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Hammerson increasesd its adjusted profit before tax by 11%, to 拢144.5m in the financial year to 31 December 2010, the firm revealed today.

During its 2009 financial year its adjusted profit before tax was 拢130m.

It increased profits despite a fall in the rent it recevied on its properties during the year.

During 2010, rental income was 拢284.7m, down 3% from the 拢293.6m it earned during 2009.

After stripping out those properties it sold during the year, its rental income actually increased by 3.5%.

As the group paid off debt and saw an increase in the value of its property assets, the amount of its borrowings, as a proportion of the value of its assets declined significantly.

Its debt to property value ration (gearing) fell during the year, to end 2010 at 52%, compared to 72% at the end of december 2009.

This helped the firm鈥檚 Net Asset Value per share increase by 17.6%.

Commenting on the results, Hammerson chairman John Nelson said: 鈥淭his is a strong set of results that reinforces the strategy we are pursuing.

鈥淥ur rigorous focus on the performance of each asset is improving occupancy and income.

鈥淲e have sold mature assets and reinvested in properties that offer better growth prospects through active management.

鈥淟ooking forward, our financial flexibility and continued asset recycling will allow us to continue to take advantage of opportunities that we believe will arise in the coming period.鈥�

Property disposals in the year raised 拢555m, while 拢219m was invested in acquisitions.

These transactions resulted in Hammerson recycling the equivalent of 15% of its portfolio, which at the year-end was valued at 拢5.3bn.

There is still much uncertainty in the market, however, and the firm said: 鈥淧otential occupiers remain cautious about entering into commitments to lease space, although the level of interest has increased over the last year.

鈥淎lthough we have a significant development pipeline, the programme will be phased and we will not start major capital projects without substantial pre-lets.鈥�