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Helical profit falls as "not immune" to shaky London office market

23rd May 2023 11:52

(Alliance News) - Helical PLC on Tuesday said its annual profit and revenue declined amid tough conditions in the London office market.

The London-focused property investor and developer reported revenue for the year ended March 31 of GBP49.8 million, down 2.5% from GBP51.1 million the year prior.

It swung to a pretax loss of GBP64.5 million, from a profit of GBP72.9 million. The firm noted that total property loss was GBP51.4 million, swinging from a return of GBP89.5 million.

"The central London office market has suffered a fall in capital values over the last year and Helical has not been immune to these market movements," Chief Executive Gerald Kaye said.

The firm declared a final dividend of 8.70p per share, increasing 5.5% from 8.25p, bringing the total dividend to 11.75p per share, a 5.4% increase from 11.15p a year ago.

Kaye said: "With 100 New Bridge Street, EC4, our 192,000 square feet office scheme, due to start later this year and the three TfL schemes anticipated to start over the period from 2024 to 2026, this pipeline, our most significant for a number of years, is scheduled to deliver best-in-class office space to an undersupplied market from 2025 to 2029."

Helical shares rose 0.4% to 278.00 pence each in London on Tuesday morning.

By Harvey Dorset, Alliance News reporter

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