Few sounds of hammering coming from Hammerson

Hammerson's new chief executive David Atkins produced his first Interim Management Statement this morning.

The mildly optimistic tone of the two-page document will probably settle City nerves over the firing of his ebullient predecessor John Richards in September and allow Hammerson to get on with life until the full year results in February.

So, is all well at HMS Hammerson? Well, not completely. The IMS statement talks about the opening of a new shopping centre in Aberdeen called Union Square and how it has a planet-saving green credentials. Sadly the scheme has contributed little to Hammerson's savings account. 

The statement does reveal the one point that is causing internal gloom: "our major construction projects have now been completed." In other words, a major UK developer isn't doing any major development in the UK. Nor is an early start planned on any of the bigger developments like Bishops Square north of Broadgate - and certainly not the giant £4bn Cricklewood scheme.

Atkins does say there is stuff in the pipeline "which should enable us to benefit when market conditions improve." OK, sure. But nobody quite believes the new MD's mild optimism will lead to on-site action anytime soon. Quite the reverse. There is concern that a now-cautious business, over-managed by a very cautious chairman in the shape of John Nelson (who sacked Richards) is going to miss the next development cycle due to over-caution.

No bad thing from a City point of view perhaps, given the lack of profits flowing from Aberdeen: but very boring if you work in the development team at Hammerson.