A SHOPPING centre owner running a North-East retail park has seen profits collapse after heavy property losses.

Hammerson says full-year pre-tax profit fell 56 per cent to £322.8m after what it called “lower revaluation gains” on its shopping centres and retail parks.

In the UK, shopping centre values dropped £6m and retail parks by £118m, with officials saying £39m was due to the increase in stamp duty.

The company operates Cleveland Retail Park, on the outskirts of Middlesbrough, which includes outlets such as B&Q, Next and a Marks and Spencer food hall.

David Atkins, chief executive, said he remained upbeat, despite “retail headwinds and geopolitical uncertainty” affecting the business.

He added: “During the year we have significantly grown and enhanced the portfolio, adding new retail space in faster-growth markets and extending our presence in the European market.

“I am confident we have a resilient and adaptable business with multiple opportunities to drive similar levels of growth and therefore continue to deliver sector-leading income-focused returns.”