Business
HELICAL'S LONDON PORTFOLIO CONTINUES TO DELIVER
HELICAL'S LONDON PORTFOLIO CONTINUES TO DELIVER.
About this update from Helical Plc
[{"type":"text","content":"\n \nRNS Number : 1763G Helical PLC 25 May 2017 \n\n\nHELICAL PLC \n(\"Helical\" or the \"Group\" or the \"Company\")\nAnnual Results for the Year to 31 March 2017\n\n \nHELICAL'S LONDON PORTFOLIO CONTINUES TO DELIVER\n \nGerald Kaye, Chief Executive, commented:\n \n\"Helical has a dynamic portfolio with good upside potential through a combination of development, refurbishment and significant asset management opportunities. We believe our concentration on offices and mixed use assets in London, offices in Manchester and well located logistics units will provide capital growth from development gains and rising income streams. \n \n\"We have ambition to continue to grow the Company and have actively sought to add to our development pipeline with exciting new schemes, particularly in London. Rebalancing the portfolio through the sale of non-core assets enables us to recycle some of the value we have created in recent years and fully pursue those opportunities that we have identified.\"\n \nFinancial Highlights\n \nResults\n \n· EPRA net asset value per share up 3.7% to 473p (31 March 2016: 456p).\n· EPRA earnings per share of 0.5p (2016: 17.1p). \n· IFRS basic earnings per share of 34.0p (2016: 91.3p).\n· IFRS Profit before tax of £41.6m (2016: £114.0m). \n· Total Accounting Return of 8.3% (2016: 22.5%).\n· See-through Total Property Return of £79.9m (2016: £164.6m).\n- Group's share of net rental income of £47.0m (2016: £43.4m) - up 8.3%.\n- Development losses of £5.7m (2016: profits of £27.5m), after provisions of £12.8m (2016: £6.4m).\n- Net gain on sale and revaluation of investment properties of £38.6m \n(2016: £93.7m).\n· Final dividend proposed of 6.20p per share (2016: 2nd interim plus final 5.87p) - up 5.6%. \n \nProperty Valuations\n \n· Group's share of property portfolio £1,205m (31 March 2016: £1,240m).\n· Unleveraged return of property portfolio as measured by IPD of 9.4% (2016: 21.7%) compared to 4.4% (2016: 11.4%) for the benchmark index.\n· Investment property valuations, on a like-for-like basis, up 5.2% (4.5% including sales and purchases)...