Hammerson, the prominent commercial property company behind popular malls like the Bullring & Grand Central in Birmingham and the Bicester Village Designer Outlet Centre in Oxfordshire, has shared positive news about its trading prospects. The company has raised its adjusted earnings forecast for FY21 to a range of £75 million to £80 million, a significant improvement from its previous estimate of at least £60 million.

Hammerson has also exceeded expectations in terms of gross rental income across its managed portfolio. Its subsidiary, Value Retail, delivered an exceptional performance in Q4, surpassing projections.

Despite government restrictions during the crucial Christmas trading period, Hammerson reported only a slight decline in footfall in the UK and Ireland. Overall, footfall experienced a strong recovery throughout the year, especially when restrictions were eased. In fact, some of Hammerson’s destinations even outperformed 2019 levels and consistently surpassed national footfall indices. This positive trend has carried over into 2022.

Additionally, Hammerson recorded strong sales in the UK during Christmas, reaching 97% of 2019 levels in November and 93% in December. Footfall at Value Retail in Q4 was just under 90% of comparable 2019 levels, with brand sales approaching 95% and spend per visit slightly higher.

However, rent collections have taken a slight hit. While Hammerson successfully collected 97% of billable rent in FY20, collections for FY21 have fallen to 88% thus far, and Q1 FY22 collections have dipped to 74%. Nonetheless, the company remains optimistic and expects collection rates to improve as the quarter progresses.

Overall, Hammerson is pleased with the upward trajectory of its trade and footfall. The company’s strategic management and resilience have enabled it to navigate challenging circumstances successfully, and it looks forward to continued growth and success in the future.

Useful links:
– For more information about Hammerson and its properties, visit their official website: https://www.hammerson.com
– To learn more about the Bullring & Grand Central in Birmingham, check out their website: https://www.bullring.co.uk