Hammerson Plc (OTCPK:HMSNF) H1 2025 Earnings Call July 31, 2025 4:30 AM ET
Company Participants
Himanshu Haridas Raja – CFO & Executive Director
Rita-Rose Gagne – CEO & Executive Director
Rita-Rose Gagne
Good morning, everyone, and welcome to our call this morning. I am with Himanshu Raja, our CFO; and Josh Warren, our IR Director. We had a strong half year, and you will have seen our acquisition of Bullring and Grand Central funded in part by the proposed placing launched this morning.
Turning first to key highlights. I’m really pleased with these results. We are clearly seeing the growth flow through from consistent execution of our strategy, particularly the realignment of the portfolio, the investment in repositioning and the benefit of our recent JV buyouts at attractive yields.
Our destinations are in the top 20 and 1% of retail venues where retail spend is concentrated. We attract the best occupiers. In turn, this drives greater footfall, higher sales and sales densities for our occupiers. We are ultimately growing rental income, values and earnings. Gross rental income is up 11%. Net rental income is up 10%. Portfolio valuation is up 11%. Our first portfolio valuation gain since half year ’17. Earnings per share are flat, but following the acquisition of Bullring and Grand Central, we will have more than replaced the loss of contribution from the disposal of Value Retail last year, and there is more to come.
The 5% increase in the interim dividend reflects the Board’s confidence in the continued strong earnings growth ahead. Demand for our space has never been stronger. We have grown like-for-like gross and net rental income, up 5% and 4%, respectively. It was particularly pleasing to see U.K. GRI up 9% and NOI up 8%. This comes from dialing up our active asset management and leasing.
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