24th May 2018 12:38
LONDON (Alliance News) - Helical PLC on Thursday reported a fall in profit and net asset value per share in its recently ended financial year as it sold off nearly a half of its property portfolio.
The real estate developer said pretax profit in the year ended March fell to GBP30.8 million from GBP41.6 million the year before, as it booked a development property loss of GBP8.0 million versus GBP5.7 million in financial 2017.
Rental income also declined year-on-year to GBP36.1 million from GBP47.0 million, while a gain on the revaluation of investment properties also dropped to GBP27.2 million from GBP37.3 million.
This brought total property return to GBP68.8 million from GBP79.9 million the prior year.
As a result, net asset value per share decreased 1.1% to 468.00 pence from 473.00p. The stock was down 2.7% on the day at 378.00p per share.
Helical said its portfolio value fell to GBP910.0 million from GBP1.21 billion following GBP484.0 million of disposals.
The company proposed a final dividend of 7.00p, up 13% from 6.2p paid the year before.
"Today's results reflect the completion of the transformation of the Helical Group over the last two years from a multi-sector, geographically spread UK property company, into an office-led investment and development company focused purely on London and Manchester," said Chief Executive Gerald Kaye.
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