Hammerson posted a bigger share price rise than any other company in the FTSE 100 or 250 indices today, as its new chief executive set out her initial thoughts on a recovery plan for the beleaguered shopping centre owner.
The company’s 2020 results, published this morning, revealed its largest-ever fall in net rental income and asset value.
Chief executive Rita-Rose Gagné told analysts: “A new management is in place. We will need time to stabilise the ship and return it to a growth path. My immediate focus is on navigating [that] path safely. We will do this by tactical disposals and intelligently managing and refinancing ahead of us.”
She later told EG that “nothing is off the table” in terms of disposals, adding: “You don’t fall in love with your assets… if the price is right, all assets are on the table.”
Goodbody analyst Colm Lauder said Hammerson’s results “were always going to make for difficult reading” but added that the company “has shown some signs of recovery” and that the new management team has “a considerable opportunity to reshape the business in 2021”.
The company’s shares rose by 7% to 34.91p, their highest level since a recapitalisation and share consolidation last September.
Berkeley Group was the FTSE 100’s sharpest faller, losing 5.8% to finish at 4,306p. The housebuilder said in a trading update today that its full-year profit is likely to be flat year-on-year and that reservations will slow as it “re-profiles” some developments when the UK exits lockdown.
The FTSE 100 finished the week at 6,761, up by 0.4% during the day. The FTSE 250 was down by 0.1% at 21,506.
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