Hammerson lifts EPS and dividends in 2012

UK listed retail specialist Hammerson reported an 8.3% increase in its EPRA earnings per share in 2012, and said it is targeting strong earnings growth over the next three years.

In a statement to announce its 2012 full-year results, Hammerson said EPRA earnings per share increased 1.6 pence to 20.9p in 2012, principally reflecting lower interest costs following refinancings.

The real estate investment trust continued its repositioning as a pure retail player in 2012, carrying out £627 mln of office disposals at a 7% premium, and investing £541 mln into retail venues.

'We have again proved that high-quality retail assets combined with active management can deliver good income growth even in a challenging environment,' said David Atkins, Chief Executive of Hammerson. '2012 was a transformational year for Hammerson, where we successfully executed over £1 bn of investment activity to become a pure retail-focused company.'

Hammerson said 2012 was 'a transformational year for the business'. 'We have demonstrated that high-quality retail assets combined with active management can deliver good income growth even in a challenging environment. In conjunction with a continued focus on operating and financial efficiency, we are targeting strong growth in earnings and dividends over the three year period to 2015.'

The company is raising its final dividend by 7.5% to 17.7 pence per share, compared to 16.6p in 2011.