Shopping centre owner Hammerson has posted falling profits and rental income during its full-year results.

Registering a 10.9% fall in profits to £214m during the 12 months to December 31, Hammerson also saw rental income for the same period drop 11.2% to £308.5m.

Hammerson chief executive David Atkins said despite a challenging retail backdrop it has “exceeded its 2019 disposal target” by exiting the retail parks it had previously stated and reduced the property owner’s debt by a third.

“This delivered nearly £1bn of transactions in the process,” Atkins added.

”With the outlook for the UK retail market remaining uncertain, we believe we should maintain our focus on reducing debt during 2020. In strengthening our balance sheet further, we will create a more resilient business and also generate significant liquidity, which could, at the appropriate time, be deployed to create enhanced returns for shareholders.

“The magnitude of the challenge facing UK retail is significant. However, as brands look to optimise their store estates and strike the right balance between online and physical retail, the best destinations continue to be highly relevant – this is highlighted by the rise in visitor numbers across all our regions.

”We remain committed to creating a portfolio of exceptional venues and, as we drive a faster pace of change in shifting our brand line-up and repurposing space, we expect to see improved results in the UK.

“We will build a stronger business for the future with our focus on this, alongside improved performances in France and Ireland, the extensive opportunity offered by City Quarters and the outstanding contribution from premium outlets.”