Retail giant Hammerson sees profits rise by £25million

PEOPLE are still heading to shopping malls despite belt-tightening, setting the tills ringing at retail developer Hammerson.

Shoppers still head to Birmingham 039 s Bullring mall despite economic worries Shoppers still head to Birmingham's Bullring mall despite economic worries [GETTY]

The group, whose malls with new brands and food and leisure outlets include the Bullring in Birmingham, Brent Cross in London and Italie Deux in Paris, saw a rise in profits of nearly £25million.

Hammerson said a third of all its shoppers were visiting its cinemas and ­restaurants. It now focuses exclusively on retail, having sold all its office properties.

Chief executive David Atkins said he was happy to be in retail alone as the group had malls across the­ ­ discount, mid-market and premium sectors.

He said falling unemployment, the housing ­market recovery and growing UK exports meant prospects for retailers were improving. “It’s a sector that is ­certainly emerging from a difficult period but the outlook is positive,” he said.

The group posted a 5.7 per cent rise in full-year net asset value and like-for-like rental income rose 2.1 per cent over the year. Operating profit increased to £240.7million from £216million.

Shares rose 17p to 560½p.

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