Helical's H1 pre-tax profit slips as EPRA NAV, interim dividend rise

24th Nov 2016 14:07

(ShareCast News) - Helical has posted a lower first-half pre-tax profit, although both its EPRA net asset value per share and interim dividend improved."Looking ahead, the UK faces a continued period of uncertainty as it seeks its place in a post Brexit world," said chief executive Gerald Kaye in a statement."However, I believe it will remain resilient and London will continue to be a World City attracting people, businesses and investors," Kaye added.Helical's IFRS pre-tax profit came in at £31.1m, from £85.9m. EPRA net asset value rose 3% to 471p, from 456p. Interim dividend was proposed at 2.4p, up 4.3% from 2.3p."Helical's portfolio at the half year reflected passing rents of £39m, contracted rents of a further £13m and an ERV of £78m," said Kaye.He expected Helical's EPRA earnings per share -- which came in at 4.4p, from 13p -- to grow proportionately as this reversionary potential was captured and passing rental income grows."In London, where most of this reversionary potential exists, we have an exciting collection of assets under refurbishment and development in locations where we believe demand from occupiers will continue to be robust," Kaye added.At about 13:58 GMT, Helical's shares were up 9.61% to 288p each.