StockMarketWire.com - Property developer and investor Hammerson reported wider losses after an increasing number of retailers buckled under tough trading conditions on the High Street.

For the year ended 31 December, pre-tax losses widened to £573.4m from £175.1m on-year as revenue fell 15% to £190.3m.

Net rental income, on a like-for-like basis, dropped 6.7%, with tenant restructuring, in the form of company voluntary arrangements and administrations, the largest single factor reducing income, the company said.

A final 2019 dividend of 14.8p and full-year 2019 dividend of 25.9p was declared, in line with 2018.

'We have taken decisive action over the past 12 months to reduce debt and significantly reshape the portfolio,' Hammerson said.

'Against a challenged retail and investment backdrop, we have exceeded our 2019 disposal target, exited the retail parks sector as we said we would and reduced debt by a third.'

'With the outlook for the UK retail market remaining uncertain, we believe we should maintain our focus on reducing debt during 2020,' it added.

Story provided by StockMarketWire.com