back Preliminary Results for the year to 31 March 2012

Financial Highlights

  • Profit before tax of £7.4m (2011: loss of £6.3m).
  • Group’s share of net rental income up 29% to £22.9m (2011: £17.8m).
  • Development profits of £0.7m (2011: loss of £16.6m).
  • Net gain on sale and revaluation of investment properties of £3.3m (2011: £7.5m).
  • Diluted EPRA earnings per share of 3.4p (2011: loss of 6.4p).
  • Diluted EPRA net asset value per share down 1% to 250p (2011: 253p).
  • £130m of new bank facilities agreed during the year, including a £100m revolving credit facility with RBS. A further £32m has been agreed since the year end. As a result, the average maturity of the Group’s debt is 2.7 years (2011: 2.1 years) at an average cost of debt of 4.10% (2011: 4.35%).
  • Group’s share of property portfolio £573m (2011: £532m).
  • Ratio of net borrowings to value of property portfolio of 46% (2011: 45%).
  • Current cash and undrawn bank facilities of over £65m.
  • Final dividend proposed of 3.40p per share taking total dividends for the year to 5.15p (2011: 4.90p), up 5%.

Operational Highlights

  • Acquisition of £100m of investment assets, including Corby Town Centre, Hammersmith, Basildon and Chiswick, increasing the balance of income producing assets to development stock to 69:31 demonstrating on-going progress towards our 75:25 target.
  • Sales of £76m achieved during the period (£15m of which was non-income producing) plus the recovery of £16m of cash through the sale of 50% of Europa Centralna, Gliwice, Poland.
  • Further sales agreed of £34m, all of which are non-income producing.
  • Planning consents achieved at:
    • Mitre Square, London EC3
    • Fulham Wharf, London SW6
    • Parkgate Shirley, West Midlands
    • Milton, Cambridgeshire
    • Exeter, Devon
    • Tyseley, Birmingham
    • Stockport, Greater Manchester
    • Great Alne, Warwickshire
  • Planning application made at Barts Square, London EC1.
  • Planning application to be made in respect of White City in summer 2012.

Increased London activities

  • 112,000 sq ft of office space now let at 200 Aldersgate, EC1, with additional 35,000 sq ft of basement space let to Virgin Active.
  • Planning consent achieved at Mitre Square, EC3 for 273,000 sq ft NIA of offices and 3,000 sq ft of retail/restaurant use.
  • Good progress at Barts Square, EC1, with planning submitted for a new urban mixed use scheme comprising circa 226,000 sq ft NIA of offices, 202,000 sq ft of residential and 24,000 sq ft of retail/restaurant space.
  • At Fulham Wharf, SW6 planning has been received for a 100,000 sq ft foodstore, together with 463 residential units (590,000 sq ft), on behalf of landowner Sainsbury’s
  • At White City, W12 plans have been drawn up for a residential led mixed use scheme, comprising c.1.25 million sq ft of residential, 210,000 sq ft of commercial and 70,000 sq ft of retail/leisure uses with planning intended for submission in July 2012.

Retail Developments

  • At Parkgate, Shirley, West Midlands construction is due to commence on an 85,000 sq ft Asda, 72,000 sq ft of retail and circa 135 apartments and townhouses.
  • Helical Retail is actively pursuing a large number of potential foodstore sites around the UK, working closely with the major food retailers.

Poland

  • 50% of the 710,000 sq ft Europa Centralna development, in Gliwice, Poland, sold to an institutional client of Standard Life, returning £16m cash to Helical.
  • Scheme is currently 70% pre-let to tenants such as Tesco, H&M and Castorama and is anticipated to complete in October 2012.

Commenting on the results, Michael Slade, Chief Executive, said:

“We have performed strongly over the year and the continued efforts to address the imbalance in our business by increasing the Company’s weighting towards income producing properties has been vindicated by Helical’s return to profitability. Our ability to outperform our peers in the future will depend upon the strength of our development pipeline and it is that part of the business that offers the greatest opportunity for growth. We are increasingly redirecting our hard earned equity to London and the South-East, markets which currently represent 47% of our portfolio. The next few years are all about Central London and happily that is where we hold our most exciting assets. The prospects for substantial profits in respect of our London and retail developments provide cause for optimism for the future performance of the Company.”

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
Website: www.helical.co.uk

FTI Consulting 020 7831 3113
Stephanie Highett/Dido Laurimore/Daniel O’Donnell

Preliminary Results for the year to 31 March 2012 (in pdf format).