Annual Report and
Accounts 2025
Strategic Report
03 Highlights
06 We are Helical
08 Chief Executive’s statement
12 Activity and achievements
14 Our market
17 A sustainable approach
18 Our strategy
22 Our business model
24 Key performance indicators
28 Our portfolio
41 Financial review
47 Risk management
59 Sustainability at Helical
71 TCFD report
81 Our stakeholders – Section 172(1) Statement
Governance
97 Chairman’s governance review
99 Board of Directors
102 Corporate Governance Report
110 Nominations Committee Report
117 Audit and Risk Committee Report
121 Directors’ Remuneration Report
139 Report of the Directors
142 Directors’ responsibilities statement
Financial Statements
144 Independent Auditor’s Report
to the Members of Helical plc
149 Consolidated Income Statement
150 Consolidated Balance Sheet
151 Company Balance Sheet
152 Consolidated and Company Cash Flow
Statement
153 Consolidated and Company Statements
of Changes in Equity
155 Notes to the Financial Statements
Additional information
189 Appendix 1 – See-through analysis
191 Appendix 2 – Total Accounting Return
and Total Property Return
192 Appendix 3 – Five year review
194 Appendix 4 – Property portfolio
195 Appendix 5 – EPRA performance measures
198 Glossary
200 Shareholder information
201 Financial calendar and advisors
Our business is focused on delivering, in joint
venture with equity partners, best-in-class
developments in highly desirable central
Londonlocations.
Helical’s vision is to be London’s most
innovative, accomplished and respected
realestate developer.
helical.co.uk
02 HELICAL PLC Annual Report and Accounts 2025
Governance Financial Statements
Further Information
Strategic Report
Financial highlights
5.00p
22.8p
£27.9m£2.7m
Total dividend per share
(2024:4.83p).
Basic earnings per share
(2024: loss of 154.8p).
Profit after tax
(2024: loss of £189.8m).
EPRA earnings
(2024:£4.3m).
348p 347p
20.9%
6.3%
2.2p
£112.8m
EPRA net tangible assets per share
1
(31 March 2024:331p).
Net assets per share
1
(31 March 2024:327p).
See-through loan to value
(31 March 2024:39.5%).
EPRA Total Accounting Return
(2024:-31.4%).
EPRA earnings per share
(2024:3.5p).
Net debt
1
(31 March 2024:£261.6m).
Our results this year are a clear reflection of the
decisive action taken by the Group over the past
12months. This period has seen us recycle equity
from the sale of £245m of investment assets,
strengthening the balance sheet and unlocking
thedelivery of a substantial development pipeline.
Our progress culminated in the forward sale of
100New Bridge Street, EC4, after the year end,
following competitive occupier interest in the
building. The implied rent and yield achieved on this
transaction demonstrate the clear flight to quality in
the London office market that we havepreviously
referenced and reinforce our viewthat now is the
time to build in our favoured undersupplied sub-
markets. The anticipated returns from the £333m
sale of 100 New Bridge Street, EC4, (our share:
£166.5m), once it achieves practical completion,
willallow the Group to invest in further opportunities
and return meaningful amounts to Shareholders.
Our development pipeline, which is fully equity
funded, is progressing well. In addition to 100 New
Bridge Street, EC4, we are under construction at
the first of the schemes in our joint venture with
Places for London (“PfL”), 10 King William Street,
EC4, a 142,000 sq ft new office scheme, as well as
at our equity-light comprehensive refurbishment
of Brettenham House, WC2, comprising 128,000
sq ft of offices. All three of these schemes will be
delivered in 2026, predominantly funded by the
£280m (our share: £141m) of development finance
we arranged during the year.
In line with our evolved strategy, which ensures
wepursue the best value use for each opportunity,
we have secured a revised planning permission for
a 429-bed Purpose Built Student Accommodation
(“PBSA”) scheme above Southwark station,
ahighly desirable Zone 1 location.
Negotiations areunderway in relation to forward
funding this development, materially reducing the
project’s equity requirement. In addition, we have
much improved the planning consent for our
235,000 sq ft office development above the
eastern entrance at Paddington station and we
arein active discussions with PfL on several other
exciting opportunities.
Going forward, the joint venture structure of our
development activities will generate significant
development management fees. Alongside these,
we will start to recognise promote fees as the
developments progress and we will see the benefits
of the decision taken to reduce administration
overheads by 25%. At our two remaining standing
investments, The Bower, EC1 and The Loom, E1,
financed by the low-interest £210m Revolving
Credit Facility, we have let one of the former
WeWork floors, with the remaining unlet space
fully refurbished and being actively marketed.
With an experienced management team, the
fundsin place to deliver a substantial development
pipeline and a historically low loan to value ratio
(“LTV”), Helical is financially and operationally well
placed to delivera strong performance over the
coming cycle, and we are excited by the
opportunity themarket presents.
Matthew Bonning-Snook
Chief Executive Officer
A year in review
Governance Financial Statements
Further Information
03 HELICAL PLC Annual Report and Accounts 2025
Strategic Report