Business
Preliminary Results for the Year to 31 March 2016
Preliminary Results for the Year to 31 March 2016.
About this update from Helical Plc
[{"type":"text","content":"\n \nRNS Number : 0696Z Helical Bar PLC 24 May 2016 \n\n24 May 2016\nHELICAL BAR PLC\n(\"Helical\" or the \"Group\" or the \"Company\")\nUnaudited Preliminary Results for the Year to 31 March 2016\nHELICAL DELIVERS A RECORD YEAR\n \nMichael Slade, Chief Executive, commented:\n \n\"I am extremely proud to announce today's record results which show rental levels, investment gains, pre-tax profits, shareholders' funds and EPRA net asset value per share all at the highest level in Helical's 32 year history as a real estate company. These results clearly demonstrate that our strategy of targeting London for capital growth and development profits and the regions for higher yielding investment assets provides the most appropriate allocation of resources to enable us to meet our long term objectives. \n \n\"The greatest proportion of our performance this year has come from London where we have increased our portfolio weighting, primarily with the purchase of The Bower EC1. We also increased our weighting in industrial assets whilst reducing our exposure to retail. We have sold our Polish assets and continue to deliver on our retirement village programme. \n \n\"Since 2012, we have targeted an income producing investment portfolio representing at least 75% of our total property assets with our development programme making up the remaining 25% which is capable of producing exceptional profits. We have now exceeded our original targets and, as we complete the current development programme over the next three years, our objectives are clear. We seek to:\n \n· Complete and let our London office schemes at The Bower, One Creechurch Place, One Bartholomew Close and Charterhouse Square; \n· Complete the residential scheme at Barts Square and sell the remaining units;\n· Capture the reversion in our investment portfolio; \n· &...