Developer's profit increases to 拢699m as it predicts substantial increase in rental income.
Hammerson has recorded a two-thirds increase in profits in full-year results reported this morning.
The developer posted pre-tax profit of 拢698.6m, up 69% from the 2004 figure of 拢413.4m.
It put much of the growth down to development surpluses of 拢157m at its Bishops Square scheme in London and 拢75m at two retail park developments, Cyfarthfa in Merthyr Tydfil and St Oswald's in Gloucester.
Rental income grew 11% to 拢210.3m, although Hammerson predicted a major acceleration in that growth.
John Nelson, chairman, said: "Over the next three years, the group's rental income will increase substantially, principally as a result of new contracted income from completed developments.
"The group has a high quality investment property portfolio and an outstanding development programme and pipeline. We anticipate good growth in the company's rental income over the next three years, providing the potential for continuing dividend increases."
