LONDON (dpa-AFX) - British property development and investment company Hammerson PLC (HMSO.L) reported Friday that its fiscal 2020 IFRS loss was 1.73 billion pounds primarily due to property revaluation deficit, compared to loss of 781 million pounds last year.
Basic loss per share was 76.9 pence, compared to restated loss of 46.6 pence a year ago.
Adjusted earnings were 36.5 million pounds, compared to 214.0 million pounds last year. Adjusted earnings per share were 1.6 pence, compared to 12.8 pence restated for rights issue last year.
Net rental income fell 49 percent to 158 million pounds from 308.5 million pounds last year. Net rental income was down 41% on a like-for-like basis excluding premium outlets, impacted by Covid-19 closures, tenant restructuring and higher provisions for bad debt and tenant incentives.
Further, the Board of Directors has proposed a final dividend of 0.2 pence per ordinary share for 2020. The Board also intends to offer Shareholders an Enhanced Scrip Dividend Alternative of 2 pence per share .
Separately, Hammerson announced that Pierre Bouchut, Non-Executive Director and Chair of the Audit Committee has informed the Board that he will not stand for re-election at the 2021 Annual General Meeting.
The Board has asked Mike Butterworth to succeed Pierre as Chair of the Audit Committee.
The Board also announced the appointment of Habib Annous as a Non-Executive Director with effect from May 5. He will become a member of the Audit, Nomination and Remuneration Committees.
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