StockMarketWire.com
Helical Bar posts an IFRS pre-tax profit of £85.9m for the six months to the end of September - up 100% on last time.

EPRA net asset value per share rose by 13.2% to 436p (31 March 2015: 385p) while EPRA earnings per share were up by 145% to 13.0p (2014: 5.3p).

Total property return increased by 55% to £107.6m (2014: £69.2m), reflecting growing net rents of £20.8m (up 11% from £18.8m last year) and development profits of £18.7m (2014: £15.6m). The gain on sale and revaluation of the investment portfolio contributed £68.1m (2014: £34.8m).

Recurring administration costs were £5.8m (2014: £5.2m) and performance-related awards and associated costs were £8.7m (2014: £7.7m). Net finance costs were £12.1m (2014: £12.4m) with a credit arising from the valuation of the Group's derivative financial instruments of £0.1m (2014: a charge of £1.8m) and a credit arising from valuing the Group's £100m Convertible Bond of £48,000 (2014: £1.6m).

Chief executive Michael Slade said: "Our portfolio is primarily targeted towards London for capital growth and development profits, and the regions for high yielding investment assets and trading profits. London continues to deliver strong returns and the Company is looking to increase its commitment to London by retaining its refurbishment schemes at C-Space, Charterhouse Square and, most notably, The Bower. Our larger balance sheet and our belief that the London office market will show continued growth has encouraged the Company to increase its exposure to locations which we believe will outperform.

"I have been Chief Executive of Helical since 1984 and one of its major shareholders for most of that period. In July 2016, at the next AGM, I will hand over the reins to Gerald Kaye, my fellow director for the past 21 years. I have been asked to take over from Nigel McNair Scott, our current Chairman, when he retires at next year's AGM and I am delighted to be able to continue to be part of the Helical story."