Rich harvest for property group
Tuesday 12 September 1995
Unveiling a 45 per cent rise in profits to pounds 35.4m for the six months to June, chief executive Ronald Spinney said the group was ready to make further acquisitions and disposals, in line with its new strategy of focusing on a smaller number of territories and properties.
Mr Spinney said Hammerson had decided to slim down following a complete review of its portfolio two years ago. Two properties that do not fit in with the group's plans, at Buffalo in New York state and at Saarbrucken in Germany, should have gone by the year end, he said, while the search for acquisitions is continuing in all three of the group's areas of operation: the UK, continental Europe and North America.
Despite continuing uncertainty, Hammerson will pay particular attention to the UK retail and central London office markets, and to similar markets in Paris. The group's UK retail properties have proved resilient and there has been continuing demand for prime accommodation, notably in the West End and City of London.
The half-year profits were struck on net rental and other income raised 8.6 per cent to pounds 63.6m. Earnings per share rose 12 per cent to 7.4p, out of which Hammerson is paying an unchanged interim dividend of 3.5p. There is no revaluation of the portfolio at the half-year stage, but Mr Spinney said it was unlikely that there would be much change on the last year- end figure of 375p a share.
- 1 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 2 Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
- 3 Lego breaks out of the toy box and heads for the gallery
- 4 Julian Assange and Edward Snowden join piracy mogul Kim Dotcom’s political campaign in New Zealand
Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
Jihadi John': MI5 may have identified Isis militant who killed David Haines but options limited
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: Police will be on high alert on Friday whatever the result
David Haines beheading: David Cameron says Britain will hunt down Isis 'monsters' shown in video murdering aid worker
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
Salmond accused of laughing off national debt with ‘what are they going to do: invade?’ joke
iJobs Money & Business
£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...
£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...