Helical posts profit fall

Item Result six months to 30 Sept % change Pretax profit £31.1m -63 EPRA NAV 471p 3 London portfolio valuation £651m 5.3 Regional portfolio valuation £408m 1 Loan to value ratio 39% 1 percentage point Helical has posted a 63% drop in profit before tax to £31.1m from £85.9m the same time last year, and a 3% rise in EPRA NAV to 471p from 456p. The company has also recorded a 5.3% increase in the value of its London investment portfolio to £651m from £593m six months ago, and a 1% increase in its regional portfolio to £408m in its results for the six months ended 30 September 2016. Contracted rental value of the London portfolio for the period was £23.4m compared with an estimated rental value of £46.9m. The firm’s loan to value ratio stands at 39% on a secured basis, down from 40% in March and 53% overall. Post-September sales reduced the pro forma loan to value to 34% on a secured basis and 49% overall. In a separate announcement, Helical said WeWork had prelet six floors at the second phase of its mixed-use scheme at The Bower, EC1. At Barts Square, EC1, 108 of the 144 residential units in phase one had exchanged at 23 November 2016, up from 102 units six months ago, with a further two reserved. One King Street, W6, was sold after the period for £34.5m, at a net initial yield of 4.85%. A major refurbishment at The Loom, E1, completed with 13,750 sq ft let in excess of £50 per sq ft, and a further 9,250 sq ft under offer. Also sold during the period were nine regional assets, comprising two logistics units, two offices and five retail assets for £56m in total at a 3.6% discount to March values. Gerald Kaye, chief executive, said: “Helical’s results for the half year to 30 September 2016 show growing net rental income, a net gain on sale and revaluation of our investment portfolio, growth in shareholders’ funds and an increase in our EPRA net asset value per share.” • To send feedback, e-mail shekha.vyas@estatesgazette.com or tweet @ShekhaV or @estatesgazette