Hammerson cut losses in 2022 as the retail property firm was bolstered by positive footfall and sales trends.

Hammerson operates a number of flagship retail centres in Ireland, France and the UK, including the Bullring in Birmingham.

It co-owns Dundrum Town Centre with German insurer Allianz. The group also owns half of the Pavilions shopping centre in Swords and the Ilac Centre in Dublin city centre.

Adjusted earnings at the group rose 60pc to £105m (€118m)  in 2022 as a result of lower costs and ongoing recovery in its value retail division.

Losses narrowed to £164m (€184m) from £429m (€481m) in 2021, largely due to a £282m (€317m) revaluation deficit.

Footfall improved by 11 percentage points across the year, with footfall now at 90pc of pre-pandemic levels at the end of 2022.

While footfall was below 2019 levels, sales remained 3pc ahead of pre-pandemic figures, with visits and purchasing habits maintaining momentum in the first few months of this year.

In Ireland, footfall rose by 35pc in 2022 across Hammerson’s locations here.

The group completed 317 leasing deals in 2022, a rise of 2pc when disposals are excluded, representing a total of £45m in headline rent.

Turnover rents for 2022 were up 11pc year-on-year.

Net rent was also 2pc above estimated rental value (ERV), a rise from 2021 when this figure was 11pc below ERV.

Occupancy rates now stand at 96pc across the group’s locations. While the firm anticipates a strong leasing pipeline for 2023, vacancy rates now stand at just 2pc in Ireland.

Rent collection also normalised following difficulties faced by many in the retail sector during periods of pandemic restrictions. It now stands at 95pc for 2022, with 90pc of rent paid for the first quarter of 2023.

Hammerson noted that consumers are shopping less frequently but visiting centres “with more purpose”. This was also attributed to a shift from consumers to avoid paying “increasingly expensive delivery and return costs” charged by online retailers.

The firm has also submitted a planning application for almost 900 apartments in phase two of its Dundrum project. In October, Hammerson and Allianz announced that construction has commenced on its first Irish apartment development.

The new scheme, which is located on the Sandyford entrance of the Dundrum estate, will include 122 apartments.

“Our results are evidence of another year of significant strategic, operational and financial progress, against a volatile macroeconomic and market backdrop,” said Rita-Rose Gagné, Chief Executive of Hammerson.

“We have focused on what we can control – sharper operations growing like-for-like gross rental income and reducing the cost base – delivering a significant increase in adjusted earnings.”

"Notwithstanding downward revaluations at the end of the year, we have maintained a stable balance sheet,” she added.