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(Alliance News) - Helical PLC on Thursday reported an improved performance in the first half of its current financial year, despite profit slipping on lower portfolio gains.
The real estate developer said its pretax profit declined by more than a half to GBP13.1 million from GBP29.1 million a year earlier, due to a lower gain on sales and revaluations in the investment portfolio, which totalled GBP9.9 million versus GBP33.6 million.
More positively, the company reported an increase in net rents to GBP13.0 million from GBP11.7 million last year, reflecting its "letting success" over the period.
The value of Helical's property portfolio grew to GBP836.1 million from GBP793.6 million as at the end of March. Net asset value was 0.8% higher over the same period, at 486 pence.
The stock was trading 0.8% lower in London on Thursday morning at 398.50p a share.
Helical declared an interim dividend of 2.70p a share, up 3.8% from 2.60p it paid a year prior.
"We operate in a climate of political uncertainty and we hope that the forthcoming general election will provide clarity in a manner which is positive for the UK economy," said Chief Executive Gerald Kaye.
"Further growth is dependent on the group unearthing new opportunities and management's efforts are focused on achieving this. With our experience and track record, we are confident in our ability to add to our pipeline and to continue the growth of Helical," added Kaye.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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