Despite diving back to red in the year to 31 March 2011, Helical Bar says that it is now set to get back in the game, with several new projects, including a 10-acre development in London’s White City to start next year.
Chairman Giles Weaver said: "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, making full use of the proceeds from our recent placing. 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."
Chief executive Michael Slade added: "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."
Mr Slade added: “In West London, our residential/mixed use portfolio is looking promising. We are confident of gaining planning consent at Fulham Wharf (100,000 sq ft Sainsbury's store, 463 residential units) where we act for Sainsbury, and at our joint venture with Grainger at Hammersmith Town Hall (110,000 sq ft council offices, 40,000 sq ft retail, 320 residential units).
“After several years of negotiation with other land owners and the planning authorities, we are now able to move forward and apply for planning at our White City site of 10 acres with a mixed use scheme of up to two million sq ft held jointly with our partner, Aviva. We hope to be ready to start on site by the end of 2012.”
Other schemes includea town-centre development at Shirley, Birmingham anchored by an 80,000 sq ft Asda store.
Helical Bar made a pre-tax loss of £6.3m last year, down from a £7.9 pre-tax profit in 2009/10. Before writedowns and investment gains, a pre-tax profit of £2.9m was realised, compared to £9.7m the previous year. Net rental income rose from £14.9m to £17.8m. Gearing was reduced from 84% to 81%.
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