Hammerson PLC (LSE:HMSO) shares fell in early exchanges after the property group failed to pay a final dividend and as asset valuations came in below City forecasts.
EPRA net tangibles assets per share fell to 53p in the 12 months to 31 December 2022 from 64p the year before and were below consensus expectations of 53.6p, but adjusted earnings per share rose 62% to 2.1p compared to a loss per share of 3.3p in 2021 (above City forecasts of 2p).
Broker Peel Hunt noted: “Surprisingly, there was no final dividend for the year (the expectation was for a 0.8p declaration) but Hammerson 'continues to anticipate re-instating a cash dividend for 2023'.”
Looking ahead, the FTSE 250-listed firm said “whilst we remain very mindful of the uncertain macroeconomic outlook, we have a strong operational grip on the business and are targeting a further 20% reduction in gross administration costs by the end of 2024, and to complete the £500mln disposal programme by the end of the year”.
“We have strong momentum and are well placed to deliver another year of robust underlying earnings and cashflow and anticipate a return to cash dividends during the year,” it added.
Peel Hunt said: "Even with a further recovery in revenues it is hard to envisage a meaningful rebound in earnings."
Shares in Hammerson fell 8.7% to 26.82p, topping the FTSE 250 fallers on Thursday morning.