back Preliminary Results for the year to 31 March 2009

Financial Highlights

  • Profit before property write-downs, investment gains and tax of £16.2m (2008: £8.9m).
  • Ungeared total return, as measured by IPD, of -6.3% compared to the benchmark index of -25.8%.
  • Diluted EPRA net asset value, including trading and development stock surplus, down 19% to 286p per share (2008: 352p).
  • Diluted EPRA earnings per share of 12.8p (2008: 11.6p).
  • Valuation of investment properties down 25.7% or £68.0m (2008: 11.3% or £32.6m).
  • Trading and development stock written down by 10% or £23m.
  • Loss after tax of £53.5m (2008: £12.3m).
  • Good operational progress through active asset management.
  • Final dividend maintained at 2.75p per share (2008: 2.75p).
  • Cash and cash equivalents at year end of £72.8m (2008: £17.1m) following the successful Placing raising net proceeds of £26.4m.
  • Ratio of net borrowings to value of property portfolio 45.2% (2008: 38.6%).

Giles Weaver, Chairman, commented:

“It is to be hoped that the next twelve months mark the bottom of the economic recession but any recovery will take time and there will be casualties along the way. Helical will concentrate on making progress with its diverse range of investment properties, planning and development projects. With a strong balance sheet, well-established partnerships and the broad expertise and skills of our management team, we are extremely well positioned to take advantage of opportunities in the market to create future shareholder value when the market stabilises.”

Michael Slade, Chief Executive, added:

“I am particularly pleased to note that our ungeared total return over the financial year was -6.3% compared to the IPD Benchmark of -25.8%, placing us in the first percentile of performance over 1, 3, 10 and indeed the 19 years we have measured ourselves against the Benchmark. Looking forward, Helical is confident that we will see great value emerge. We have the firepower from the recent Placing, the backing of our US partner and others and internally generated resources to take full advantage of the opportunities. With no material legacy issues and our track record, we are able to concentrate on high quality and very profitable business. Helical has significant upside in the existing portfolio of projects particularly from our trading and development activities which it should be noted have been aggressively written down this year. We are particularly enthusiastic about our out-of-town retail schemes in Poland, food store developments, retirement village projects, student accommodation developments and our Government office campus schemes.”

For further information, please contact:

Helical Bar plc 020 7629 0113
Michael Slade (Chief Executive)
Nigel McNair Scott (Finance Director)

Address: 11-15 Farm Street, London W1J 5RS
Fax: 020 7408 1666

Financial Dynamics 020 7831 3113
Stephanie Highett/Dido Laurimore/Laurence Jones

Preliminary Results for the year to 31 March 2009 (in pdf format).