Preliminary results for the year to 31 March 2004

Released: 09/06/2004

HELICAL WELL PLACED FOR THE FORTHCOMING CYCLE

HIGHLIGHTS

• Adjusted diluted net asset value of 874p per share (2003: 770p) – up 14 per cent


• “Triple net” asset value of 797p per share (2003: 702p) - up 14 per cent


• Profit before tax £13.7m (2003: £25.2m) owing to lull in development profits as a result of planned ‘de-risking’


• Total ordinary dividend of 16.60p per share (2003: 15.00p) - up 11 per cent


• Strong performance in investment portfolio underpins results


• 11.3% of the Company’s shares bought in for cancellation for £25.4m (£3.9m since 31/03/2004)


• Over 30 active projects spread across the sectors

John Southwell, Chairman, commented;

“Helical has completed the repositioning started in 2001. It has the skills, money and flexibility to act quickly to take advantage of opportunities. We look forward to the forthcoming cycle and aim to produce significant development and trading profits as we have done in the past.”

Further information:

Helical Bar plc
Tel: 020 7629 0113
Michael Slade (Managing Director) after 2.00 p.m.
Nigel McNair Scott (Finance Director)

Issued by:

Financial Dynamics
Tel: 020 7831 3113
Stephanie Highett/Dido Laurimore

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