Helical Bar PLC HLCL Half Yearly Report

  Helical Bar PLC (HLCL) - Half Yearly Report

RNS Number : 7484R
Helical Bar PLC
22 November 2012




                                      

                                      



22 November 2012

                                      

                                      

                                      



                                      

                        H E L I C A L B A R P L C

                        ("Helical"/"Company"/"Group")

                                      

                      H a l f Y e a r R e s u l t s

                                      

                   For the Six Months to 30 September 2012



                                      

                                      

Financial Highlights:



§ Profit before tax of £5.2m (2011: £4.1m) - up 27%

§ Group's share of net rental income of £12.2m (2011: £11.0m) - up 11%

§ Development profits of £4.7m (2011: £1.8m) - up 161%

§ Diluted EPRA earnings per share of 4.4p (2011: 4.1p) - up 7%

§ Diluted EPRA net assets per share at 252p (31 March 2012: 250p)

§ Group's share of property portfolio £582m (31 March 2012: £573m)

§ Ratio of net borrowings to property portfolio of 46% (31 March 2012: 49%)

§ Cash and unused bank facilities of over £85m

§ Reduction in effective rate of interest to 3.8% (31 March 2012: 4.2%)

§ Interim dividend increased to 1.85p per share (2011: 1.75p) - up 6%





Operational Highlights:



Development Programme

· Conditional  planning consent  granted  post the  period end  at  Barts 
Square, London EC1, for a 425,000 sq ft mixed use scheme

· Planning application submitted at  Brickfields, White City, London  W12 
for a c. 1.5m sq ft mixed use scheme

· Fulham  Wharf, London  SW6  sold during  the period  crystallising  our 
additional development management fee

· 74,000 sq ft under offer at 200 Aldersgate, London EC1

· Helical appointed as development partners to build a new 220,000 sq  ft 
headquarters for Scottish Power in Glasgow

· Sales  of £24m  of non-income  producing development  sites,  including 
Milton retirement  village site  (£6.9m)  and part  of the  Exeter  retirement 
village site (£7.6m)





Investment Portfolio

· Investment  portfolio  valuationsup  0.1% including  capex,  sales  and 
purchases (0.2% on  a like-for-like  basis) during the  six months,  comparing 
favourably to the IPD monthly index which fell 2.35% over the same period

· Like for like rents up 0.9% (£249,000). Increase driven by new lettings
(£885,000) and rental increases (£409,000), more than compensating for  losses 
from administrations and breaks / expiries

· 32 new  leases signed in  the period,  with 68.3% of  rent retained  at 
lease expiries and 78.4% retained at breaks

· Vacancy by ERV fell to 10.4% from 11.5% in March 2012







Commenting on the results, Michael Slade, Chief Executive said:



"Returns are hard to find in a market  where only a few asset classes in  very 
specific locations show  any rental or  capital growth. We  see three ways  to 
make profits for our  business: by buying  well, proactively managing  surplus 
cash flow and creating value through repositioning and development. Our  focus 
remains very much on those three areas.



"Overseas equity continues  to drive the  prime end of  the investment  market 
which may,  in  time,  become  over-bought.  We  anticipate  a  move  to  more 
investment in good  quality secondary  property. Development  will remain  the 
realm of  the experienced  and well-funded  and we,  with our  partners,  feel 
particularly well placed to capitalise on these opportunities."



For further information, please contact:



                                 Helical Bar
plc 020
                                  7629 0113

Michael Slade (Chief Executive)

Tim Murphy (Finance Director)



Address: 11-15 Farm Street, London W1J 5RS

Fax: 020 7408 1666

Website: www.helical.co.uk



        FTI Consulting 
                     020 7831 3113

Stephanie Highett/Dido Laurimore/Daniel O'Donnell



FINANCIAL HIGHLIGHTS



                                          Half Year To Half Year To Year To

                                          30 September 30 September 31 March
                                                    2012         2011
Adjusted Income Statement                                                2012
                                                      £m           £m
                                      Notes                                 £m
Group's share of net rental income      1           12.2         11.0     22.9
Development property profits                         4.7          1.8      0.7
Group's share of gain on sale and       2            0.5          1.2      3.9
revaluation
Total property return                               17.4         14.0     27.5
Profit before tax                                    5.2          4.1      7.4
EPRA earnings                                        5.2          4.7      4.0
                                                                         

                                                                         

                                                                         

Earnings Per Share and Dividends                  pence        pence    pence

                                                                         

Basic earnings per share                3            3.5          3.4      6.5

Diluted earnings per share              3            3.5          3.4      6.5
EPRA earnings per share                 3            4.4          4.1      3.4

Dividends per share paid in period                  3.40         3.15     4.90
                                                                         

                                                                     

                                                    At                    At

                                          30 September              31 March
                                                    2012
                                                                        2012
                                                      £m
Adjusted Balance Sheet                                                     £m
                                                       
                                                                           
                                                   326.6
Value of investment portfolio in                                        326.9
subsidiaries                                       122.2
                                        4                                132.8
Trading and development stock at                   132.8
directors' valuation in subsidiaries    4                                112.9
                                                   581.6
Group's share of property portfolio                                     572.6
in joint ventures and held for                        
sale investments                                                        
                                                   216.8
                                                                       231.3
                                                    49.4
Net debt in subsidiaries                6                                 51.1
                                                   266.2
Group's share of net debt of joint                                      282.4
ventures                                               
                                                                            
Group's share of total net borrowings              254.1
                                                                        253.7
                                                      
                                                                            
Net assets                                          252p
                                                                         250p
                                                      
                                        5                                    
Diluted EPRA Net Asset Value per                     46%
share                                                                     49%
                                                    105%
                                                                        111%

Ratio of net borrowings to fair value   6
of property portfolio

Net gearing






Notes



1. Includes Group's share  of net rental income  of joint ventures of  £2.4m 
(2011: £2.6m).



2. The Group's share  of the results of  entities controlled equally by  the 
Group and its joint venture partner.



3.  Calculated   in  accordance   with  IAS   33  and   the  best   practice 
recommendations of the European Public  Real Estate Association ("EPRA").  See 
note 9 of Half Year Statement.



4. Includes the trading  and development stock surplus  of £36.4m (31  March 
2012: £34.5m). See notes 11 and 12 of Half Year Statement.



5. Calculated in accordance with the best practice recommendations of  EPRA. 
See note 21 of Half Year Statement.



6. Net gearing is the ratio  of net borrowings, including the Group's  share 
of net borrowings  of joint  ventures and held  for sale  investments, to  net 
assets.

                                      

                                      

CHAIRMAN'S STATEMENT

                                      

Review of the Half Year



The results  for  the six  months  to 30  September  2012 showed  a  continued 
improvement in profits as net rental income from the investment portfolio  and 
increased development profits contributed to a pre-tax profit of £5.2m  (2011: 
£4.1m) and EPRA  earnings per  share of  4.4p (2011:  4.1p). Asset  management 
initiatives helped  to  maintain  investment values,  while  progress  on  the 
development programme allowed the Group to add to its surplus on the valuation
of trading and development stock. These results increase the Group's EPRA  net 
asset value per share to 252p (31 March 2012: 250p) and have enabled the Board
to approve an increased interim dividend of 1.85p per share (2011: 1.75p), the
first increase at the half year since 2007, reinforcing the Board's commitment
to a progressive dividend policy.



Outlook



I am pleased that Helical has had  a good start to the current financial  year 
and it is  gratifying to see  profits beginning to  flow from our  development 
pipeline after several years spent  identifying sites and working up  schemes. 
With the sound financial base of a  growing surplus of rents over finance  and 
administration costs, these development profits, in many cases generated  with 
negligible capital employed by Helical, will enable the Company to expand  its 
investment portfolio  and  increase  returns to  shareholders.  The  focus  on 
developments in Central and West  London in schemes where equity  requirements 
are kept to  a minimum  enable a  company of  Helical's size  to increase  its 
exposure to  a wider  range of  opportunities, in  joint venture  with  larger 
financial institutions, than would otherwise be  the case. With a backdrop  of 
continued economic uncertainty and political turmoil in Europe and the  Middle 
East, it is understandable that London continues to be seen as a 'safe  haven' 
for investors' money. Helical's development programme is primarily targeted at
office and residential schemes in the capital and these schemes, together with
the food store  and retirement  village programmes,  hold much  promise for  a 
profitable future for Helical.



Board Changes



During the half year there have been  several changes to the Board of  Helical 
Bar plc. As noted in the 2012 Report and Accounts, Giles Weaver, Antony Beevor
and Wilf Weeks stepped down from the Board at the 2012 Annual General Meeting.
On behalf of the remaining Board members, I would like to thank all three  for 
their contribution to the success of the Company. In particular, as  Chairman, 
Giles has  been a  firm hand  on the  tiller for  many years  providing  sound 
guidance and assistance to the Executive Board and I look forward to making  a 
similar contribution  in my  time as  Chairman.  I welcome  to the  Board,  as 
non-executive directors, Richard Gillingwater,  who has taken  on the role  of 
Senior Independent Director, and Richard Grant, who is the new Chairman of the
Audit Committee.  I  am confident  the  Company, and  its  shareholders,  will 
benefit from the  considerable experience  and fresh  perspective the  renewed 
non-executive team will bring to  Helical. Finally, I welcome the  appointment 
of Tim Murphy as my successor as Finance Director of the Company.





Nigel McNair Scott

Chairman

22 November 2012



CHIEF EXECUTIVE'S STATEMENT





Helical's Strategy



Helical Bar  plc  is  a  property investment  and  development  company  whose 
objective is  to  maximise returns  to  shareholders through  income  returns, 
development and trading profits  and capital growth.  The Group's strategy  to 
achieve these returns is:



§ To maintain and expand our  investment portfolio, providing a blend of  high 
yielding retail and office property  which offers considerable opportunity  to 
increase income and enhance capital values through proactive asset  management 
and skilful stock selection;

§ To  have  the majority  of  our gross  assets  in the  investment  portfolio 
creating positive net cash flow for the business;

§ To  carry out  developments  (mainly London  based),  whether new  build  or 
refurbishment,  creating   value   through   land   assembly,   planning   and 
implementation in the  office, residential,  mixed use and  retail sectors  to 
maximise returns by minimising the use of equity in development situations;

§ To carry out food store led / pre-let regional retail developments; and

§ To divest itself of non-core assets i.e. overseas properties.





Our Market



Returns are hard to find  in a market where only  a few asset classes in  very 
specific locations show  any rental or  capital growth. We  see three ways  to 
make profits for our  business: by buying  well, proactively managing  surplus 
cash flow and creating value through repositioning and development. Our  focus 
remains very much on those three areas.



Overseas equity continues  to drive  the prime  end of  the investment  market 
which may,  in  time,  become  over-bought.  We  anticipate  a  move  to  more 
investment in good  quality secondary  property. Development  will remain  the 
realm of  the experienced  and well-funded  and we,  with our  partners,  feel 
particularly well placed to capitalise on these opportunities.





Helical's Progress



Helical has historically been  renowned for maximising performance,  "punching 
above its weight" by working off a very small equity base and carrying out its
development work either on a forward  funded basis with UK and overseas  funds 
or in partnership with  financial institutions. Having had  a flat five  years 
working through our portfolio during  the most challenging market  conditions, 
we now  look forward  to  our development  portfolio  coming to  fruition  and 
enhancing shareholder returns.  We are happily  concentrating our  development 
efforts in those  areas and sectors  where we  see both capital  growth and  a 
continuing demand  from  both  occupiers  and  co-investors.  Mindful  of  the 
slowdown within the banking industry which has impacted their take-up of space
within the City we are pleased to control a site in Mitre Square, in the heart
of the insurance market. We are delighted that the City resolved this week  to 
grant planning consent for  our Barts Square scheme,  which has an office  and 
residential provision of c. 450,000 sq ft. This will allow us to take  forward 
the scheme  at the  end  of 2014,  once vacant  possession  of the  first  few 
buildings is achieved. Helical Retail, after five years of relative inactivity
due to  a dead  marketplace, is  now engaged  in some  seven projects  in  the 
Midlands, East Midlands and the South  East, acquiring sites by way of  option 
or exclusivity arrangements, pre-letting  to food-stores and pre-funding  with 
major UK institutions.



Having successfully  finished our  development management  role on  behalf  of 
Sainsbury's at Fulham Wharf,  we continue in our  joint venture with  Grainger 
plc to  redevelop around  Hammersmith Town  Hall where  we anticipate  gaining 
approval for a  modified scheme in  mid 2013. At  Brickfields, White City,  in 
joint venture with Aviva,  we anticipate receipt of  planning consent for  our 
1.5m sq ft scheme prior to our year end.



Each of the above projects should, on completion, have a significant effect on
our balance sheet and lead to a pipeline of future schemes.





Summary



All of the  above are made  possible by our  excellent relationships with  our 
bankers and the sizeable cash flow we enjoy from our acquisition of  carefully 
chosen investment stock. Continuing to find a suitable safe haven in multi-let
assets yielding  a  substantial  margin over  fixed  borrowing  costs  remains 
challenging as  a higher  yield attracts  higher risks.  As we  reap the  cash 
rewards of the  development projects, we  will continue our  current trend  of 
investing in  Central  London,  in  particular in  multi-let  offices  in  the 
villages around the centre which demonstrate the potential for both income and
capital growth.



Michael Slade

Chief Executive

22 November 2012





Financial Review



Review of the Half Year



Net rents from the Company's property  portfolio increased by 11% from  £11.0m 
to £12.2m, comprising £9.8m (2011: £8.4m)  from wholly owned assets and  £2.4m 
(2011: £2.6m) from assets held in joint venture.



The sale of the site at Fulham Wharf enabled the Company to recognise  further 
profits arising out of its development management agreement with  Sainsbury's. 
Together with continued development profits from the retirement village scheme
at Bramshott  Place, Liphook,  this increased  the Company's  net  development 
profits in the half year from £1.8m to £4.7m.

Administration costs, before  performance related awards,  increased to  £4.2m 
(2011: £3.6m).  Net finance  costs  rose from  £3.3m  to £4.8m  reflecting  an 
increase  in  borrowings  from   a  larger  investment  portfolio,   increased 
refinancing costs and a  lower level of capitalised  interest compared to  the 
corresponding period last  year. The  decline in  medium and  long term  rates 
since the year end contributed a  £0.7m (2011: £1.4m) loss when comparing  the 
fair value of  the Company's  derivative financial investments  to their  book 
value. Exchange  rate movements  on  the Company's  share  of the  assets  and 
liabilities relating  to its  Polish developments  generated a  loss of  £0.7m 
(2011: gain of £0.3m).



The investment portfolio rose  0.1% including capex,  sales and purchases  (31 
March 2012: 0.7%), reflected as a gain on revaluation of £0.7m (31 March 2012:
£3.7m) and  0.2%  on a  like-for-like  basis. A  loss  on sale  of  investment 
properties of £0.2m (31 March 2012: £0.4m) primarily reflects the  transaction 
costs of the sales.



The net result for the half year was  a pre-tax profit of £5.2m compared to  a 
profit of £4.1m in the corresponding period last year. This profit resulted in
a diluted EPRA  earnings per share  of 4.4p (2011:  4.1p). The Directors  have 
declared an interim dividend of 1.85p (2011: 1.75p) an increase of 5.7%.  This 
dividend will be paid on 28 December  2012 to shareholders on the register  on 
30 November 2012.



EPRA earnings of £5.2m added 4.4p to the EPRA net assets per share which, when
added to the gain on sale and revaluation of the investment portfolio and  the 
increase in the surplus on the directors' valuation of trading and development
stock, increased EPRA net assets per share to 255p. However, the dividend paid
in the half year of 3.40p reduced this to 252p.



Debt and Bank Facilities



Since 31 March 2012, Helical has continued to release cash and repay bank debt
from non-income producing assets,  receiving £24m from  sales, with a  further 
£7m of sales either agreed or in solicitors' hands. In total £16m of debt  has 
been repaid with new loans of £6m drawn down during the period.



At 30 September 2012 the Group had  net borrowings of £266.2m (31 March  2012: 
£282.4m) and gross property values of £581.6m (31 March 2012: £572.6m).  These 
net borrowings and property values include the Group's share of the properties
and borrowings held  in joint  ventures. The ratio  of net  borrowings to  the 
value of the property portfolio (including the surplus on directors' valuation
of stock) was  46% (31  March 2012:  49%). Net debt  to equity  gearing at  30 
September 2012 was 105% (31 March 2012: 111%).



Included within borrowings at 30 September 2012, Helical had £81m of debt  due 
for repayment within one year. Of this, terms have been agreed to extend  £70m 
for an average of  four years, with  the remainder to be  repaid upon sale  of 
properties.



At 30 September 2012, the Group's  share of fixed rate borrowings was  £139.1m 
(31 March 2012: £138.3m) with an effective rate of 4.4% (31 March 2012:  4.9%) 
and an average maturity of 2.6 years  (31 March 2012: 2.4 years). The  Group's 
share of floating rate borrowings was £181.8m (31 March 2012: £183.9m) with an
effective interest rate of  3.3% (31 March 2012:  3.6%). The Group's share  of 
interest rate caps at 30 September 2012 was £102.9m at an average rate of 4.1%
(31 March 2012 £144.2m at 4.6%).  Overall, the Group's share of borrowings  of 
£320.9m at 30 September  2012 had an  effective rate of  interest of 3.8%  (31 
March 2012: 4.2% on £322.2m)  and an average maturity  of 2.5 years (31  March 
2012: 2.8 years).



Since the year  end the Group  has taken  advantage of the  low interest  rate 
environment to acquire a £75m interest rate swap at 2%, effective from January
2015 to January 2020.  The acquisition of  this swap will  allow the Group  to 
continue to protect itself from rises in interest rates during that period.



Tim Murphy

Finance Director

22 November 2012





PROPERTY PORTFOLIO



A complete list of the  Group's ongoing projects is set  out in the tables  at 
the end of  this Half Year  Statement but  a summary of  the more  significant 
matters that have progressed since 31 March 2012 follows.



The table below shows how we invest our capital.







             London   South     In Out of                   Change Mixed Retirement         March
            Offices    East   Town   Town Poland Industrial of Use   Use   Villages  TOTAL   2012
                    Offices Retail Retail
Investment    22.0%    1.5%  41.0%   3.0%      -       3.0%      -     -       1.0%  71.5%  73.0%
Trading and    0.5%    2.0%   2.5%   0.5%  10.5%       0.5%   1.0%  1.0%      10.0%  28.5%  27.0%
Development
TOTAL         22.5%    3.5%  43.5%   3.5%  10.5%       3.5%   1.0%  1.0%      11.0% 100.0% 100.0%





Further portfolio statistics are included in the appendices to this statement.



Development Programme





Central London



Barts Square, London EC1 (www.bartssquare.com) - a 452,000 sq ft new mixed use
development



In joint venture with The  Baupost Group LLC we  own the freehold interest  in 
land and buildings  at this location  adjacent to the  new Barts Hospital  and 
close to a major intersection of Crossrail. The buildings are currently let to
the NHS for c. £3.5m per annum on leases expiring in 2014 and 2016.

In February 2012, we  submitted a planning application  for a new urban  mixed 
use quarter  integrating this  historic location  into a  high quality  scheme 
comprising c.  226,000 sq  ft of  offices, 206,000  sq ft  of residential  and 
24,000 sq ft of retail/restaurant use. In November 2012, the City resolved  to 
grant planning permission  for the  scheme. Work  will commence  on the  first 
phase when vacant possession is achieved at the end of 2014.



200 Aldersgate Street, London  EC1 (www.200aldersgate.com) -  a 370,000 sq  ft 
office refurbishment



Appointed under  an asset  and development  management agreement  by  Deutsche 
Pfandbriefbank, we have refreshed and re-clad parts of the building,  creating 
a 'vertical village' for  office users. We  have let 112,000  sq ft of  office 
space and currently have 73,000 sq ft  under offer. In addition, 35,000 sq  ft 
has been  let  to Virgin  Active.  Upon  completion of  a  successful  letting 
programme and a subsequent sale of the building, we will receive a development
management profit share to supplement the annual fee we currently receive.



Mitre Square, London EC3 (www.mitresquareec3.com) - a 276,000 sq ft new office
development



Helical has contracted to purchase two adjoining sites from the City of London
and SFL2 Limited  (previously Ansbacher) on  which it intends  to construct  a 
276,000 sq ft  office development  scheme. Construction is  ready to  commence 
when a forward funding or substantial pre-let is agreed.





West London



Brickfields, White City, London W12 (www.brickfieldsw12.com) - a c.  1,550,000 
sq ft new mixed use development



In joint venture with Aviva  we own a c. 10  acre site adjacent to White  City 
underground station and just  north of the  Westfield London Shopping  Centre, 
Shepherds Bush. An outline planning application was submitted for this  scheme 
in July 2012 and we anticipate a Planning Committee hearing at the end of 2012
or early 2013. The scheme comprises  1,250,000 sq ft of residential (c.  1,150 
units), 210,000 sq ft of  offices and c. 60,000 sq  ft of retail, leisure  and 
community uses.  Assuming planning  consent is  granted, we  hope to  be in  a 
position to make a start on site at the end of 2013.



Fulham Wharf, London SW6



At Sands End,  Fulham Wharf, on  behalf of landowner  Sainsbury's, we  secured 
planning permission for  a new  100,000 sq ft  food store,  together with  463 
residential   units    (590,000    sq    ft)   and    11,000    sq    ft    of 
restaurant/retail/community  use.  In   June  2012  the   site  was  sold   to 
housebuilder Barratts, in a  joint venture with  housing association London  & 
Quadrant, and construction of  the first phase, consisting  of the food  store 
and 267 residential units  has commenced. Helical received  a fee of £1.5m  in 
2011 for obtaining  planning permission for  the scheme and  has recognised  a 
profit share from the  sale of the  site and will receive  the cash as  phased 
payments are  made  to Sainsbury's.  In  accordance with  the  Group's  income 
recognition policies and IFRS, the Group has recognised this additional income
in these accounts.



King Street, Hammersmith, London W6



At King Street, Hammersmith  we have a development  agreement with the  London 
Borough of Hammersmith  & Fulham, in  partnership with residential  specialist 
Grainger plc, for the regeneration  of King Street, Hammersmith. A  resolution 
to grant  planning consent  was  obtained in  November  2011 for  new  council 
offices, a food store, restaurants and  300 homes around a new public  square. 
This scheme was not supported by the  Mayor and hence we are working with  the 
Borough on a new brief.  Public consultations on the  new design ideas are  to 
commence shortly with an application being submitted during 2013.



Scotland



Scottish Power Headquarters, Glasgow



Helical has been appointed, alongside  its joint venture partners Dawn  Group, 
by Scottish Power  to work  as development  partners on  Scottish Power's  new 
220,000 sq ft  headquarters on  St Vincent Street  in central  Glasgow. It  is 
anticipated that a  planning application  will be submitted  in December  2012 
with construction expected to commence in 2013.





Retail



Good progress is being made in securing  a number of potential food store  and 
non-food retail sites by way of options or conditional contracts, with a  view 
to satisfying specific retailers' store requirements. New opportunities  have 
been secured in Evesham,  Truro, Birmingham and  Nottingham to supplement  the 
existing schemes which are progressing at:-



Parkgate, Shirley, West Midlands



The mixed  use regeneration  project  is now  in  the construction  phase  and 
completion is on  track for April  2014. Anchored  by an 85,000  sq ft  Asda, 
discussions are now actively underway with a number of non-food retailers  and 
a mainstream housebuilder  as a  partner for  the residential  element of  the 
scheme.



Tyseley, Birmingham



An outline planning consent was  secured in the summer  and the scheme is  now 
being amended to  reflect the  requirements of the  68,000 sq  ft anchor  Asda 
store and the  70,000 sq ft  of open  A1 non-food space.  A detailed  planning 
application will be submitted in spring 2013.



Cortonwood



An outline planning application has recently been submitted for a 96,000 sq ft
open A1 retail park, which will serve  as an extension to the very  successful 
Cortonwood Retail Park.A planning decision is anticipated in spring 2013. The
conditional purchase  of  the  site  is then  subject  to  pre-lettings  of  a 
percentage of the retail space.





Poland



Europa Centralna, Gliwice - A 720,000 sq ft new retail development



In joint venture with a client of Standard Life, we will complete this  retail 
park and shopping centre comprising 720,000 sq  ft of retail space by the  end 
of 2012. The scheme  is over 70%  pre-let to Tesco,  Castorama and others  and 
will open in early  spring 2013. We  continue to work  with our joint  venture 
partners to let the  remaining space and will  sell our remaining interest  in 
the scheme to Standard Life's client two years after its completion.



Park Handlowy Myln, Wroclaw - A 103,000 sq ft new retail development



This out of town retail development was completed in 2008 and is fully let  to 
a number of domestic and international retailers. The scheme has been marketed
for sale and discussions are at an advanced stage with a purchaser and we hope
to complete a sale by the end of 2012.



Retirement Villages



A retirement  village  is a  private  residential community  in  which  active 
over-55's are  able  to  live  independently  in  retirement.  Residents  have 
typically down-sized from  a larger family  home into a  cottage or  apartment 
with no maintenance  or security issues.  With access to  a central  clubhouse 
containing a bar and  restaurant facilities and health  and fitness rooms  and 
surrounded  by  maintained   grounds,  this  retirement   option  is   proving 
increasingly popular.



Bramshott Place, Liphook, Hampshire - 151 cottages and apartments



Bramshott Place is a retirement village located adjacent to the A3 and Liphook
in Hampshire. The development  was started in 2007  and, built in phases,  has 
now been completed.  To date we  have sold  104 units with  reservations on  a 
further 15 units.



Durrants Village, Faygate, Horsham - 171 cottages and apartments



Durrants Village is a retirement village located near Horsham in West  Sussex. 
Construction of  the  first  phase  of  36  units  has  started  and  we  have 
reservations on eight of these units with a further 14 'up-field' reservations
on future phases.



Maudslay Park, Great Alne, Warwickshire



Maudslay Park,  Great  Alne  is  a retirement  village  located  c.  11  miles 
north-west of Stratford-upon-Avon in Warwickshire. Outline planning permission
was granted in 2011 for a retirement  village of 132 units. Demolition of  the 
existing buildings on site is starting in December 2012 with construction  due 
to commence in summer 2013.



St Loye's College, Exeter



St Loye's College  is a retirement  village site located  on the outskirts  of 
Exeter. A resolution to grant planning permission for a retirement village was
granted in 2009 and in  2011 we received planning  consent for 63 open  market 
housing units on part of the site. This part was sold in August 2012 to Linden
Homes and a retirement village  of c. 164 units  is planned for the  remaining 
site, with construction due to start in early 2013.



Ely Road, Milton, Cambridge



We acquired this site in 2006 and obtained an amended planning consent for  89 
open market housing  units in 2011.  The site  was sold in  September 2012  to 
Bellway Homes for its book value of £6.9m.







Investment Portfolio





There was  a  valuation  increase of  0.1%  in  the six  months  to  September 
including capex, sales  and purchases  (0.2% on a  like-for-like basis)  which 
compares favourably to the  IPD monthly index which  fell 2.35% over the  same 
period.



The yields  on  the investment  portfolio  as at  30  September 2012  were  as 
follows:



             Portfolio Initial Reversionary      Yield on letting  Equivalent
             Weighting   Yield        Yield                 voids Yield (AiA)
                     %       %            %                     %           %
Industrial         4.1     8.4         10.3                  10.0         9.5
London
Offices           30.9     5.5          8.3                   7.3         7.7
South East
Offices            2.0     8.3          8.5                   8.3         8.6
Retail - in
town              57.5     7.3          8.2                   7.8         7.8
Retail - out
of town            3.8     5.9          6.6                   6.0         6.6
Other              1.7     n/a          n/a                   n/a         n/a
Total            100.0     6.9          8.3                   7.7         7.8

Note: Includes our share of Clyde Shopping Centre. Yield calculations  exclude 
Barts (Barts initial yield is 5.3%).Valuation movements include Barts.





Sales



We  have  continued  to  make  good  progress  selling  non-income   producing 
properties. Sales totalled  £28.7m of which  £24.8m was non-income  producing. 
The sales included the retirement village  site at Milton (£6.9m) and part  of 
the retirement village site at  Exeter (£7.6m), as well  as £5.6m of sales  of 
completed units at Bramshott Place, Liphook. Merlin Park, Manchester, a 62,000
sq ft fully let industrial unit, was sold for £3.6m.



Acquisitions



There have been no new acquisitions in the period.



Asset Management



We completed 32 new  lettings, increasing our  contracted income by  £885,000, 
and have completed 27  lease renewals, securing a  further £778,000 of  annual 
rent (an increase of £75,000 pa).  We also secured £334,000 of rental  uplifts 
through rent reviews  and final uplifts.  This was  offset by the  loss of  51 
tenants during the six months due to lease expiries, breaks or tenants falling
into administration, resulting in a reduction of £1,045,000 to our  annualised 
income. The  loss solely  attributable to  administrations totalled  £468,000. 
Overall our portfolio's annual income increased by £249,000.





Principal investment properties:



During the period from December 2009 to October 2011 we acquired interests  in 
four retail investment  assets, to  add to our  existing core  holding at  the 
Morgan Quarter, Cardiff.  These assets  were bought  as they  provided a  good 
yield whilst offering a  number of opportunities to  use our asset  management 
skills to deliver income growth in  the near term and capital appreciation  in 
the longer term.



Retail





Clyde Shopping Centre, Clydebank, Scotland



The Clyde Shopping Centre is the dominant retail location in Clydebank and the
north west quarter of Glasgow. The centre comprises over 625,000 sq ft of  net 
retail space with  six anchor  stores, including Asda,  Primark, BHS,  Dunnes, 
Boots and Argos,  over 120 shops,  cafes and  parking for c.  2,000 cars.  The 
centre was originally opened in 1978 and subsequent phases were built in 1980,
1987 and 2003. Acquired in December 2009 for £69m, reflecting an initial yield
of 8.3%, this long leasehold interest was acquired in joint venture with Prime
Commercial Properties  with  Helical owning  a  60% economic  interest.  Since 
acquisition, new leases have  been signed with  Poundworld, JD Sports,  Costa, 
Bank, Claire's Accessories, Watt Brothers,  Trespass, The Post Office,  Greggs 
and Argos as well as many other  smaller retailers. Net of head rents,  rental 
income has moved  from £5.8m at  acquisition to £6.4m  once rent free  periods 
expire.





The Morgan Quarter, Cardiff



The Morgan  Quarter is  a prime  retail freehold  investment asset  comprising 
220,000 sq ft. The  asset was acquired as  the former David Morgan  Department 
Store in 2005, refurbished  in 2006/7 and subsequently  let to TK Maxx,  Urban 
Outfitters, Jack Wills, White Stuff, Joules, Fred Perry and Dr Martens amongst
other retailers. Alongside the  main retail units are  two arcades; the  Royal 
and Morgan Arcades  which are  multi-tenanted and  provide a  number of  asset 
management opportunities. With current contracted rent of £3.6m and an ERV  of 
£4.3m, there is a good opportunity for rental growth in the medium term.





Corby Town Centre, Corby



Corby Town Centre is a freehold investment asset comprising over 700,000 sq ft
of primarily retail space  including the Oasis Retail  Park, Willow Place  and 
Corporation Street.  We acquired  this  asset in  October  2011 for  c.  £70m, 
reflecting an initial  yield of 8.0%.  In the 12  months since acquisition  we 
have concluded  10  new lettings  including  Greenwoods, Grace  &  Co,  Coral, 
Henderson Connellan  &  Clearkut and  completed  22 lease  renewals.  We  have 
removed canopies  and installed  new street  lighting to  Corporation  Street, 
opened up  Market Walk  by removing  concrete bridge  links and  removing  the 
redundant bus station roof, with new lighting to be installed shortly. We have
secured  planning  permission  for  the  relocation  of  the  market  back  to 
Corporation Street with new stalls under construction. We have also sold Deene
House for £1.5m (representing a 4.9% yield).





The Guineas, Newmarket



In December  2010 we  purchased The  Guineas, Newmarket,  a regional  shopping 
centre, at  an initial  yield of  c. 8%.  Acquired from  administrators,  this 
142,000 sq ft  shopping centre is  let to Marks  & Spencer, Argos,  Poundland, 
Superdrug and others. A minor refurbishment has recently been completed.  Upon 
conclusion of deals in solicitors' hands  we will have only two vacant  retail 
units.





Idlewells Shopping Centre, Sutton-in-Ashfield



In January 2011 we purchased the Idlewells Shopping Centre, Sutton-in-Ashfield
for c. £16m,  at an  initial yield  of c. 8.5%.  This 143,000  sq ft  shopping 
centre is let to New Look, Argos, B+M Bargains and others. The centre is fully
let and four lease renewals have been concluded in the last six months.



Offices



Shepherds Building, Shepherds Bush, London W14



Shepherds Building  is a  151,000 sq  ft refurbished  office block  let to  63 
tenants with  less than  500 sq  ft  vacant. The  occupiers are  mainly  media 
related businesses including Endemol, Crow TV, Fox and others and the  average 
rent is £23.50 psf. Contracted rents are c. £3.6m and the freehold interest is
valued at an initial yield of 7%.





Silverthorne Road, Battersea, London SW8



Acquired with vacant possession in 2005, we refurbished the existing building,
Battersea 1, to create a multi-let TV  production and office hub of c.  56,000 
sq ft.



In 2007-2009 we obtained planning consent  and built Battersea 2, a 51,000  sq 
ft new office building. This building is  now c. 62% let with interest in  the 
remaining space. Contracted rents for the two buildings are c. £1.5m and, once
fully let, should yield in excess of 8%.





Broadway House, Hammersmith, London W6



Broadway House, Hammersmith was bought for  c. £14m from receivers in  January 
2012, reflecting a net initial yield of 5.7% and a targeted reversionary yield
of c. 8.7%. This 35,000  sq ft multi-let investment  has retail on the  ground 
floor with  four floors  of offices  above. The  retail is  let to  Dollond  & 
Aitchison, Lloyds TSB, Café  Nero, Ryman and Ladbrokes  with two floors  above 
let to Pakistan International Airlines and Kaplan Financial. The two remaining
office floors  have been  refurbished and  are being  actively marketed,  with 
interest being  shown by  a number  of potential  tenants. Current  contracted 
rents are c. £0.9m and the freehold interest is valued at an initial yield  of 
5.4%.





Independent review report to the members of Helical Bar plc





Introduction

We have reviewed the condensed set of financial statements in the  half-yearly 
financial report of Helical Bar plc for the six months ended 30 September 2012
which comprises the consolidated income statement, the consolidated  statement 
of comprehensive income, the consolidated balance sheet, the consolidated cash
flow statement,  the consolidated  statement  of changes  in equity,  and  the 
related notes. We have read the other information contained in the half yearly
financial report: Chairman's Statement, Chief Executive's Statement, Financial
Highlights, Financial  Review  and  Property  Portfolio  and  have  considered 
whether it  contains any  apparent misstatements  or material  inconsistencies 
with the information in the condensed set of financial statements.



This report is made solely to the company's members, as a body, in  accordance 
with International  Standard  on Review  Engagements  (UK and  Ireland)  2410, 
'Review of Interim Financial Information performed by the Independent  Auditor 
of the Entity'. Our review work has been undertaken so that we might state  to 
the company's members those  matters we are  required to state  to them in  an 
independent review report  and for  no other  purpose. To  the fullest  extent 
permitted by law, we  do not accept or  assume responsibility to anyone  other 
than the company and the company's members as a body, for our review work, for
this report, or for the conclusion we have formed.



Directors' responsibilities

The half-yearly  financial  report is  the  responsibility of,  and  has  been 
approved by, the directors.  The directors are  responsible for preparing  the 
half-yearly  financial   report  in   accordance  with   the  Disclosure   and 
Transparency Rules of the United Kingdom's Financial Services Authority.



As disclosed  in note  1, the  annual financial  statements of  the group  are 
prepared in  accordance with  International Financial  Reporting Standards  as 
adopted by  the European  Union.  The condensed  set of  financial  statements 
included in this half-yearly financial report has been prepared in  accordance 
with International Accounting Standard34,  'Interim Financial Reporting',  as 
adopted by the European Union.



Our responsibility

Our responsibility  is  to  express  a conclusion  on  the  condensed  set  of 
financial statements in the half-yearly financial report based on our review.



Scope of review

We conducted our review  in accordance with  International Standard on  Review 
Engagements (UK and  Ireland) 2410, 'Review  of Interim Financial  Information 
Performed by  the Independent  Auditor of  the Entity'.  A review  of  interim 
financial information  consists  of  making enquiries,  primarily  of  persons 
responsible for financial and accounting matters, and applying analytical  and 
other review procedures. A review is substantially less in scope than an audit
conducted in  accordance  with International  Standards  on Auditing  (UK  and 
Ireland) and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an  audit. 
Accordingly, we do not express an audit opinion.



Conclusion

Based on our  review, nothing  has come  to our  attention that  causes us  to 
believe that  the condensed  set of  financial statements  in the  half-yearly 
financial report for the six months ended 30 September is not prepared, in all
material respects, in  accordance with  International Accounting  Standard34, 
'Interim Financial  Reporting',  as adopted  by  the European  Union  and  the 
Disclosure and Transparency Rules of  the United Kingdom's Financial  Services 
Authority.









Grant Thornton UK LLP

Auditor

London

22 November 2012





Consolidated Income Statement

                    For the Half Year to 30 September 2012





                                      Half Year To 30 Half Year To  Year To
                                             September
                                                      30 September 31 March
                                                  2012                       
                                                              2011     2012
                                                  £000
                                 Notes                         £000     £000
Revenue                            3            44,225       31,333   52,968 
Net rental income                  4             9,794        8,354   17,876 
Development property profit                     4,739        1,845      655 
Trading property loss                             (6)            -        - 
Share of results of joint         11             1,219        1,028    2,472 
ventures
Other operating income                              2          111      113 
Gross profit before gain on sale               15,748       11,338   21,116
and  revaluation   ofinvestment                                             
properties
Net gain on sale and revaluation   5               557          486    3,288
of investment properties
Gross profit                                   16,305       11,824   24,404 
Administrative expenses                        (4,957)      (3,264)  (7,800) 
Operating profit                               11,348        8,560   16,604 
Finance costs                      6           (5,042)      (3,499)  (8,409) 
Finance income                                    258          227      583 
Change in fair value of                         (659)      (1,434)    (306) 
derivative financial instruments
Foreign exchange (loss)/gain                    (662)          255  (1,064) 
Profit before tax                               5,243        4,109    7,408 
Tax on profit on ordinary          7           (1,169)        (126)      158 
activities
Profit after tax                                4,074        3,983    7,566 
- attributable to                                 (7)            -      (9) 
non-controlling interests
- attributable to equity                        4,081        3,983    7,575 
shareholders
Profit for the period                           4,074        3,983    7,566 
                                                                            
Earnings per 1p share              9                                         
                                                                            
Basic                                            3.5p         3.4p     6.5p 
Diluted                                          3.5p         3.4p     6.5p 





Consolidated Statement of Comprehensive Income

                    For the Half Year to 30 September 2012



                                            Half Year To Half Year To Year To

                                            30 September 30 September 31 March

                                                    2012         2011     2012

                                                    £000         £000     £000
Profit for the period                              4,074        3,983    7,566
Impairment of available-for-sale                   (432)            -  (3,521)
investments
Exchange difference on retranslation of net         (34)         (23)     (39)
investments in foreign operations
Total comprehensive income for the period          3,608        3,960    4,006
- attributable to equity shareholders           3,615        3,960    4,015
- attributable to non-controlling                 (7)            -      (9)
interests
                                                   3,608        3,960    4,006





Consolidated Balance Sheet

At 30 September 2012



                                                    At           At        At

                                          30 September 30 September  31 March

                                                  2012         2011      2012

                                     Notes         £000         £000      £000
Non-current assets
Investment properties                 10        326,601      236,244   326,876
Owner occupied property, plant and                1,138        1,353     1,251
equipment
Investment in joint ventures          11         41,344       36,409    40,592
Derivative financial instruments      18            260          184       629
Trade and other receivables           14          6,141            -         -
Deferred tax asset                     7          8,010        8,904     9,050
                                                383,494      283,094   378,398
Current assets
Land, developments and trading        12         86,810      142,864    99,741
properties
Available-for-sale investments        13          6,766       10,778     7,003
Trade and other receivables           14         24,256       26,762    23,076
Corporation tax receivable                            -        1,046     1,178
Cash and cash equivalents             15         38,893       46,726    35,411
                                               156,725      228,176   166,409
Total assets                                    540,219      511,270   544,807

Current liabilities
Trade and other payables              16       (29,477)     (23,506)  (24,807)
Corporation tax payable                            (21)            -         -
Borrowings                            17       (81,088)     (25,866)  (59,203)
                                             (110,586)     (49,372)  (84,010)
Non-current liabilities
Borrowings                            17      (172,137)    (200,220) (203,992)
Derivative financial instruments      18        (3,365)      (6,313)   (3,075)
                                             (175,502)    (206,533) (207,067)
Total liabilities                             (286,088)    (255,905) (291,077)
Net assets                     254,131      255,365   253,730



Equity
Called-up share capital                             19   1,447   1,447   1,447
Share premium account                                   98,678  98,678  98,678
Revaluation reserve                                      2,608     171   2,612
Capital redemption reserve                               7,478   7,478   7,478
Other reserves                                             291     291     291
Retained earnings                                      143,523 147,178 143,111
Equity attributable to equity holders of the parent    254,025 255,243 253,617
Non-controlling interests                                  106     122     113
Total equity                                           254,131 255,365 253,730








Consolidated Cash Flow Statement

For the Half Year to 30 September 2012

                                 Half Year To       Half Year To       Year To

                                 30 September 30 September 31 March 2012
                                         2012               2011
                                                                          £000
                                         £000               £000
Cash flows from operating
activities
Profit before tax                       5,243              4,109         7,408
Depreciation                              140                164           309
Revaluation gain on investment          (739)            (1,223)       (3,664)
properties
Loss on sales of investment               182                737           376
properties
Net financing costs                     4,822              3,272         7,826
Change in value of derivative             659              1,434           306
financial instruments
Share based payment                       766              (329)            35
charge/(credit)
Share of results of joint             (1,219)            (1,028)       (2,472)
ventures
Fair value adjustment for                   -                  -       (4,278)
disposal of interest in
subsidiary
Foreign exchange movement                 496              (239)           896
Other non-cash items                        -                 14             7
Cash inflows from operations           10,350              6,911         6,749
before changes in working
capital
Change in trade and other             (7,772)             11,570        12,503
receivables
Change in land, developments and       13,700              6,312        19,691
trading properties
Change in trade and other               5,374           (21,645)      (19,617)
payables
Cash inflows generated from            21,652              3,148        19,326
operations
Finance costs                         (7,133)            (5,994)      (13,119)
Finance income                            320                257           623
Tax received/(paid)                     1,250              (128)             -
                                      (5,563)            (5,865)      (12,496)
Cash flows from operating              16,089            (2,717)         6,830
activities
Cash flows from investing
activities
Purchase of investment property       (2,775)           (12,532)     (102,750)
Sale of investment property             3,572             46,152        50,434
Cost of acquiring derivative                -              (932)       (1,276)
financial instruments
Cost of cancelling interest rate            -              (891)       (3,102)
swap
Return of investment in joint             367                683         2,098
ventures
Dividends from joint ventures               -                  -           500
Sale of plant and equipment                 -                  -             7
Purchase of leasehold                    (33)               (37)          (63)
improvements, plant and
equipment
Net cash generated from/(used           1,131             32,443      (54,152)
in) investing activities



Cash flows from financing
activities
Borrowings drawn down                   5,971             31,430       206,637
Borrowings repaid                    (15,685)           (42,073)     (149,502)
Equity dividends paid                 (3,973)            (3,663)       (5,707)
Net cash (used in)/generated         (13,687)           (14,306)        51,428
from financing activities
Net increase in cash and cash           3,533             15,420         4,106
equivalents
Exchange losses on cash and cash         (51)               (21)          (22)
equivalents
Cash and cash equivalents at           35,411             31,327        31,327
start of period
Cash and cash equivalents at end       38,893             46,726        35,411
of period

Consolidated statement of changes in equity

At 30 September 2012



                                                                   Capital                 Non-controlling       
                                                                                                       interests
                                         Share   Share Revaluation redemption    Other Retained                       
                                                                               reserves                     £000
                                       capital premium     reserve    reserve          earnings                   Total
                                                                                   £000
                                           £000    £000        £000       £000              £000                    £000
At 31 March 2011                          1,447  98,678       3,495      7,478      291  143,886             122 255,397


Total comprehensive income                    -       -           -          -        -    4,015             (9)   4,006

Revaluation surplus                          -       -       3,664          -        -  (3,664)               -       -
Realised on disposals                         -       -     (4,547)          -        -    4,547               -       -
Performance share plan                        -       -           -          -        -       35               -      35
Dividends paid                                -       -           -          -        -  (5,708)               - (5,708)


At 31 March 2012                          1,447  98,678       2,612      7,478      291  143,111             113 253,730


Total comprehensive income                   -       -           -          -        -    3,615             (7)   3,608
Revaluation surplus                          -       -         739          -        -    (739)               -       -
Realised on disposals                         -       -       (743)          -        -      743               -       -
Performance share plan                        -       -           -          -        -      766               -     766
Dividends paid                                -       -           -          -        -  (3,973)               - (3,973)
At 30 September 2012                      1,447  98,678       2,608      7,478      291  143,523             106 254,131

The adjustment against retained earnings of £766,000 (31 March 2012:  £35,000) 
adds back the  share based  payments charge in  accordance with  IFRS 2  Share 
Based Payments.



There were net transactions  with shareholders of  £3,973,000 (31 March  2012: 
£5,708,000) made up of dividends paid.





                                          Capital                 Non-controlling       
                                                                              interests
                Share   Share Revaluation redemption    Other Retained                       
                                                      reserves                     £000
              capital premium     reserve    reserve          earnings                   Total
                                                          £000
                  £000    £000        £000       £000              £000                    £000
At 31 March      1,447  98,678       3,495      7,478      291  143,886             122 255,397
2011
Total                -       -           -          -        -    3,960               -   3,960
comprehensive
income
Revaluation          -       -       1,223          -        -  (1,223)               -       -
surplus
Realised on          -       -     (4,547)          -        -    4,547               -       -
disposals
Performance          -       -           -          -        -    (329)               -   (329)
share plan
Dividends paid       -       -           -          -        -  (3,663)               - (3,663)
At 30            1,447  98,678         171      7,478      291  147,178             122 255,365
September 2011



There were  net  transactions  with  shareholders of  £3,663,000  made  up  of 
dividends paid.



Unaudited notes to the Half Year Statement



1.  Financial Information



The financial  information contained  in this  statement does  not  constitute 
statutory accounts within  the meaning  of section  434 of  the Companies  Act 
2006. The full accounts for the year ended 31 March 2012, which were  prepared 
under International  Financial  Reporting  Standards  and  which  received  an 
unqualified report from the  Auditors, and did not  contain a statement  under 
Section 498 of the Companies Act 2006,  have been filed with the Registrar  of 
Companies.



These interim condensed consolidated  financial statements have been  prepared 
in accordance  with IAS  34  Interim Financial  Reporting  as adopted  by  the 
European Union. The principal accounting policies have remained unchanged from
the prior financial period to 31 March 2012.



They do not include all of the information required for full annual  financial 
statements, and should be read in conjunction with the consolidated  financial 
statements of the Group for the year ending 31 March 2012.



The directors have a reasonable expectation that the Company will continue  in 
operational existence for the foreseeable future and have, therefore, used the
going concern basis in preparing the financial statements.



Principal risks and uncertainties



The responsibility for the  governance of the Group's  risk profile lies  with 
the Board of Directors  of Helical. The Board  is responsible for setting  the 
Group's risk  strategy  by assessing  risks,  determining its  willingness  to 
accept those risks  and ensuring  that the risks  are monitored  and that  the 
Group is aware of and, if appropriate, reacts to, changes in those risks.  The 
Board is also responsible  for allocating responsibility  for risk within  the 
Group's management structure.



The Group considers its principal risks to be:



- strategic risk

- financial risk

- development risk

- reputational risk, and

- people risk.



There have been no significant changes to these risk areas in the period. A
further analysis of these risks is included within the consolidated financial
statements of the Group for the year ended 31 March 2012.



The half year statement was approved by  the Board on 22 November 2012 and  is 
being sent to shareholders and will be available from the Company's registered
officeat11‑15Farm Street, London W1J  5RS and on  the Company's website  at 
www.helical.co.uk.





2. Statement of directors' responsibilities



The directors confirm that, to the best of their knowledge, this condensed set
of financial statements has been prepared in accordance with IAS 34 as adopted
by the European Union, and that the interim management report herein  includes 
a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R.



Balances with  related parties  at 30  September 2012  and 31  March 2012  are 
disclosed in note 22.



A list of current directors is maintained at 11-15 Farm Street, London W1J 5RS
and at www.helical.co.uk.



On behalf of the Board

Tim Murphy

Finance Director

22 November 2012



  3.  Segmental information



The Group  identifies  two  discrete  operating  segments  whose  results  are 
regularly reviewed by the Chief Operating Decision Maker (the Chief Executive)
to allocate resources to these segments  and to assess their performance.  The 
segments are: 



· investment  properties, which  are owned  or leased  by the  Group  for 
long-term income and for capital  appreciation, and trading properties,  which 
are owned or leased with the intention to sell; and,

· development properties, which include sites, developments in the  course 
of construction,  completed  developments  available for  sale,  and  pre-sold 
developments.





 Investment
 Investment


 and trading
Developments Total  and trading Developments
 Total

 Half year to Half year to
Half year to  Half year to  Half year to  Half year to

 30.9.12
30.9.12 30.9.12 30.9.11
30.9.11 30.9.11

Revenue £000
£000 £000  £000  £000
 £000

Rental income  12,129 846
12,975 9,665 787 10,452

Development income - 31,140
31,140 -  10,507 10,507

Trading property sales  100
- 100 10,263  -
 10,263  

 12,229
31,986 44,215 19,928  11,294
 31,222   



Other
revenue
10
111  


Revenue

44,225
31,333

  


  Investment



and trading Developments Total


 Year to Year to Year to


31.3.12 31.3.12  31.3.12

Revenue
 
£000 £000 £000

Rental income 
 
21,391 1,667 23,058

Development income 
  
- 19,666 19,666

Trading property sales 
  
10,131 - 10,131


  
31,522 21,333 52,855

Other revenue
   
  113

Revenue 
 
  52,968








Investment Investment


 and trading
Developments Total and trading
Developments Total

 Half year to Half year to
Half year to Half year to Half year to Half year to

 30.9.12
30.9.12 30.9.12  30.9.11  30.9.11
 30.9.11

Profit before tax £000
£000 £000 £000
£000 £000 

Net rental income 9,069
725 9,794 7,680
674 8,354

Development property profit -
4,739 4,739 -
1,845 1,845

-

Trading property loss  (6)
- (6) -
- -

Share of results of joint ventures 1,124 95
1,219 1,003 25
1,028

Gain on sale and revaluation  557
- 557 486
- 486

of investment
properties

 10,744
5,559 16,303 9,169
2,544 11,713

Other operating income 

2
111

Gross
profit
16,305
11,824

Administrative
expenses
(4,957)
(3,264)

Net finance
costs
(5,443)
 (4,706)

Foreign exchange
(loss)/gain
(662)
255

Profit before tax
 5,243
 4,109




  Investment



and trading Developments Total


Year to Year to Year to


31.3.12 31.3.12 31.3.12

Profit before tax

£000 £000 £000

Net rental
income
16,740 1,136 17,876

Development property
profit
- 655 655

Share of results of joint
ventures
 2,616 (144) 2,472

Gain on sale and revaluation of investment
properties 
3,288 - 3,288


 22,644
1,647 24,291

Other operating income

113

Gross
profit
24,404

Administrative
expenses
(7,800)

Net finance
costs
(8,132)

Foreign exchange
loss
(1,064)

Profit before
tax
7,408



           Investment   
           Investment  
                                                

 and trading
Developments Total and trading
Developments Total


At At At
At At At

 30.9.12
30.9.12 30.9.12 31.3.12
31.3.12 31.3.12

Balance sheet £000
£000 £000 £000
£000 £000

Investment properties 326,601
- 326,601 326,876
- 326,876

Land, development and  2,510 84,300
86,810 2,638 97,103 99,741
trading properties


Investment in joint ventures 32,576 8,768
41,344 31,919 8,673 40,592

 361,687
93,068 454,755 361,433
105,776 467,209

Other assets 
 85,464
 77,598

Total assets

540,219
544,807

Liabilities

(286,088)
(291,077)

Net
assets
254,131
253,730





4.Net rental income



                                      Half Year To      Half year To  Year To

                                       30 September 30 September 2011 31 March

                                               2012              £000     2012

                                               £000                       £000
Gross rental income                          12,975            10,452   23,058
Rents payable                                 (172)             (210)    (418)
Property overheads                          (2,618)           (1,490)  (3,938)
Net rental income                            10,185             8,752   18,702
Net rental income attributable to             (391)             (398)    (826)
profit share partner
Group share of net rental income              9,794             8,354   17,876







5. Net gain on sale and revaluation of investment properties



                                       Half Year To      Half Year To  Year To

                                       30 September 30 September 2011 31 March

                                               2012              £000     2012

                                               £000                       £000
Net proceeds from the sale of                 3,936            49,166   50,427
investment properties
Book value (note 10)                        (3,753)          (49,469) (50,768)
Other costs                                   (365)             (434)     (35)
Loss on sale of investment properties         (182)             (737)    (376)
Revaluation surplus on investment               739             1,223    3,664
properties
Net gain on sale and revaluation of             557               486    3,288
investment properties





6. Finance costs



                                       Half Year To      Half Year To  Year To

                                       30 September 30 September 2011 31 March

                                               2012              £000     2012

                                               £000                       £000
Interest payable on bank loans and          (5,597)           (4,905) (10,808)
overdrafts
Other interest payable and similar            (791)             (462)    (901)
charges
Interest capitalised                          1,346             1,868    3,300
Finance costs                               (5,042)           (3,499)  (8,409)





7. Taxation on profit on ordinary activities



                                            Half Year To Half Year To  Year To

                                            30 September 30 September 31 March
                                                                 2011
                                                    2012                  2012
                                                                 £000
                                                    £000                  £000
The tax (charge)/credit is based on the                                    
profit for the period and represents:
                                                                           
United Kingdom corporation tax at 24%.
                                                                           
- Group corporation tax
                                                    (88)         (20)        -
-  Adjustment in respect of prior periods             -            -      153
-  Overseas tax                                    (41)        (131)    (163)
Current tax charge                                 (129)        (151)     (10)
Deferred tax

 - capital
allowances

- tax losses



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