Hammerson doubles profits

Hammerson has reported that pre-tax profits more than doubled last year due to revaluation gains. For the first time since the financial crash, Hammerson is able to charge higher rents across its £6.7bn portfolio as retailers’ battle for space in the best shopping centres. Profit before tax at the firm more than doubled from £341.2m a year earlier to £703.1m for the year ended 31 December 2014. Net asset value jumped 11.3% to £6.38m. Net rental income - comprised of income from rents, car parks and commercial sales - rose 8.1% to £305.6m from £282.8m a year earlier. The number of people visiting Hammerson’ s malls actually fell 1.3% last year as the popularity of online shopping increased. But the firm said: “Consumers are spending more time and money during each visit to our centres.” The FT’s Lex column admits that things are looking rosy for Hammerson, but points out that property is a cyclical business so it might not pay to hang on to shares too long. Elsewhere, the Evening Standard notes that Hammerson may have to revise its plans for an £800m overhaul of Bishopsgate Goods Yard in Shoreditch due to local opposition.