26th Nov 2025 10:05
(Alliance News) - Helical PLC on Wednesday reported increased confidence in the London office property sector as it disclosed broadly stable asset values in the first half of its financial year.
The London-focused property developer said pretax profit fell 62% to GBP1.8 million in the half year to September 30 from GBP4.7 million the year prior.
Revenue edged down 2.4% to GBP16.5 million from GBP16.9 million with diluted earnings per share of 1.5 pence, down 61% from 3.8p.
Under European Public Real Estate Association standards, EPS increased 4.3% to 2.4p from 2.3p the year prior.
EPRA net tangible asset value per share edged up to 349p from 348p six months previously.
"These results reflect a period of concentrated construction activity as we continue to deliver on our strategy of developing best-in-class buildings in highly desirable central London locations. There is increasing confidence in the London office sector, and the lack of development activity underpins our decision to commit to a significant development programme," said Chief Executive Matthew Bonning-Snook.
In addition, the CEO noted "a marked uplift in investment activity, although there remains uncertainty in the wider macro-economic environment."
"As the investment market and pricing confidence returns, we will look to unlock new office opportunities," he added.
Shares in Helical rose 1.1% to 200.00 pence each in London on Wednesday.
Investment property valuations marginally decreased on a like-for-like basis by 0.5%, while the development portfolio value increased by 1.9%, resulting in a net 0.3% gain overall, Helical said.
At the end of September, IFRS investment property portfolio value was GBP373.5 million, little changed from GBP373.3 million at March 31.
Contracted rents fell slightly to GBP19.8 million at September 30 from GBP20.2 million at the end of March, with estimated rental value of GBP29.3 million unchanged from six months before.
The dividend was maintained at 1.5p per share.
By Jeremy Cutler, Alliance News reporter
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