**Summary**
Helical PLC, a UK-based real estate development and investment company, released its annual results for the year ending March 31, 2026. The company reported a profit after tax of £5.7 million, a decrease from £27.9 million in the previous year, primarily due to lower net rental income and gains on property revaluations. Key highlights include significant lettings at The Bower, EC1, and progress on major office development projects, with over 700,000 sq ft under construction. Helical also acquired and financed new projects, including Delta Paddington, W2, and a student development in Southwark, SE1. The company completed the forward sale of 100 New Bridge Street, EC4, for £333 million, using proceeds to reduce leverage and return capital to shareholders.
Operationally, Helical achieved practical completion of 100 New Bridge Street and advanced other developments like Brettenham House and 10 King William Street. Letting activity was strong, with notable leases at The Bower and The Loom. Financially, the company reported an IFRS profit of £5.7 million, EPRA earnings per share of 4.5p, and a proposed final dividend of 1.00p per share. The balance sheet remained robust, with a net asset value of £425.4 million and a see-through loan-to-value ratio of 36.5%. Helical also emphasized its commitment to sustainability, achieving high BREEAM and NABERS ratings for its projects.
Looking ahead, Helical plans to expand its pipeline through equity-light strategies and partnerships, with a focus on central London offices and alternative uses like student accommodation. The company aims to maximize returns through disciplined capital allocation and strategic capital returns to shareholders, while maintaining a strong balance sheet to capitalize on market opportunities.
| Financial Metric | 2026 | 2025 | Change |
|---|---|---|---|
| IFRS Profit (£m) | 5.7 | 27.9 | -79.6% |
| IFRS Basic Earnings per Share (p) | 4.6 | 22.8 | -79.8% |
| Net Rental Income (£m) | 15.4 | 19.6 | -21.4% |
| Development Profits (£m) | 4.9 | 0.3 | +1533.3% |
| Net Asset Value (£m) | 425.4 | 426.1 | -0.2% |
| EPRA Net Tangible Asset Value per Share (p) | 351 | 348 | +0.9% |
| IFRS Net Borrowings (£m) | 140.8 | 97.2 | +44.9% |
| See-through Net Borrowings (£m) | 239.2 | 112.8 | +112.1% |
| See-through Loan to Value (%) | 36.5 | 20.9 | +74.6% |
| Total Dividend Declared (p) | 2.5 | 5.0 | -50.0% |