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Annual Results

Helical pre-tax profits fall

25 May 2017 09:13

Helical's EPRA net asset value per share rose by 3.7% to 473p in the year to the end of March but pre-tax profits fell to £41.6m from £114.0m.

Total property return reduced to £79.9m (2016: £164.6m) and included growing net rents of £47.0m, an increase of 8.3% on 2016 (£43.4m), and development losses of £5.7m (2016: £27.5m) after deducting provisions of £12.8m (2016: £6.4m).

The gain on sale and revaluation of the investment portfolio contributed £38.6m (2016: £93.7m).

EPRA earnings per share fell from 17.1p to 0.5p, reflecting growing net rental income offset by reduced development profits.

On a like-for-like basis, the investment portfolio increased by 5.2% (4.5% including sales and purchases).

Sales during the year offset this growth in values contributing to an overall reduction in the portfolio value to £1,205m (2016: £1,240m).

Chief executive Gerald Kaye said: "Helical has a dynamic portfolio with good upside potential through a combination of development, refurbishment and significant asset management opportunities.

"We believe our concentration on offices and mixed use assets in London, offices in Manchester and well located logistics units will provide capital growth from development gains and rising income streams.

"We have ambition to continue to grow the Company and have actively sought to add to our development pipeline with exciting new schemes, particularly in London.

"Rebalancing the portfolio through the sale of non-core assets enables us to recycle some of the value we have created in recent years and fully pursue those opportunities that we have identified."

At 9:13am: (LON:HLCL) Helical Bar PLC share price was +1.5p at 340.5p

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