Company Announcements

Q3 trading, operational and rent collection update

Source: RNS
RNS Number : 5973F
Hammerson PLC
08 November 2022

Hammerson plc ("Hammerson" or the "Group")

8 November 2022

Q3 trading, operational and rent collection update

Adjusted earnings

·    Hammerson now expects FY22 adjusted earnings to be not less than £100m.

·    Year-to-date, like-for-like gross rental income increased by 11%;  net rental income continues to benefit from strong leasing performance, improved collections and resulting lower bad debt charges.

·    Earnings also benefited from lower administration and net finance costs, and a better than expected performance from Value Retail.



·   UK and Ireland footfall has continued to show an improving trend to currently c.90% of 2019 levels, with France at c.95%.

·   Footfall consistently exceeds national indices. 



·   Sales continue to be above 2019 levels with UK Q3 sales +4%; France +3%; and Ireland +2%.

·   Footfall at Value Retail in Q3 was around 90% of 2019 levels, with brand sales approaching 93%, while spend per visit is around 4% ahead of 2019.



·   221 leases have been signed year-to-date, representing £17m of headline rent, 43% ahead of previous passing rent and 2% ahead of ERV on a net effective basis.

·   More than half of leasing has been to non-fashion categories, including F&B, leisure and services, although best-in-class fashion brands and new concepts remain core to our offer.

·   Demand for prime space remains high, with Group occupancy at 95% including the Cergy extension.  Our pipeline for Q4 is strong.

Rent Collections

·   Group Q3 22 rent collections to date are at 93%.

·   We expect collection rates to continue to improve further by the full year.


·   Yields remained stable in aggregate at Q3 with only marginal adjustments to ERVs.


Debt and disposals

·   Value Retail completed the refinancing of Bicester Village in September.

·   The Group announced on 3 November 2022 that it intends to exercise the par call option on the remaining €235.5m of 2023 eurobonds with existing cash on balance sheet.

·   No further Group unsecured debt maturities not covered by existing cash until 2025. 

·   Hammerson delivered £194m in disposals in H1.  Discussions are ongoing with a range of interested parties on a further c.£300m of non-core disposals, and we remain confident of completion of these disposals by the end of 2023 as previously guided.


Investor Enquiries:

Josh Warren, Director of Strategy and Investor Relations 

Tel: +44 (0)20 7887 1109    Email:


Media Enquiries:

Dido Laurimore, FTI Consulting

Tel: + 44 (0)7801 654424    Email:

Natalie Gunson, Communications Director, Hammerson                  

Tel: +44 (0)20 7887 1063    Email:




This announcement has also been released on the SENS system of the Johannesburg Stock Exchange and on Euronext Dublin.



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