Helical Bar reveals 2011 loss

26th May 2011 07:19

Commercial property firm Helical Bar posted a full year pre-tax loss but maintained it had drawn a line under the difficulties of the last four years. The group's share of net rental income rose 19% to £17.8m for the year to 31 March 2011. Net gain on sale and revaluation of investment properties fell to £7.5m from £8.2m in 2010.Diluted EPRA net asset value, including trading and development stock surplus, dropped to 253p per share from 272p in 2010.Helical also reported a loss before tax of £6.3m during the year compared to a profit of £7.9m the year before. Chief executive Michael Slade commented, "It has been a long and hard four years since the warning bells sounded in mid 2007. It has required patience and discipline, however, the slate is now clean and the platform established to enable us to return to our outperforming ways."Sales of assets totalled £110m during the year and a further £58m has been sold or agreed since the year end. Sales include £60m of non-income producing assets.Chairman Giles Weaver added, "The number of sales achieved during the year, and subsequently, draw a line under the difficulties of the last four years and the company can move forward confidently.""Helical is now actively pursuing new investment and development opportunities. We are pleased with the number and quality of investment purchases, in particular our acquisition at Barts, London EC1."CJ