The Hammerson plc Directors have proposed a final dividend of 14.8 pence per share. Together with the interim dividend of 11.1 pence, the total for 2019 is 25.9 pence, consistent with 2018.
The final dividend is payable on 30 April 2020 to shareholders on the register at the close of business on 20 March 2020 and will be paid as a PID, net of withholding tax where appropriate.
For 2020, the Board has decided to take a prudent and disciplined approach to dividends, over and above that implied by the disposals programme, and therefore removing the link between earnings and dividend, whilst still enabling the Company to meet REIT and SIIC tax obligations. Therefore, the Board expects to recommend a 2020 full year dividend of 14.0 pence, a 46% cut from 2019. Dividends will be reset from this sustainable level from 2021 onwards dependent on future disposals, rental income, balance sheet strength and the broader market.
Other financial highlights include:
2019 EPS: Earnings impacted by ongoing disposal programme with adjusted EPS 28.0p (-8.5%);
The Board expects to recommend a full year dividend of 14.0p for 2020
Lfl NRI: Diversity of Group portfolio softens weakness in UK flagships -6.7% with a Group performance of +0.5% including premium outlets +10.8%
NAVPS & portfolio valuations: NAVPS of £6.01 (-18.6%); decline in flagship valuations driven by challenged UK retail performance
Group capital return of -9.8%; UK flagships -19.9%; French flagships -10.2% and Ireland flagships -7.5%; Premium outlets +8.2%
