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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/hammerson-warns-of-retail-relapse.jpg"><img class="alignnone size-full" title="The owner of the Bullring and Brent Cross shopping centres saw 2010 profits rose by 11 per cent" src="http://londonglossy.com/wp-content/uploads/2011/02/min-hammerson-warns-of-retail-relapse.jpg" alt="The owner of the Bullring and Brent Cross shopping centres saw 2010 profits rose by 11 per cent"/></a></p>
<p>The owner of the Bullring and Brent Cross shopping centres has revealed a recovering UK retail market helped 2010 profits rise by 11%, but it cautioned over the impact of Government austerity cuts.</p>
<p>Hammerson said the increase in VAT and actions to slash public spending could see some embattled retailers fall behind with rent repayments as it signalled the threat of a potential relapse after the sector&#8217;s recovery last year.</p>
<p>The group, which also owns Reading&#8217;s Oracle and Cabot Circus in Bristol, said 2010 was a turnaround for many retailers as trading conditions improved and administrations declined.</p>
<p>Its full-year results revealed underlying profits of £144.5 million in 2010, up from £130 million in 2009.</p>
<p>Retail vacancies fell as the recession saw many new developments cancelled or put on hold, which helped overall occupancy levels rise to 97.3%.</p>
<p>Hammerson said: &#8220;The trading environment has continued to improve during 2010, and the rate at which retail companies in the UK are going into administration has fallen.</p>
<p>&#8220;However the effects of increased taxation and restrictions on government spending may mean that some tenants, principally in the UK retail sector, face difficult operating conditions and there is a risk that they will be unable to pay their rents.&#8221;</p>
<p>It said it should be protected from widespread rental defaults thanks to the scale and geographical spread of its tenants.</p>
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