Business
Final Results
Final Results.
About this update from Helical Plc
[{"type":"text","content":"\n \nRNS Number : 9252Z Helical PLC 23 May 2019 \n\n\nHELICAL PLC\n(\"Helical\" or the \"Group\" or the \"Company\")\nAnnual Results for the Year to 31 March 2019\n\n \nA YEAR OF STRONG PROGRESS\n \nGerald Kaye, Chief Executive, commented:\n \n\"The results for the year to 31 March 2019 reflect significant progress for Helical, now an office-led investment and development company focused purely on London and Manchester. We have completed three of our four on-site office development schemes, have let 304,073 sq ft at rents 4.3% above ERVs and have sold £167m of investment assets at a 12.0% premium to book value.\n \n\"We now have a collection of newly redeveloped or refurbished assets of premium quality which are attractive to occupiers and situated in desirable locations. We were delighted to announce earlier this week the acquisition, in a 50:50 joint venture, of a major site for the development of c.192,000 sq ft of offices in Farringdon, London EC1. This scheme supplements our existing assets located in the Tech Belt in EC1 and E1. \n \n\"We have a tremendous track record in London, built up over the last 25 years, and we believe this experience and our longstanding sector relationships will enable us to continue to add new opportunities to our pipeline. Our increased financial capacity, following the transformation of the portfolio over the last two years, allied to our current operational capacity, enables us to look forward with confidence in our ability to deliver capital profits and increased earnings.\"\n \nOperational Performance \n \n· In our office development/refurbishment programme:\n- Practical completion was achieved at The Tower, London EC1 in August 2018, at One Bartholomew, London EC1 in December 2018 and at Trinity, Manchester in January 2019, delivering a total of 455,127 sq ft of new space.\n- Construction continues at our 88,680 sq ft office development at Farringdon East, renamed Kaleidoscope, London EC1, with completion expected in December 2019.\n· 268,782 sq ft of new London office lettings during the year delivered contracted rent of £18.7m (Helical share £6.7m at 3.2% above 31 March 2018 ERVs).\n· Post year end, 62,854 sq ft has been let at One Bartholomew at ...