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Helical PLC on Tuesday said its annual profit and revenue declined amid tough conditions in the London office market.
The London-focused property investor and developer reported revenue for the year ended March 31 of £49.8 million, down 2.5% from £51.1 million the year prior.
It swung to a pretax loss of £64.5 million, from a profit of £72.9 million. The firm noted that total property loss was £51.4 million, swinging from a return of £89.5 million.
‘The central London office market has suffered a fall in capital values over the last year and Helical has not been immune to these market movements,’ Chief Executive Gerald Kaye said.
The firm declared a final dividend of 8.70p per share, increasing 5.5% from 8.25p, bringing the total dividend to 11.75p per share, a 5.4% increase from 11.15p a year ago.
Kaye said: ‘With 100 New Bridge Street, EC4, our 192,000 square feet office scheme, due to start later this year and the three TfL schemes anticipated to start over the period from 2024 to 2026, this pipeline, our most significant for a number of years, is scheduled to deliver best-in-class office space to an undersupplied market from 2025 to 2029.’
Helical shares rose 0.4% to 278.00 pence each in London on Tuesday morning.
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