Half Year 2024 Hammerson PLC Earnings Call Transcript
Key Points
- Strong first half performance with significant benefits from recent investments.
- Leasing activity shows high demand for Hammerson PLC (HMSNF)'s destinations, with a 24% increase in value from 140 deals.
- Footfall and sales are up in key locations, indicating successful repositioning efforts.
- Operational costs reduced by 16% year-on-year, enhancing operating leverage.
- Successful disposal of Value Retail for GBP600 million, strengthening the balance sheet and enabling a share buyback program.
- UK sales are down 3% on a like-for-like basis, indicating regional challenges.
- Value Retail earnings were disappointing, down GBP1.7 million year-on-year.
- IFRS loss of GBP517 million and a reduction in NTA per share to 38p due to write-downs and revaluation losses.
- Ireland segment has seen a valuation decline despite other segments showing stronger valuations.
- Interest receivable on net cash proceeds may be subject to tax, impacting net earnings.
Yeah, good morning, everyone, and thank you all for joining today's webinar on such a busy day and welcome back to those who joined us on Monday.
As usual, I'll start with a summary of our progress, then pass to Himanshu. I will run through the numbers, and I'll be back to cover operational trends.
Let me start by saying that I'm pleased to report we've had another strong first half as we are realizing the benefits of our investments in recent years. I'm particularly pleased by the strength of our leasing activity, showing high demand for our destinations. I'm pleased also with the underlying growth in GRI and earnings and I'm glad it enables us to increase the dividend by 5%. And while the big news this week was our agreed disposal of Value Retail for cash proceeds of around GBP600 million. We have a strong operational grip on the business and that comes through the numbers.
Our dominant city center destinations are in high demand as shown by steadily improving KPIs. Footfall was up
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