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As of 18:16 15 Aug 2018
Market cap. Pound sterling
3,814.44 million
As of 18:16 15 Aug 2018

Latest updates

Intu boss to step down

The Trafford Centre mall
Intu owns the Trafford Centre

The chief executive of Intu, David Fischel, is leaving after 17 years in the role.

The shopping centre group had been in takeover talks with larger rival Hammerson. However, the £3.4bn offer foundered after Hammerson walked away.

Intu's chairman John Strachan, said: "Under the proposed Hammerson merger, David was expecting to stand down upon the transaction completing.

"That transaction is no longer proceeding, and the board is enormously grateful to David for agreeing to remain in post for a longer period than he had envisaged, giving the board sufficient time to search for a suitable successor."

It also provided a snapshot of embattled retail sector in its interim results.

Like-for-like net rental income grew by 1.3% but said it had taken a 0.9% hit from tenant failures.

Bicester Village owner to sell off £1bn after profits fall

Bicester Village owner Hammerson has announced it will sell £1.1bn worth of assets after its profits dropped by 80%.

The company, which also owns the Birmingham Bullring, also outlined plans to exit the retail parks sector and instead focus on flagship retail destinations and premium outlets.

It hopes to sell the assets by the end of 2019 and buy back £300m worth of shares from investors.

Hammerson reported an 80% drop in pre-tax profits to £55.8m over the six months to June 30, compared with £289.7m a year earlier.

Hammerson's share price over one year
Hammerson's share price over one year

Hammerson sets out strategy to boost growth

In its interim results, Hammerson also announced that it would sell £1.1bn worth of property by the end of 2019 and buy back £300m worth of shares from investors.

Chief executive David Atkins is under pressure from investors to lift the shopping-owner's share price since it rejected a 635p per share offer from France's Klepierre in March.

The following month, Hammerson backed away from merging with smaller rival Intu.

Hammerson's share price
Hammerson's share price over one year

Mr Atkins said today: "Our reshaped strategy sees us taking decisive action to further reposition our portfolio.

"Through increasing the level of disposals, including exiting the retail parks sector, we will now focus solely on winning destinations of the highest quality: Flagship retail destinations and premium outlets. These are the venues we believe will maintain relevance and outperform against the shifting retail backdrop."

Hammerson cuts board

Silverburn in Glasgow
Silverburn in Glasgow is one of the shopping centres that Hammerson owns

Hammerson has announced that it is reducing the size of its board. Peter Cole, chief investment officer, will step down in December.

Jean-Philippe Mouton will also step but will remain in his role as managing director of Hammerson's French business.

The shopping centre owner also said that adjusted profit rose by 0.5% to £120m in adjusted profit for the six months to 30 June.

The shopping centre owner said that rental income fell by 3% to £178.5m.

The challenge for Hammerson

BBC Radio 5 live

Hammerson owns Birmingham's Bullring
Getty Images
Hammerson owns Birmingham's Bullring

Hammerson, the shopping centre owner, will come under scrutiny at 7.00am when it announces its interim results.

Mouhammed Choukeiris, chief investment officer at Kleinwort Hambros, says there are two fundamental issues facing the company.

"One, it has got a huge amount of debt and we know that overly indebted companies can become vulnerable very quickly ans so the shareholders are looking at this and saying 'well, are you going to turn a profit, are you doing to deliver profits'.

"So the other challenge it has is what is the value of the real estate that it has...and one way to establish that value is to sell because otherwise it is a guessing game."

Good morning!

Welcome to Business Live and what promises to be a busy day.

It's crunch time for David Atkins, chief executive of shopping centre owner Hammerson which announces its interim results at 7.00am.

Back in March, Hammerson rejected a 635p a share offer from France's Klépierre. With its stock now trading at 526p, investors want to know what Mr Atkins is going to do to boost its share price.

Posh tonic-maker Fevertree is also publishing its financials and Brivic will give a trading upfate.

As always, we'd love to hear from you. Email us at bizlivepage@bbc.co.uk

Croydon Westfield to 'open in 2023'

Croydon Wesfield
Croydon Partnership

A new £1.4bn shopping centre in Croydon is expected to open in spring 2023 - more than decade after the initial masterplan was unveiled.

Documents on Croydon Council's website also reveal that work on demolishing the existing Whitgift Shopping Centre won't start until September 2019.

Australian retail giant Westfield has teamed up with developers Hammerson - to form the Croydon Partnership - to deliver the scheme which the council believes will bring the south London borough "significant regeneration benefits".

In November councillors voted unanimously to approve the scheme which has promised up to 7,000 jobs and 967 new homes - and the project was given a final go-ahead by the Mayor of London.

It was also recently announced that John Lewis would join Marks & Spencer as the two "anchor" stores to the shopping centre.

Compared to the other two Westfield shopping centres in London - one in White City and the other in Stratford - the Croydon complex will be the smallest.

Hammerson 'gets cold feet on Intu'

Birmingham Bullring
Getty Images
Hammerson owns Birmingham's Bullring shopping centre

A precursor to Bullring owner Hammerson pulling out of its bid for rival Intu was French shopping centre firm Klepierre itself dropping its Hammerson bid earlier this week, says Michael Hewson, chief market analyst at CMC Markets.

"With Hammerson’s share price already down on the back of concern about future income due to the difficult retail environment it can’t have escaped the notice of bigger institutional shareholders that the risks to UK retail property were starting to become much more of a concern," he says.

"Retail businesses are already struggling with higher business rates as well as declining footfall so today’s news that Hammerson is pulling out of its £3.5bn bid for its rival Intu Properties is quite a sensible move, particularly since some bigger shareholders were expressing disquiet about the deal."

Hammerson shares climb 4% on bid withdrawal news

Shares in shopping centre owner Hammerson climbed more than 4% in early trading after it announced it is calling off its takeover of rival Intu.

The share price climbed 17 points to 515.