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.”
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here