Business
Preliminary Results
Preliminary Results.
About this update from Helical Plc
[{"type":"text","content":"\n RNS Number : 0218W Helical Bar PLC 05 June 2008 \n \n\n\n5 June 2008\n\nH E L I C A L B A R P L C\n('Helical'/'Company'/'Group')\n\nP r e l i m i n a r y R e s u l t s\n\nFor the year to 31 March 2008\n\n\n\nFinancial Highlights\n\n§ Profit before tax, revaluation and loss on sale of investment properties of £8.5m (2007: £19.5m).\n \n§ Valuation of investment properties down 11.3%/£32.8m (2007: up 14.4%/£40.6m).\n \n§ Loss after tax of £12.3m (2007: profit £52.1m).\n \n§ Diluted EPRA net asset value, including trading and development stock surplus, down 6% to 352p per share (2007: 374p).\n \n§ Diluted EPRA earnings per share of 11.6p (2007: 16.6p) – down 30%.\n \n§ Final dividend maintained at 2.75p per share (2007: 2.75p).\n \n§ Increasingly diversified activities deliver unleveraged return of 7% above IPD benchmark.\n \n§ Significant latent potential within Company’s development and trading portfolio.\n \n§ Ratio of net borrowings to value of property portfolio 38.6% (2007: 28.9%).\n\nGiles Weaver, Chairman, commented:\n\n'The next 12 months will be a difficult time for the sector and there may well be further setbacks to the economy during that time. However, I am confident that we have the skills, financial resources and diversity of projects to take advantage of whatever opportunities the future brings.'\n\nMichael Slade, Chief Executive, added:\n\n'Helical anticipated the rise in yields by greatly reducing the proportion of its assets held in the investment portfolio and by diversifying its exposure into a broader spread of activities including planning deals, mixed use developments, retirement villages and retail warehouse developments in Poland. This approach has delivered an unleveraged return of 7% above benchmark returns as measured by IPD despite our valuation yields rising 90 basis points, in line w...