Helical Bar Posts Latest Results

Helical Bar Posts Latest Results

Published on 26-11-2009 by Skyscrapernews.com
Helical Bar is the latest of the major development companies active in central London to release their half yearly results.

The company hasn't seen the same green shoots of recovery as British Land posted a couple of weeks ago, however there are positives signs for Helical Bar too that they are finally getting out of the proverbial hole.

Writedowns on their property values have fallen from £23.9 million in 2008 to only £1.8 million in the first half of 2009 showing that the rate of decline has slowed. The next set of figures could even show an upward trend like British Land but those will, of course, be some months away.

The EPRA assets per share have also fallen from 286p per share to 271p per share but the good news is the debt position of the company which has radically improved. Helical Bar has repaid over £80 million worth of debt, a figure that has reduced their gearing from 95% in March 2009 to 83% and has been aided by a £103 million disposal programme.

Although this fall is encouraging the debt levels remain above those of numerous other leading developers in the same field, making it, at least relatively speaking, a more risky proposition than some rivals.

On the upside they also have £60 million worth of debt and cash facilities that remains unused giving the company a buffer to dip into should the worst happen, not to mention providing them with the opportunity to undertake developments if it becomes prudent to do so although it's unlikely we'll see developments like Mitre Square rise from the ground in the near future.

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