LONDON (Alliance News) - Property investors Helical Bar PLC on Thursday reported an increase in profit and revenue for the full year, driven by valuation gains.
The company, which recently bought a mixed-use portfolio for GBP40.2 million, posted pretax profit of GBP101.7 million for the year ended March 31, up from GBP5.0 million a year earlier, following revaluation gains of GBP104.2 million compared with GBP29.8 million a year earlier.
Revenue, which incorporates rental and development property income and trading property sales, rose to GBP123.6 million from GBP65.4 million.
The firm said its share of gross rent from its investment portfolio increased to GBP37.3 million from GBP30.6 million. In addition, gross rental income receivable by the group in respect of wholly owned properties increased 16% to GBP30.0 million from GBP25.8 million a year earlier, mainly reflecting acquisitions made during the period.
Helical Bar said like-for-like rents rose GBP400,000, driven by GBP2.0 million of new lettings and rental increases of GBP100,000, offset by losses at lease end of expire of GBP1.7 million.
Helical Bar said its diluted EPRA net asset value per share rose to 313 pence from 264 pence. EPRA is the European Public Real Estate Association, the industry body for European REITs. The company said this rise was principally due to a total comprehensive income of GBP86.7 million compared with GBP4.3 million.
Operationally, the firm said it made progress on a number of projects including signing a joint venture financial partnership agreement for its development of Creechurch Place near Aldgate underground station.
Chief Executive Michael Slade said the company had had an "outstanding year" and is where it planned to be.
"We continue to focus on London offices and high yielding regional property for the investment portfolio whilst building out the London development programme," Slade said in a statement. "We remain highly focused, highly incentivised and confident in our prospects over the next two to three years."
On the back of its strong performance the firm increased its final dividend to 4.75 pence, from 3.70 pence, making a total dividend of 6.75 pence, compared with 5.55 pence a year earlier.
Helical Bar shares were quoted up 1.9% at 382.22 pence Thursday morning.