growth from its index linked leases and development surpluses in its French portfolio.

JAMES CARSWELL PEEL HUNT

Today’s figures are essentially little changed from the last financial year and are instead eclipsed by corporate decisions. These were the big realisations of most, long held London offices and also Paris Rivoli retail during the period. Hammerson has potential, but this is some way off, and we retain “hold”.

MICHAEL BURT ESPIRITO SANTO

Positive albeit marginal NAV growth in the first half and six per cent growth in earnings on the year represents a strong result for Hammerson, while the pricing of lettings points to the continuing resilience of prime retail property in a challenging market.