Helical sees rent increases driving "material" upside for shareholders

(Alliance News) - Helical PLC on Friday said annual net asset value per share edged up and that demand for property was being driven by "increasingly constrained supply".

The property developer targeting London is managed by Orion Capital Managers. Helical shares rose 2.5% to 194.00 pence early Friday afternoon in London.

IFRS pretax profit slumped to GBP5.7 million in the year to March from GBP27.9 million the year prior, with basic earnings per share of 4.6 pence, down sharply from 22.8p.

Prior year figures were boosted by GBP32.2 million net gain on the sale and revaluation of investment properties compared to just GBP2.7 million in the financial year just ended.

Revenue rose 4.1% to GBP33.3 million from GBP32.0 million on-year but net rental income fell 21% to GBP15.4 million from GBP19.6 million.

EPRA net tangible asset value per share increased 0.9% to 351p from 348p a year ago.

Helical said in a market of "increasingly constrained supply", demand is driving rental growth as occupiers act to ensure they don't miss out.

The firm has two more office developments on track to complete within the next eight months, and said it is "very confident" of capitalising on the progress made over the last year, realising "material" near-term upside for shareholders through letting this space at rents significantly ahead of the original underwrite.

A final dividend was proposed of 1.00p per share, down from 3.50p a year ago, taking the total payout to 2.50p, halved on-year from 5.00p. A further return proposed of 13.9p per share is expected from the realised profits on the sale of 100 New Bridge Street.

By Jeremy Cutler, Alliance News reporter

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