REG - Helical PLC - Annual Results for the Year to 31 March 2026
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RNS Number : 3598F Helical PLC 22 May 2026
HELICAL PLC
("Helical" or the "Group" or the "Company")
Annual Results for the Year to 31 March 2026
Building for Success
Matthew Bonning-Snook, Chief Executive, commented:
"It has been an extremely active and productive year; highlights included
significant lettings at The Bower, EC1 and progress across our substantial
office development portfolio, with over 700,000 sq ft having been in build.
This includes two office schemes, totalling 270,000 sq ft, that will be
delivered in the next eight months into a market where new build vacancy is
close to 1%, which provides the opportunity to capture significant value
upside as they are let.
"In addition, we have acquired, financed and started on site at our new office
scheme Delta Paddington, W2 and forward funded our student development at
Southwark, SE1, whilst simultaneously forward selling the affordable housing
element.
"Earlier this week we completed our forward sale of 100 New Bridge Street,
EC4, with the proceeds being used to de-leverage as well as enable a
meaningful return of capital to Shareholders, and invest into our future
pipeline. This includes a new Places for London ("PfL") joint venture office
opportunity at 63 Charterhouse Street, EC1M, where we successfully obtained
planning permission last month, with a number of additional, attractive
opportunities under active consideration."
Operational Activity During the Year
Development Activity
· 100 New Bridge Street, EC4 - Having achieved practical completion of the
195,000 sq ft best‑in‑class office redevelopment, the post-period sale to
State Street Corporation for £333m (Helical share: £166.5m) completed on 20
May 2026. The full refurbishment of this highly sustainable HQ building was
delivered in 24 months and in line with the joint venture's budget.
· Brettenham House, WC2 - Works are at an advanced stage on the
comprehensive redevelopment of this c.128,000 sq ft 1930s building, with
completion due in August 2026. During the year, two floors have reached
sectional completion and the external scaffolding has now been dismantled,
unlocking sweeping views of the River Thames from the newly created terraces.
We are pleased to have been awarded a 5* NABERS Design for Performance rating,
verifying the operational efficiency of the development.
· 10 King William Street, EC4 - This 142,000 sq ft best‑in‑class City
office development is due to reach practical completion in December 2026.
Construction continues to progress well, with the scheme topping‑out in
January 2026 and the façade installation now complete. In a City office
market characterised by extremely limited best‑in‑class space, 10 King
William Street is generating good letting interest. The scheme will offer
highly efficient and flexible 20,000 sq ft floorplates, alongside a strong
focus on occupier wellbeing including a comprehensive wellness suite and three
levels of terracing.
· Southwark, SE1 - In February 2026, we exchanged contracts with PfL's
newly established operational platform to forward fund the 429-bed
purpose‑built student accommodation component of the scheme. In parallel,
contracts were exchanged for the forward sale of the adjacent 44-home
affordable residential building to Southwark Borough Council. This transaction
represents a significant de‑risking of the project, with the joint venture
now only taking delivery risk, with no exposure to occupational or market
risk. The use of this equity-light structure should allow Helical the
opportunity to generate in excess of a 3.0x return on investment. Having
recently received listed building consent, we await Gateway 2 approval before
starting construction, with delivery targeted for the start of the 2029/30
academic year.
· Delta Paddington, W2 - In February 2026, our joint venture with PfL
completed the acquisition of the Delta Paddington development site for £55m
(Helical share: £28.1m) and simultaneously completed the £220m development
financing agreement. Following this, in March 2026, the main construction
contract was signed with Mace, who will take possession of the site later in
the year once Keltbray complete the initial enabling works package. Work to
form the core and basement has already commenced with practical completion of
this 240,000 sq ft scheme targeted for Q3 2028.
· 63 Charterhouse Street, EC1M - In April 2026, Helical and PfL received
a resolution to grant planning permission for the development of a new
c.55,000 sq ft office building on underutilised operational land immediately
adjacent to the new London Museum in Farringdon. The joint venture will now
formalise the acquisition of the site and continue design development on the
scheme prior to determining an appropriate point to commence development.
Letting Activity
· The Tower, The Bower, EC1 - In March 2026, we exchanged contracts to let
the fitted fifth and sixth floors (19,592 sq ft) of The Tower to incident.io,
an AI powered incident management platform. This was followed in April 2026 by
the letting of the third floor (10,022 sq ft) to a tech platform. Strong
interest continues for the remaining space, with terms agreed to let the
12(th) floor to a new occupier and regear terms agreed with an existing
occupier on a further three floors.
· The Warehouse, The Bower, EC1 - Terms have been agreed with an existing
tenant to lease the vacant seventh floor (12,398 sq ft) as expansion space,
whilst extending existing leases on its two current floors.
· The Loom, E1 - 12,996 sq ft of existing leases were renewed during the
year at a 5.5% premium to ERVs and four tenants moved within the building at a
premium to ERVs. Asset management activity continues, with one letting during
the year, and two units currently under offer, set against four tenants who
vacated during the year.
Financial and Portfolio Performance
Earnings and Dividends
· IFRS profit of £5.7m (2025: £27.9m).
· IFRS basic earnings per share of 4.6p (2025: 22.8p).
· See-through Total Property Return(1) of £23.0m (2025: £52.1m):
- Net rental income of £15.4m (2025: £19.6m).
- Net gain on sale and revaluation of investment properties of £2.7m
(2025: £32.2m).
- Development profits of £4.9m (2025: £0.3m).
· EPRA earnings per share(1) of 4.5p (2025: 2.2p), reflecting the
increased development profits recognised in the year.
· Final dividend proposed of 1.00p per share (2025: 3.50p).
· Total dividend declared of 2.50p (2025: 5.00p).
· Further return proposed of £17m (13.9p) from the realised profits on
the sale of 100 New Bridge Street, EC4, expected to comprise:
- £12m (9.8p) of capital return proposed through a B Share Scheme, if
approved by Shareholders at a general meeting of the Company expected to be
held on 16 July 2026.
- £5m (4.1p) through a share buyback programme expected to commence
shortly.
· Proposed total return for the year of 16.4p (2025: 5.0p).
Balance Sheet
· Net asset value of £425.4m (31 March 2025: £426.1m).
· Total Accounting Return(1) on EPRA net tangible assets per share of
2.3% (2025: 6.0%).
· EPRA net tangible asset value per share(1) increased to 351p (31 March
2025: 348p).
· EPRA net disposal value per share(1) increased to 348p (31 March 2025:
347p).
Financing
· IFRS net borrowings of £140.8m (31 March 2025: £97.2m).
· See-through net borrowings(1) of £239.2m (31 March 2025: £112.8m).
· See-through loan to value(1) of 36.5% (31 March 2025: 20.9%).
· Pro-forma see-through loan to value(1) of 20.7% following the sale of
100 New Bridge Street, EC4 and the proposed return of capital.
· Average maturity of the Group's share(1) of secured investment debt of
2.5 years (31 March 2025: 2.5 years).
· 100% of drawn debt protected by interest rate hedging to expiry of
facilities.
· Average cost of the Group's share(1) of secured investment facilities
of 3.8% (31 March 2025: 3.8%).
· Group's share(1) of cash and undrawn bank facilities of £229.8m (31
March 2025: £244.5m).
Portfolio Update
· Portfolio valuations increased by 0.5% on a like-for-like basis, with
the investment property valuations decreasing 2.1%, while the development
portfolio valuations increased by 5.0%.
· The true equivalent yield of the investment portfolio tightened by
0.2% from 7.1% to 6.9%.
· IFRS investment property portfolio value of £368.7m (31 March 2025:
£373.3m).
· See-through investment portfolio(1) valued at £649.5m (31 March 2025:
£535.4m).
· Contracted rents of the completed investment portfolio increased 5% to
£21.2m (31 March 2025: £20.2m), compared to an ERV of £29.1m (31 March
2025: £29.3m).
· See-through portfolio WAULT(1) of 2.3 years (31 March 2025: 3.1 years),
increasing to 3.3 years on completion of the lettings and regears at The
Bower, EC1 where terms have been agreed.
· Vacancy rate on completed assets decreased to 18.5% at 31 March 2026 (31
March 2025: 21.3%), falling to 11.3% on completion of lettings at The Bower,
EC1 where terms have been agreed.
Sustainability Highlights
· Achieved design stage BREEAM score for our Delta Paddington, W2
project of 97.4%, making it the second highest score for a new build office
development in the UK.
· BREEAM design stage certificates of Outstanding were received for 10
King William Street EC4 and Brettenham House, WC2.
· Received our NABERS Design for Performance Target Rating of 5* for
Brettenham House, WC2.
Dividend, Annual General Meeting and General Meeting Timetable
Announcement date 22 May 2026
Ex-dividend date 25 June 2026
Record date 26 June 2026
Last date for DRIP election 13 July 2026
Annual General Meeting 16 July 2026
General Meeting 16 July 2026
Dividend payment date 3 August 2026
A Dividend Reinvestment Plan ("DRIP") is provided by Equiniti Financial
Services Limited. The DRIP enables the Company's Shareholders to elect to have
their cash dividend payments used to purchase the Company's shares. More
information can be found at www.shareview.co.uk/info/drip
(http://www.shareview.co.uk/info/drip) .
For further information, please contact:
Helical plc 020 7629 0113
Matthew Bonning-Snook (Chief Executive)
James Moss (Chief Financial Officer)
Address: 22 Ganton Street, London, W1F 7FD
Website: www.helical.co.uk (http://www.helical.co.uk)
LinkedIn: linkedin.com/company/helicalplc/
FTI Consulting 020 3727 1000
Dido Laurimore/Richard Gotla/Andrew Davis
schelical@fticonsulting.com (mailto:schelical@fticonsulting.com)
Results Presentation
Helical will be holding a presentation for analysts and investors starting at
09:00am on Friday 22 May 2026 at the offices of FTI Consulting, 200
Aldersgate, Aldersgate Street, London, EC1A 4HD. If you would like to attend,
please contact FTI Consulting on 020 3727 1000, or email
schelical@fticonsulting.com (mailto:schelical@fticonsulting.com)
The presentation will be on the Company's website www.helical.co.uk
(http://www.helical.co.uk) and a live webcast and Q&A will also be
available.
Webcast Link:
https://brrmedia.news/HLCL_FY_25/26
1. See Glossary for definition of terms. The "see-through" performance
measures are designed to give additional information about the Group's share
of assets and liabilities, income and expenses in subsidiaries and joint
ventures (see Note 24). The financial statements have been prepared in
accordance with International Accounting Standards ("IAS") in conformity with
the Companies Act 2006. In common with usual practice in our sector,
alternative performance measures have also been provided to supplement IFRS,
including measures which are based on the recommendations of the European
Public Real Estate Association ("EPRA").
Chief Executive's Statement
Our Strategy in Action
It has been an extremely active and productive year, delivering upon our
strategy of developing best-in-class central London assets. We continue to
make our equity work hard using joint venture and equity-light structures and
our focus remains on offices where, at the peak this year, we had 700,000 sq
ft of development on site across four schemes.
For each opportunity in our pipeline we look for the best value use, such as
at Southwark, SE1 where we have turned an equity-heavy office development into
an equity-light 429 unit PBSA scheme which we have now forward funded,
alongside the forward sale of a 44-home affordable housing element adjacent to
the PBSA building, de-risking the project which should drive our return on
investment. The three schemes in our joint venture with PfL will be bolstered
by a new c.55,000 sq ft office development in Farringdon after having
successfully received a resolution to grant planning permission last month.
That success across our development pipeline has been mirrored at The Bower,
EC1, our largest investment asset, where short supply and an AI driven tech
market resurgence have seen material letting progress. We have let c.20,000 ft
in the year, plus c.10,000 sq ft post year end and have agreed terms on a
further c.20,000 sq ft, leaving only one floor available and taking occupancy
to over 96%. With regears agreed and close to signing on c.50,000 sq ft, this
asset continues to provide a strong income base for the business.
Operationally, this year sees the full benefit of the action taken to reshape
the business, with recurring overheads down c.21% on the prior year. The
Bower, EC1 and The Loom, E1 generate an income surplus over administrative and
finance costs and, together with the impact of our growing development
management income from our joint venture and equity-light structures, our EPRA
EPS has more than doubled to 4.5p (2025: 2.2p).
The completion of the sale of 100 New Bridge Street, EC4 to State Street
Corporation allows the majority of the proceeds to be used to reduce our
leverage and to propose a £17m return of the realised profits to
Shareholders, while maintaining sufficient funds to take advantage of an
increasingly exciting market opportunity.
Results for the Year
Profit after tax for the year to 31 March 2026 was £5.7m (2025: £27.9m).
Following the disposals last year, see-through net rental income reduced by
21.4% to £15.4m (2025: £19.6m). Our active development pipeline generated
significantly increased see-through profits of £4.9m (2025: £0.3m). The
see-through net gain on sale and revaluation of the investment portfolio was
£2.7m (2025: £32.2m).
Total see-through net finance costs reduced to £5.0m (2025: £9.2m), largely
due to the sale of The JJ Mack Building, EC1 in October 2024 and additional
costs in the previous year related to the refinancing of the Group's Revolving
Credit Facility. There was a £2.3m net charge (2025: £3.3m) from the
valuation of the Group's see-through derivative financial instruments.
Recurring see-through administrative costs, before performance related awards,
decreased by 20.8% from £7.6m to £6.0m. Performance related awards,
including National Insurance, decreased to £2.8m (2025: £3.3m). Total
see-through administrative costs decreased by 19.2% from £10.9m to £8.8m.
Since 1 April 2022, Helical has been a REIT and there was a £nil tax charge
(2025: £nil) for the year.
IFRS basic earnings per share were 4.6p (2025: 22.8p) and EPRA earnings per
share were 4.5p (2025: 2.2p).
Overall, the portfolio value increased by 0.5% with investment property
valuations showing a decrease on a like-for-like basis of 2.1%, primarily as
the result of minor revisions to ERV and capital expenditure assumptions,
while the development portfolio value increased by 5.0%. The see-through total
investment portfolio value increased to £649.5m (31 March 2025: £535.4m),
mainly reflecting the acquisition of the site at Delta Paddington, W2, the
development expenditure on 100 New Bridge Street, EC4 and 10 King William
Street, EC4, as well as a net valuation surplus of £2.5m (31 March 2025:
£25.2m).
The completed investment portfolio was 81.5% let at 31 March 2026 (31 March
2025: 78.7%) and generated contracted rents of £21.2m (31 March 2025:
£20.2m). This increases to an ERV of £29.1m on the letting of the currently
vacant space and capturing the reversion of the portfolio. The Group's
contracted rent has a Weighted Average Unexpired Lease Term ("WAULT") to
expiry at 31 March 2026 of 2.3 years (31 March 2025: 3.1 years), increasing to
3.3 years on completion of the lettings and regears at The Bower, EC1 where
terms have been agreed.
EPRA net tangible assets per share increased to 351p (31 March 2025: 348p),
with EPRA net disposal value per share increasing to 348p (31 March 2025:
347p). The Total Accounting Return ("TAR") on the growth in EPRA net tangible
assets per share, plus dividends paid in the year, was 2.3% (2025: 6.0%).
Balance Sheet Strength and Liquidity
The Group has a significant level of liquidity with see-through cash and
unutilised bank facilities of £229.8m (31 March 2025: £244.5m), and a
development pipeline with Helical's equity commitment fully funded. The
see-through cash and unutilised bank facilities comprises £15.5m (2025:
£61.2m) of cash deposits available to deploy without restrictions and a
further £14.3m of rent in bank accounts available to service payments under
loan agreements, cash held at managing agents and cash held in joint ventures.
In addition, the Group held rental deposits from tenants of £8.8m.
Furthermore, the Group had £191.2m of loan facilities available to draw on.
The see-through loan to value ratio ("LTV") increased to 36.5% at the Balance
Sheet date (31 March 2025: 20.9%) and see-through net gearing rose to 56.2%
(31 March 2025: 26.5%) reflecting the increased level of development activity
in the year.
At the year end, the average debt maturity of the Group's secured investment
debt was 2.5 years (31 March 2025: 2.5 years), after exercising the first of
two one-year extension options on the Group's Revolving Credit Facility. The
average cost of debt on this loan was 3.8% (31 March 2025: 3.8%).
Following the arrangement of the development financing for Delta Paddington,
W2, in February 2026, the weighted average cost of the Group's share of
secured development debt in joint ventures at 31 March 2026, excluding
commitment fees, was 7.7% (31 March 2025: 8.5%) and the weighted average debt
maturity was 3.3 years (31 March 2025: 3.5 years). Each of the three
development debt facilities benefit from one-year extension options.
The Group has mitigated against fluctuating interest rates by having all of
its facilities fully hedged or at a fixed rate.
Asset Management
Our 334,000 sq ft campus at The Bower, EC1 sits on the newly peninsularised
roundabout at Old Street, extending the already generous public realm and
providing a much-improved connection to the revamped underground station. The
main ground floor reception and café have been significantly enhanced, and
the remaining vacant accommodation presents to the market in both fitted and
Cat-A finishes, with Beyond the Bower providing a flexible serviced office
provision on the lower two floors.
During the year we saw a material increase in the level of occupier interest,
fuelled by limited supply in the City core and assisted by the resurgence in
AI driven tech demand, which resulted in c.30,000 sq ft of lettings, including
c.10,000 sq ft post year end. A further c.20,000 sq ft is currently under
offer and terms are agreed to regear an additional five floors totalling
c.50,000 sq ft.
At The Loom in Whitechapel, we completed one new letting and regeared c.13,000
sq ft, including our largest tenant. The short-term nature of the leases and
its location in a stubbornly higher vacancy submarket continue to affect
occupancy levels.
Our Pipeline
The Group seeks to grow its business by generating surpluses from its
development activities through valuation gains and development management
income, and the year to 31 March 2026 has seen significant progress across its
pipeline. Having acquired, financed and signed the main construction contract
at our 240,000 sq ft development at Delta Paddington, W2, in February 2026,
the Group had four office schemes, totalling over 700,000 sq ft, under
construction.
Subsequently, our 195,000 sq ft office scheme at 100 New Bridge Street, EC4
achieved practical completion earlier this month, triggering completion of the
forward sale of the building to State Street Corporation. A further 270,000 sq
ft of office space at Brettenham House, WC2 and 10 King William Street, EC4
are on track to be delivered later in the year, with both best-in-class assets
well positioned to take advantage of the strong rental growth being driven by
a market with very tight supply.
This pipeline is supplemented by our equity-light 429 bed PBSA scheme at
Southwark, SE1, where, in February 2026, the joint venture agreed a forward
funding with PfL's newly established operational platform and a forward sale
of the affordable housing element to Southwark Borough Council. With no
further equity required to be injected, this has significantly de-risked the
project and should generate a very strong return on investment. Additionally,
in April 2026, our joint venture with PfL successfully secured a planning
consent for 63 Charterhouse Street, EC1M, a new c.55,000 sq ft office
development in Farringdon.
Capital Allocation and Returns to Shareholders
As part of the strategy that I set out two years ago when I took over as Chief
Executive, we are focused on maximising returns through judicious capital
allocation. One of the core tenets of this approach is returning surplus
capital from realised development profits to Shareholders whilst maintaining
sufficient funds to allocate to new opportunities which we believe will
deliver compelling returns. The completion of the forward sale of 100 New
Bridge Street, EC4 to State Street Corporation, which was exchanged halfway
into its two-year development, returns over £95m of equity to the business
and allows us to deliver upon this key element of our approach.
As previously stated, our dividend policy is to pay out the Property Income
Distribution ("PID") generated by the income surplus from our investment
portfolio and payment of which is a condition of being a REIT, along with a
share of surplus realised profits from our development activities, with the
latter being the primary source of growth and returns for the business.
Today we announce a final proposed PID dividend of 1.0p, taking the total PID
dividend for the year to 2.5p. In addition, we are proposing a further £17m
distribution to Shareholders through a combination of a capital return B Share
Scheme and a share buyback programme. This amount reflects over half of the
c.£31m profit realised on the completion of the sale of 100 New Bridge
Street, EC4. In determining the most appropriate level of the return, the
Board took into account a number of key factors.
First, the current geopolitical tensions and their potential impact on
inflation and the cost of debt meant that reducing our leverage was considered
of key importance. As such, the majority of the proceeds will be used to pay
down borrowing.
Second, we have a valuable joint venture relationship with PfL providing
access to new opportunities and as part of that agreement there are net asset
requirements, given that we are delivering complex projects above and
alongside transport assets. The level of net assets required reflect the size
and number of projects we have ongoing at any one time, and we will always
want to maintain headroom to ensure we are not prevented from delivering
schemes when the market suggests timing is optimum. At this time, we believe
that maintaining net assets of over £400m provides sufficient headroom to
meet these objectives, but this will be continually reassessed as the pipeline
evolves. Third, our Balance Sheet strength enables accretive project level
financing, both equity and debt, to be sourced from the widest range of
counterparties.
Finally, given the favourable market dynamics, we are confident of adding
highly profitable opportunities to the pipeline and therefore seek to retain
sufficient proceeds to enable us to quickly execute on these transactions.
In allocating the £17m between capital return and share buybacks, the Board
sought and considered Shareholder feedback and broker advice, taking into
account the Group's current share price and share liquidity. As a result, the
Board is proposing to allocate £12m to the capital return and £5m to share
buybacks. The capital return will be in the form of a B Share Scheme, followed
by a share consolidation to maintain share price comparability, and is
expected to be paid in August 2026 following approval by Shareholders at the
GM, timed to coincide with the date of the AGM. The £5m share buyback
programme is expected to commence shortly.
Board Changes
As previously announced, the Board was pleased to welcome Martina Malone,
Non-Executive Director, to the Board on 1 September this year. Martina brings
30 years of finance, banking and real estate experience and serves on the
Nominations, Remuneration and Audit and Risk Committees.
During the year, our Senior Independent Director, Sue Farr, stepped into the
role of designated Non-Executive Director for workforce engagement. Sue was
formally appointed to the position by the Board in July 2025 and has since
commenced a programme of engagement with the Helical team.
At the end of April 2026, Richard Cotton stood down as Board Chair,
Nominations Committee Chair and Director of the Company. Richard oversaw the
Company's revised strategy in 2024 and the appointment of its current
Executive leadership team. Richard was succeeded by Robert Fowlds, who took
over as independent Non-Executive Chair on 1 May 2026. Robert also became
Chair of the Nominations Committee and stood down from the Audit and Risk
Committee. Robert has extensive experience in real estate and corporate
finance and is an accomplished non-executive director with a strong
understanding of stakeholder relations.
Outlook
Despite a backdrop of heightened geopolitical tension, London stands as one of
the most dynamic and culturally significant global cities. Its economy thrives
across diverse sectors including finance, technology, creative industries,
education and tourism, offering opportunities that attract ambitious
professionals and entrepreneurs from across the globe. The central London
office market continues to be characterised by strong occupier demand and a
constrained development pipeline, supporting the current and forecast
sustained rental growth for best-in-class buildings.
Many development opportunities in London are unlikely to see their potential
realised, with their current owners either not having the expertise or
resource to navigate a challenging planning environment or access to quality
contractors, who increasingly will only work with the most reliable partners
and are essential to be able to deliver a building of the highest quality. We
see this as a significant opportunity for our business and will look to
utilise equity-light structures similar to that adopted at Brettenham House,
WC2 to help unlock sites that would otherwise be unavailable.
Following the successful receipt of planning consent, we are looking forward
to adding 63 Charterhouse Street, EC1M to our existing schemes at 10 King
William Street, EC4, Southwark, SE1 and Delta Paddington, W2, in our long-term
joint venture with PfL. As one of the largest landowners in London, Transport
for London and its property business PfL have access to well-located sites on
or adjacent to numerous major transport hubs and we will continue to progress
further exciting opportunities such as with the PBSA-led development in White
City.
In a market of increasingly constrained supply, with a very limited number of
new projects starting, demand is driving rental growth as occupiers act to
ensure they don't miss out. Following our successful development at 100 New
Bridge Street, EC4, forward sold for owner occupation 12 months prior to
completion, and with two more office developments on track to complete within
the next eight months, we are very confident we will capitalise on the
progress made over the last year and realise material near-term upside for
Shareholders through letting this space at rents significantly ahead of the
original underwrite.
Matthew Bonning-Snook
Chief Executive
21 May 2026
Our Market
Overview
Against a backdrop of heightened geopolitical tension, ongoing trade
disruption and volatility across global capital markets, central London's
office market has continued to demonstrate resilience. Leasing momentum across
well located, best-in-class buildings has strengthened, with occupiers
committing ever earlier in the cycle, and the majority taking more space than
before through a combination of anticipated increases in headcount and reduced
occupational density as fit outs favour a variety of environments better
suiting their employees and clients. Helical's experience during the year
reflects this trend, with a significant uptick in letting activity at The
Bower, EC1 and enquiries at our development projects under construction.
Supply constraints have been exacerbated by elevated construction costs, a
higher cost of capital and a planning framework increasingly focused on
retrofit first principles. Collectively, these factors have extended delivery
timelines and weighed on development viability, suppressing new starts despite
high levels of active demand and ongoing rental growth. As a result, schemes
with a clear path to delivery, funding certainty and contracted construction
are increasingly advantaged.
Capital markets remain subdued, but confidence in future performance continues
to be underpinned by London's scale, global connectivity and depth of occupier
demand, reinforcing its position as a preferred location for internationally
mobile capital, particularly when geopolitical instability makes alternative
investments less attractive.
This long-term resilience is further underpinned by the breadth of London's
globally leading specialisms, beyond that of just traditional financial and
professional services, notably its position as a world leading centre for
education, research and innovation. JLL research ranks London among the top
global markets for innovation output and skilled talent concentration, driven
by the co-location of leading universities, research institutions and private
capital, with the city's expanding AI ecosystem further reinforcing its
competitiveness for occupiers and investors alike.
Our strategy, centred on capital efficient development in partnership, remains
well aligned with these conditions. With multiple schemes now significantly
de-risked through planning, funding and construction, Helical is very well
positioned to capture further upside through disciplined execution.
Occupational Market
Occupier demand across central London remains robust and increasingly focused
on quality. Leasing activity in early 2026 has been supported by elevated
levels of active demand and growing urgency among occupiers operating within a
supply constrained environment. Central London take up reached 2.2m sq ft in
Q1 2026, representing the strongest first quarter performance since 2022.
According to Savills, Grade A space accounted for approximately 92% of central
London leasing volumes in Q1 2026, with occupiers prioritising buildings with
excellent connectivity to key transport modes, which enhance the employee
experience and well-being, are tech enabled and meet the highest
sustainability certifications.
These dynamics are likely to be sustained over a prolonged period, with London
forecast to generate approximately 186,000 additional office based jobs over
the next five years, materially outpacing other major European commercial
centres. This demand is set against an increasingly constrained supply
environment, with take up of new and comprehensively refurbished offices
having consistently exceeded completions since 2019, evidencing a structural
imbalance between demand and available supply. New build vacancy across
central London has compressed to approximately 1.1%, reflecting limited
speculative delivery and sustained absorption of high quality space.
These factors are driving accelerating levels of rental growth, with prime
City rents recording a further 5.1% increase during 2025, while West End prime
rents rose by 12.9% over the year.
Early commitment has been a defining feature of the current market. Nearly 30%
of first quarter take up was secured ahead of completion, while active demand
stood at approximately 14.6m sq ft, 57% above the long-term average and driven
by a sustained cohort of large occupiers, including over 30 occupiers looking
for space over 100,000 sq ft. This reflects that occupiers are acting earlier
to secure preferred space in an environment of diminishing choice.
For smaller footprint occupiers, demand for fitted and managed solutions is
being driven by a desire to focus on core business activity while outsourcing
facilities management, alongside a preference for shorter commitments to
maintain flexibility. At The Bower, EC1, we have responded to this demand
through the use of third party facilities management businesses to provide
these additional services.
Against this positive background, occupiers' stay versus go decision making is
being impacted by elevated fit out costs and their effect on cash flows. A
growing number of occupiers are opting to regear leases, pushing lease events
out and seeking to extract greater value from existing buildings rather than
incur the significant capital expenditure associated with a major move. For
expanding businesses this has often meant displacing other occupiers in a
building who have taken the opportunity to seek new premises more suited to
their needs whilst avoiding dilapidations payments at the end of their lease.
In the short-term, artificial intelligence is having a net positive impact on
occupier demand, supporting business growth and expansion beyond early stage,
venture-backed firms alone. While some near-term volatility and disruption is
expected, AI adoption is increasingly anticipated to underpin productivity-led
growth, the emergence of new industries and expansion across existing
businesses. Importantly, this demand is not confined to the technology sector,
but is increasingly being driven by mature, cash generative organisations and
by the integration of AI across more traditional sectors.
Investment Market
Central London investment volumes totalled approximately £8.8bn over the four
quarters to Q1 2026, below historic averages but reflective of restricted
supply rather than diminished investor appetite. Investors remain cautious and
highly selective, with activity concentrated on core plus assets offering
secure income profiles, clear rental reversion or credible asset management
and development strategies.
London continues to attract deep and diverse sources of capital. Between 2023
and 2025, the city attracted an average of £6.9bn per annum of cross border
investment, materially ahead of other European peers. European and US
investors remain the most active cohorts, reinforcing London's position as
Europe's most liquid and internationally recognised office investment market.
Recent large lot transactions, despite the ongoing conflict in the Middle
East, continue to demonstrate returning conviction in best-in-class central
London assets, particularly where quality, sustainability and long-term income
visibility are evident. In Q1 2026, seven transactions over £100m were
completed, representing 51.3% of market activity.
Recent events have adversely impacted market expectations regarding near-term
cuts to base rates. Given the close correlation between base rates and prime
yields, and the narrow relative spreads currently evident, any short-term
inward movement in yields appears unlikely. However, credit availability
remains abundant, and competitive tension is driving lower margins, enabling
investor levered returns to be satisfied in the current environment.
Taken together, these dynamics mark a transition from a phase dominated by
valuation correction to a buying opportunity increasingly defined by
selectivity, discipline and conviction.
Development Pipeline
Development viability across central London remains demanding with new office
construction starts down 35% year on year. Elevated construction costs, a
selective contractor market, higher financing costs and longer, more complex
planning processes continue to suppress new starts, even in the context of
sustained rental growth. As a result, development activity is increasingly
concentrated among parties with the Balance Sheet strength and execution
capability required to materially de-risk schemes ahead of construction.
While construction cost inflation has moderated, recent geopolitical
instability is likely to drive renewed cost pressures. Tender prices increased
by approximately 2.8% year on year in Q1 2026, with labour availability and
compliance requirements increasingly cited as the primary drivers. Contractor
appetite to tender has improved but remains selective, with programme risk,
contractual terms and covenant strength influencing bid behaviour.
Central London office space under construction has fallen to approximately
16.6m sq ft, down from 18.6m sq ft a year earlier, with around 42% already pre
let or under offer. Set against approximately 28.1m sq ft of lease expiries
expected over the next three years, this reinforces the structural undersupply
of best-in-class space and the strategic importance of delivery certainty. In
parallel, secondary and fringe office stock is increasingly being worked
through the system via alternative use consents, further constraining future
commercial supply in core locations.
Against this backdrop, certainty of timing, specification and execution has
emerged as a primary source of competitive advantage. Schemes able to
demonstrate clear programme visibility, evidence-based deliverability and
flexibility to accommodate late stage occupier requirements are consistently
outperforming. In this environment, projects with secured planning, contracted
construction and committed financing are best positioned to deliver into the
tightest point of the supply cycle.
Helical continues to assess alternative uses for selected office-led sites
where location, planning context and demand fundamentals support a change in
approach. London's position as a global education and innovation hub is
increasingly relevant in this regard, with JLL research identifying London as
likely to become Europe's leading centre for artificial intelligence research
and capital formation, supported by the concentration of world leading
universities including Imperial College London, University College London and
King's College London.
Conclusion
Central London's office market continues to be characterised by strong
occupier demand and a constrained development pipeline, supporting sustained
rental tension for high quality assets. Market outcomes are increasingly
determined at an asset level, with quality, micro location and certainty of
delivery playing a defining role.
Investment and development performance in this phase of the cycle will reward
disciplined capital allocation, clear underwriting and effective execution
within complex planning, procurement and delivery environments.
Against this backdrop, Helical remains focused on adding to its pipeline
through selectively secured opportunities in favourable sub-markets, both on
and off market and via our PfL joint venture, with a view to delivering into
this period of sustained supply constraint. The recent grant of planning
consent at 63 Charterhouse Street, EC1M provides a clear example of this
approach, strengthening the future pipeline whilst preserving flexibility
around timing and delivery.
Where office-led schemes lend themselves to alternative uses, particularly in
locations proximate to leading universities or established innovation
clusters, the Group will continue to explore such opportunities. Consistent
with Helical's strategy, the focus will remain on the delivery of high-quality
schemes delivering attractive returns, without taking operational market risk,
as successfully demonstrated through the forward funded structure at
Southwark, SE1.
With a significantly de-risked development programme, evidence of sustained
occupier demand and a carefully selected future pipeline taking shape, Helical
is well positioned to capture significant development profits for these
projects and deliver capital growth for its Shareholders.
Sustainability and Net Zero Carbon
Helical has had a milestone year continuing to deliver on three landmark
projects - 100 New Bridge Street, EC4, 10 King William Street, EC4, Brettenham
House, WC2, and starting on site at a fourth - Delta Paddington, W2. We have
continued to push the envelope in terms of sustainable construction, driving
down emissions as much as possible through intelligent design and ensuring
there is a clear brief to design teams that sustainability is at the heart of
our developments and should be a priority. This core principle enables
sustainability to be woven into the development from day one and allows
Helical to deliver market leading buildings with the highest ESG credentials,
with all developments targeting EPC A, NABERS 5* and above, BREEAM
Outstanding/Home Quality Mark of 4* and WELL Shell and Core Platinum.
Our partnership with PfL is also core to Helical driving change in the
sustainability sphere as both partners within the joint venture believe in
delivering a built environment that benefits the local community whilst
limiting our environmental impact. Our partnerships with them on both their
Educational Engagement Programme and Skills & Employment Programme have
continued to flourish this last year, with Helical engaging with nearly 200
young people across nine boroughs and enabling more than 30 new career starts.
With the uncertainty around energy supplies now more elevated than ever, the
operational efficiency of our buildings has become a crucial part of
delivering low-carbon, energy resilient buildings that not only focus on
greener energy supplies and technologies but also the reduction of the
baseline energy load. To this effect, NABERS has now firmly embedded itself
within our identity, with all development projects currently targeting NABERS
5* ratings as a minimum, and Delta Paddington, W2 targeting a 5.5* rating,
Helical's highest to date.
Helical's investment portfolio has remained steady this year, with The Bower,
EC1 and The Loom, E1 being retained and no new investment properties acquired.
We continue to develop the feasibility study looking into the decarbonisation
of The Bower, EC1, understanding what technology can be used to replace the
use of gas. At The Loom, E1, we're currently undertaking a NABERS assessment
to verify and understand how efficient the building is and we are targeting a
4* rating with the assessment expected to be completed in 2026.
Since its release six years ago, our "Built for the Future" sustainability
strategy has guided our approach across the development and investment
portfolios. In that time, we've established ourselves as one of the most
sustainable developers in London, achieving a GRESB rating of 88/100, CDP
rating of B and an EPRA sBPR Gold Certificate, and have reduced our Scope 1
& 2 emissions by a combined 42%. Over this period we, along with the wider
development industry, have gained a greater understanding of the scale of the
task to drive the built environment towards net zero. As such, we feel that
now is the right time to refresh our sustainability strategy and expect to
announce our new approach in the following months.
Performance Measurements
We measure our performance against our strategic objectives, using several
financial and non-financial Key Performance Indicators ("KPIs").
The KPIs have been selected as the most appropriate measures to assess our
progress in achieving our strategy, successfully applying our business model
and generating value for our Shareholders.
Following a review, it has been determined that since the MSCI Property Index
no longer has an impact on Directors' remuneration it is not considered a KPI.
Total Accounting Return
Total Accounting Return is based on EPRA net tangible assets per share and is
the growth in the EPRA net tangible assets per share of the Group plus
dividends paid in the year per share, expressed as a percentage of the EPRA
net tangible assets per share at the beginning of the year.
Previously the Group had two measures of Total Accounting Return, one based on
IFRS net assets and the other based on EPRA net tangible assets, both of which
were absolute rather than per share measures. These have been replaced by a
single measure based on EPRA net tangible assets and are calculated on a per
share basis as this is considered to be more valuable to the user of the
accounts and is more in line with industry practice.
The Group targets a Total Accounting Return of 10%.
The Total Accounting Return on EPRA net assets per share in the year to 31
March 2026 was 2.3% (2025: 6.0%).
Year to Year to Year to Year to Year to
2026 2025 2024 2023 2022
% % % % %
Total Accounting Return on EPRA net tangible assets per share 2.3 6.0 -30.6 -11.9 9.2
EPRA Net Tangible Asset Value per Share
The Group's main objective is to maximise growth in net asset value per share,
which we seek to achieve through the generation of development surpluses,
increases in investment portfolio values and retained earnings from other
property related activity. EPRA net tangible asset value per share is the
property industry's preferred measure of the proportion of net assets
attributable to each share as it includes the fair value of net assets on an
ongoing long-term basis. The adjustments to net asset value to arrive at this
figure are shown in Note 22 to the financial statements.
The Group targets increasing its net assets, of which EPRA net tangible asset
growth is a key component.
The EPRA net tangible asset value per share at 31 March 2026 increased to 351p
(31 March 2025: 348p).
2026 2025 2024 2023 2022
p p p p p
EPRA net tangible asset value per share 351 348 331 493 572
Total Shareholder Return
Total Shareholder Return is a measure of the return on investment for
Shareholders. It combines share price appreciation and dividends paid to show
the total return to Shareholders expressed as an annualised percentage.
The Group targets being in the upper quartile when compared to its peers.
The Total Shareholder Return in the year to 31 March 2026 was -8.9% (2025:
-3.9%).
Performance measured over
1 year 3 years 5 years 10 years 15 years 20 years
Total return Total return Total return Total return Total return Total return
pa % pa % pa % pa % pa % pa %
Helical plc(1) -8.9 -14.0 -13.4 -5.2 -0.4 -1.8
UK equity market(2) 21.5 13.3 11.1 8.7 7.7 6.7
Listed Real Estate Sector Index(3) -5.2 -1.0 -3.7 -1.1 3.0 -0.6
1. Growth over all years to 31/03/26.
2. Growth in FTSE All-Share Return Index over all years to 31/03/26.
3. Growth in FTSE 350 Real Estate Super Sector Return Index over all
years to 31/03/26.
Average Length of Employee Service and Average Staff Turnover
A high level of staff retention remains a key feature of Helical's business.
The Group retains a highly skilled and experienced team with an increasing
length of service.
The Group targets staff turnover to be less than 10% per annum.
The average length of service of the Group's employees at 31 March 2026 was
11.8 years and the average staff turnover during the year to 31 March 2026 was
4.3%.
2026 2025 2024 2023 2022
Average length of service at 31 March - years 11.8 12.1 12.4 13.2 11.8
Staff turnover during the year to 31 March - % 4.3 8.7 16.8 7.7 3.7
BREEAM and EPC Ratings
BREEAM is an environmental impact assessment methodology for real estate
assets. It sets out best practice standards for the environmental performance
of buildings through their design, specification, construction and operational
phases. Performance is measured across a series of ratings, Pass, Good, Very
Good, Excellent and Outstanding.
The Group targets a BREEAM rating of Outstanding on all major refurbishments
and new developments, and as of 31 March 2026, seven of our buildings had
achieved, or were targeting, a BREEAM certification of Excellent or
Outstanding.
Building BREEAM rating EPC rating
Completed properties ( )
The Warehouse and The Studio, EC1 Excellent (2014) B
The Tower, EC1 Excellent (2014) B
The Loom, E1 Very Good (2014) B
Development pipeline ( ) ( )
100 New Bridge Street, EC4 Outstanding (2018)(1) A(2)
10 King William Street, EC4 Outstanding (2018)(1) A(2)
Brettenham House, WC2 Outstanding (2014)(1) A(2)
Southwark, SE1 Outstanding (2021)(2) A(2)
Delta Paddington, W2 Outstanding (2021)(1) A(2)
1. Design stage certificate.
2. These are the targeted ratings upon submission
for assessment.
At The Loom, E1, it was not possible to obtain a BREEAM certification at the
design or development stage, however, the building has achieved a BREEAM In
Use rating of Very Good, which is a high accolade given the listed status of
the building, and an EPC rating of B.
Energy Performance Certificates ("EPC") provide ratings on a scale of A-G on a
building's energy efficiency and are required when a building is constructed,
sold or let.
In the year, BREEAM design stage certificates of Outstanding were received for
10 King William Street, EC4, Brettenham House, WC2 and Delta Paddington, W2.
Helical's Property Portfolio - 31 March 2026
Property Overview
Helical's central London-focused portfolio comprises a mix of standing
investments and a development pipeline, located in highly connected, supply
constrained markets and delivered to best-in-class sustainability standards.
Through this portfolio, Helical seeks to create long-term shareholder value
through a strategy that combines development driven capital growth with the
active asset management of its income producing investment assets.
During the year, strong progress was made across the portfolio, including
improved leasing momentum at The Bower, EC1, the completion and disposal of a
major City office development, and continued construction progress on the
three schemes held in joint venture. Looking ahead, the Group remains focused
on expanding the pipeline through equity-light strategies and partnership
structures, and has secured planning consent for a further office development
in Farringdon.
Development Portfolio
100 New Bridge Street, EC4
Practical completion of this 195,000 sq ft best-in-class office redevelopment
was achieved on 12 May 2026, bringing the development phase of the project to
a close. The comprehensive refurbishment of the building was undertaken over a
24 month period and delivered in line with the budget set upon formation of
the 50:50 joint venture with Orion Capital Managers. The development spans
ground plus ten upper floors, adding c.30,000 sq ft to the original building,
and includes four new terraces, most notably a 7,450 sq ft eighth‑floor
terrace providing exceptional views of St Paul's Cathedral and across central
London.
Following completion, on 20 May the building was formally handed over to State
Street Corporation, who will commence their fit out works later in the year
before opening their new London headquarters in 2027. This marks completion of
the forward sale of Helical Bicycle 3 Limited, the corporate entity that owns
100 New Bridge Street. The forward sale completed at a net price of £333m
(Helical share: £166.5m), reflecting a capital value of £1,712 per sq ft,
based upon a 5.0% capitalisation yield, underscoring the quality of the asset
and continued demand for prime, high‑quality office space in central London.
The scheme was designed to deliver best‑in‑class workspace with leading
sustainability, wellness and technology credentials, achieving BREEAM
Outstanding and a NABERS Design for Performance Reviewed Target Rating of 5*,
and EPC A, WELL Shell & Core Platinum and WiredScore Platinum
accreditations.
Brettenham House, WC2
Brettenham House is a c.128,000 sq ft 1930s landmark Art Deco office building
located between The Savoy and Somerset House at Waterloo Bridge. Occupying a
prime position on the "elbow" of the River Thames, the property benefits from
exceptional river views from all floors and a highly prominent frontage in one
of central London's most amenity‑rich locations.
Works are at an advanced stage on the comprehensive redevelopment of the
building, with completion anticipated in August 2026. During the year, two
floors achieved sectional completion and the external scaffolding was
dismantled, allowing the outstanding river views from the newly created
terraces to be fully appreciated.
The refurbishment involves the substantial remodelling of the building while
carefully restoring its historic façade and Art Deco features, including two
marble‑clad staircases. The completed scheme will deliver prime office
accommodation with enhanced amenities, including five external terraces, a
triple‑height reception and a new dedicated entrance accessed via Savoy
Street.
The development is targeting the highest sustainability, wellness and
performance standards, including EPC A, BREEAM Outstanding, NABERS 5* and WELL
Shell & Core Platinum, repositioning Brettenham House as a highly
sustainable, character‑led office building satisfying modern occupiers'
requirements.
Helical is delivering the project to the owner via a development management
agreement, which will generate £2.5m of development management fees. In
addition, Helical continues to co‑invest in an equity-light manner during
the construction phase via a £12.5m secured loan, with a profit share linked
to rental performance payable once the building is successfully let.
Places for London Joint Venture
Helical's long-term joint venture with PfL, the wholly owned property company
of Transport for London, comprises three initial seed sites set to deliver
over 385,000 sq ft of best-in-class office accommodation and a market leading
PBSA scheme. The joint venture is focused on delivering highly sustainable
developments in central London locations with exceptional transport
connectivity.
The pipeline was further strengthened during the year with the resolution to
grant planning consent at 63 Charterhouse Street, EC1M. In addition,
feasibility studies are being undertaken on additional sites across the PfL
estate to support the continued expansion of the joint venture pipeline.
10 King William Street, EC4
10 King William Street is a 142,000 sq ft new build office development in the
heart of the City of London, positioned directly above the southern entrance
to Bank Underground station. Designed by Fletcher Priest Architects, the
building will provide best-in-class office accommodation arranged over ground,
mezzanine and seven upper floors once completed in December 2026.
The prominent island site enables virtually column-free office floors of
approximately 20,000 sq ft, organised around a central core. This
configuration maximises natural light across all elevations and provides
impressive views, including towards the City Tower Cluster, historic Abchurch
Yard and The Monument.
The scheme has been conceived to meet the requirements of modern occupiers,
with a strong emphasis on sustainability and workplace wellbeing. Amenity
provision includes a comprehensive wellness suite and approximately 7,000 sq
ft of external terracing across three levels, with upper terraces offering
uninterrupted views across the City. The development also delivers meaningful
public realm enhancements, including the reconfiguration of Abchurch Lane into
a pedestrian prioritised shared surface. The building is targeting leading
sustainability credentials, including BREEAM Outstanding, NABERS 5*, WELL
Shell & Core Platinum and EPC A.
The building topped out in January 2026 and remains on programme to achieve
practical completion in December 2026, with façade works complete and
internal fit out progressing well. In a City office market characterised by a
limited supply of new, best-in-class space, the scheme is generating good
letting interest ahead of completion.
Southwark, SE1
During the year, Helical, in joint venture with PfL, conditionally exchanged
contracts on a forward funding agreement with PfL's own newly established PBSA
platform for the PBSA element of the Southwark scheme, valuing the 429-unit
PBSA building at over £200m on completion. The affordable housing element,
which will deliver 44-homes adjacent to the PBSA building, has also been
forward sold to Southwark Borough Council.
This transaction represents a further example of Helical's equity-light
strategy. The original office consent has been revised to deliver an optimised
scheme providing the highest value use for this exceptionally well located
site. Through the forward funding structure, the joint venture is not required
to commit any further equity to the development and is now targeting a return
on equity in excess of 3.0x. This transaction also represents a significant
de-risking of the project with the joint venture now only taking delivery
risk, with no exposure to occupational or market risk.
Following successful receipt of the planning consent in March 2025, submission
for Gateway 2 approval for both buildings is expected in May 2026, with
construction anticipated to commence in the second half of 2026. Completion of
both buildings is targeted to enable occupation ahead of the 2029/30 academic
year. The development is targeting best-in-class sustainability credentials,
including BREEAM Outstanding and EPC A ratings, and will deliver substantial
enhancements to the surrounding public realm.
Delta Paddington, W2
This flagship office development is positioned directly above the eastern,
canal-side entrance to Paddington station and will deliver over 240,000 sq ft
of scarce, best-in-class accommodation across 15 floors. The building benefits
from exceptional connectivity, with immediate access to national rail
services, the Elizabeth Line, London Underground and Heathrow Express, and
occupies a vibrant canal-side setting, directly accessible from the reception.
During the year, the joint venture with PfL completed the acquisition of the
Delta Paddington development site for £55m (Helical share: £28.1m). At the
same time, a £220m development financing facility with PIMCO Prime Real
Estate, acting on behalf of institutional investors, was completed. The pari
passu facility reimburses 54.5% of equity invested to date and will fund 54.5%
of the remaining development and finance costs.
In March 2026, the main construction contract was signed with Mace, who will
take possession of the site later in the year following completion of the
initial enabling works package by Keltbray. Works to form the core and
basement are already underway, with practical completion of the scheme
targeted for Q3 2028.
Designed by Grimshaw, the building will provide highly efficient and adaptable
workspace, with typical floorplates of approximately 16,200 sq ft, full height
glazing and minimal internal columns. Private, south facing terraces are
provided on every office floor, offering panoramic views across London.
Sustainability and occupier experience are central to the scheme. The building
is fully electric and has achieved BREEAM Outstanding at design stage with an
exceptional score of 97.4%, making it the second highest score for a new build
office development ever in the UK. The building is also targeting WELL Shell
& Core Platinum, EPC A and a NABERS 5.5* rating.
63 Charterhouse Street, EC1M
63 Charterhouse Street represents the next development to be brought forward,
demonstrating the ability of the joint venture with PfL to unlock unique
opportunities. Having identified a prominent gap site in the Charterhouse
Street streetscape, the joint venture has worked over the course of the past
year to develop plans for a c.55,000 sq ft best-in-class new office building
utilising unused operational land adjacent to the open cut tube lines exiting
Farringdon station. This process culminated with the receipt of a resolution
to grant planning consent in April 2026.
The consented proposals, designed by Lifschutz Davidson Sandilands, will
deliver high quality office accommodation arranged over ground and five upper
storeys. A shared rooftop pavilion will provide important amenity space,
incorporating a communal and highly adaptable terrace with landscaped areas
offering panoramic views across London. The joint venture will now formalise
the acquisition of the site and continue design development on the scheme
prior to commencing the development.
Investment Portfolio
The Tower, The Bower, EC1
The Tower is the largest building within The Bower campus and provides 171,432
sq ft of office accommodation arranged over basement, ground and 17 upper
floors, as well as 10,905 sq ft of retail space at street level. The building
benefits from its prominent position on top of Old Street station in the City
Fringe and continues to attract a diverse mix of occupiers, with a noticeable
increase in demand over the past year particularly generated from AI occupiers
seeking to take advantage of the established technology sector developed
around the Silicon Roundabout.
Significant letting progress has been achieved during the year. Contracts have
been exchanged to lease the fifth and sixth floors (19,592 sq ft of fitted
accommodation) to incident.io, an AI platform, at rents in line with
prevailing ERVs, with occupation commencing in June 2026. The fully fitted
third floor (10,022 sq ft) was let shortly after the year end to a technology
platform. The 12(th) floor (9,572 sq ft) is currently under offer for an 11
year lease, with this lease expected to exchange shortly.
Negotiations are also progressing with a number of parties for the only
remaining vacant floor, the 15(th) floor, which is available on a Cat‑A
basis.
The Warehouse and The Studio, The Bower, EC1
The Warehouse provides 122,858 sq ft of office space arranged over basement,
ground and nine upper floors, while The Studio offers a further 18,283 sq ft
of fully let, self‑contained office space arranged over ground and three
upper floors.
During the year, terms were agreed with an existing tenant to extend their
current leases for a further ten years and to take the vacant seventh floor of
The Warehouse (12,398 sq ft) as expansion space for a similar term. Retail
accommodation across The Warehouse and The Studio totals 10,298 sq ft and is
fully let.
On completion of the aforementioned lettings and lease transactions, vacancy
across The Bower campus is expected to reduce to 3.4%, representing a
substantial improvement from the opening vacancy rate of 18.8% and reflecting
the success of the targeted asset management strategy implemented across the
estate.
The Loom, E1
The Loom is a former Victorian wool warehouse offering 107,227 sq ft of office
space plus a 1,313 sq ft café.
Encouragingly, 12,996 sq ft of existing leases were renewed during the year at
a 5.5% premium to ERVs, including our largest tenant, who occupies 10% of the
NIA, extending the break option to July 2031. We continue to work closely with
existing tenants, mostly SMEs (Small and Medium Enterprises), to accommodate
their changing occupational requirements. The variety of different units
within The Loom has enabled four tenants to move within the building resulting
in contracted rents 10.8% ahead of ERVs. In addition to the internal asset
management, a letting of 1,028 sq ft completed in the year, and a further two
new lettings are under offer amounting to 4,642 sq ft, while four tenants did
vacate the property in the year.
Portfolio Analytics
See-through Total Portfolio by Fair Value
Investment % Development % Total
£m £m £m %
London Offices
- Completed properties 374.3 57.6 - - 374.3 57.1
- Development pipeline 274.9 42.4 5.9(1) 94.7 280.8 42.8
Total London 649.2 100.0 5.9 94.7 655.1 99.9
Other 0.3 0.0 0.3 5.3 0.6 0.1
Total 649.5 100.0 6.2 100.0 655.7 100.0
1. Developments represent planning and
professional fees incurred on Southwark, SE1 and 63 Charterhouse Street, EC1M.
Capital Expenditure
We have a committed and planned development and refurbishment programme.
Property Capex Proposed equity Proposed debt Development Completion
date
budget to come to come to come status
(Helical share) (Helical share) (Helical share)
£m £m £m
Investment - committed
- 100 New Bridge Street, EC4 4.3 4.3(1) - Completed May 2026
- Brettenham House, WC2 3.4 3.4 - Under development Q3 2026
- 10 King William Street, EC4 30.5 - 30.5 Under development Q4 2026
- Delta Paddington, W2 122.4 55.7 66.7 Under development Q3 2028
1. Relates to retention sums to be funded post completion through sale
proceeds.
Asset Management
Asset management is a critical component in driving Helical's performance.
Through having well considered business plans and maximising the combined
skills of our management team, we are able to create value in our assets.
Fair Passing % Contracted rent % ERV % ERV change
Investment portfolio value rent £m £m like-for-like
weighting £m %
%
London Offices
- Completed properties 57.6 18.8 100.0 21.2 100.0 29.1 48.6 -0.7
- Development pipeline 42.4 - - - - 30.7 51.3 2.0
Total London 100.0 18.8 100.0 21.2 100.0 59.8 99.9 0.3
Other 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0
Total 100.0 18.8 100.0 21.2 100.0 59.9(1) 100.0 0.3
1. Reduces to £50.1m on sale of 100 New Bridge Street,
EC4.
See-through
total portfolio contracted rent
£m
Rent lost at break/expiry (0.5)
New lettings 1.5
Net increase in contracted rents in the year 1.0
Investment Portfolio
Valuation Movements
Valuation change Valuation change Investment portfolio Investment portfolio
incl sales and purchases excl sales and purchases weighting weighting
% % 31 March 2026 31 March 2025
% %
London Offices
- Completed properties -2.1 -2.1 57.6 71.0
- Development pipeline 4.0 5.0 42.4 29.0
Total 0.4 0.5 100.0 100.0
Portfolio Yields
EPRA topped EPRA topped Reversionary Reversionary True equivalent yield True equivalent yield
up NIY up NIY yield yield 31 March 31 March
31 March 31 March 31 March 31 March 2026 2025
2026 2025 2026 2025 % %
% % % %
London Offices
- Completed properties 4.8 5.0 7.2 7.1 6.9 7.1
- Development pipeline n/a n/a 6.3 6.1 5.3 5.3
Total 4.8 5.0 6.7 6.5 6.0 6.0
See-through Capital Values, Vacancy Rates and Unexpired Lease Terms
Capital value (weighted) Capital value (weighted) Vacancy rate Vacancy rate WAULT WAULT
31 March 31 March 31 March 31 March 31 March 31 March
2026 2025 2026 2025 2026 2025
£ psf £ psf % % Years Years
London Offices
- Completed properties 890 902 18.5 21.3 2.3(1) 3.1
1. WAULT to expiry is 4.3 years (2025: 5.0
years).
See-through Lease Expiries or Tenant Break Options
Year to Year to Year to Year to Year to 2031
2027 2028 2029 2030 2031 onward
% of rent roll 8.9 52.5 21.1 10.7 0.9 5.9
Number of leases 12 22 12 6 2 6
Average rent per lease (£) 157,135 504,591 370,741 375,821 95,287 208,985
Contracted rent (£) 1,885,619 11,100,994 4,448,898 2,254,926 190,574 1,253,908
Top 10 Tenants
We have a strong rental income stream and a diverse tenant base. The top 10
tenants account for 73.0% of the total rent roll.
Tenant Tenant industry Contracted rent Rent roll
Rank £m %
1 Farfetch Online retail 2.3 10.7
2 VMware Technology 2.2 10.3
3 Fresha.com Technology 2.1 9.7
4 Verkada Technology 1.9 9.1
5 Incident.io Technology 1.5 7.2
6 Infosys Technology 1.4 6.6
7 Intercom Software Technology 1.2 5.5
8 Allegis Professional services 1.1 5.1
9 Dentsu Media 1.0 5.0
10 Openpayd Technology 0.8 3.8
Total 15.5 73.0
Letting Activity - New Leases
Area Area Contracted rent Rent Increase/(decrease) to Average lease term to expiry
Sq ft (Helical share) (Helical share) £ psf 31 March 2025 ERV Years
Sq ft £ %
Investment Properties
Completed - offices
- The Bower, EC1 19,592 19,592 1,521,000 77.6 3.5 5.0
- The Loom, E1 1,028 1,028 41,000 40.0 (11.2) 3.0
Total 20,620 20,620 1,562,000 75.8 3.0 4.9
Financial Review
IFRS Performance EPRA Performance
Profit after Tax EPRA Earnings
£5.7m (2025: £27.9m)
£5.5m (2025: £2.7m)
Earnings per Share (EPS) EPRA EPS
4.6p (2025: 22.8p)
4.5p (2025: 2.2p)
Diluted NAV per Share EPRA NTA per Share
347p (2025: 346p)
351p (2025: 348p)
Overview
The results for the year reflected our strong development momentum, with
development profits and valuation gains recognised across the properties under
construction. In addition, the forward funding agreement for Southwark, SE1,
signed in February 2026, significantly de-risks the development, removing the
operational risk and the requirement for further equity, while enabling a
small portion of the associated profit to be recognised during the year.
Despite the ongoing conflict in the Middle East, our Balance Sheet remains
strong. The Group's debt is fully hedged or held at fixed rates, significantly
mitigating the impact of the higher interest rates since February 2026. With
the new development debt facility for Delta Paddington, W2 agreed with PIMCO
Prime Real Estate in February 2026, the Group has funding in place for its
existing development pipeline.
Shortly after the year end, in May 2026, the sale of 100 New Bridge Street,
EC4 to State Street Corporation completed, returning over £95m of cash to the
Group and allowing for the repayment of borrowings. In addition, £17m will be
returned to Shareholders, with the remaining proceeds allocated to funding new
opportunities.
Results for the Year
The IFRS profit for the year of £5.7m (2025: £27.9m) includes revenue from
rental income, service charges and development management fees of £33.3m,
offset by direct costs of £15.2m to give a net property income of £18.1m
(2025: £16.6m). There was a net loss on sale and revaluation of investment
properties of £7.5m (2025: gain of £12.0m) and the gain from joint venture
activities was £11.6m (2025: £20.8m). Administrative expenses of £8.7m
(2025: £10.7m) and net finance costs of £5.1m (2025: £7.5m) were further
increased by a loss in the fair value of derivatives of £2.8m (2025: £3.3m).
The Group holds a significant proportion of its property assets in joint
ventures. As the risks and rewards of ownership of these underlying properties
are the same as those it wholly owns, Helical supplements its IFRS disclosure
with a "see-through" analysis of alternative performance measures, which looks
through the structure to show the Group's share of the underlying business.
The see-through results for the year to 31 March 2026 include net rental
income of £15.4m, a net gain on sale and revaluation of the investment
portfolio of £2.7m and development profits of £4.9m, leading to a Total
Property Return of £23.0m (2025: £52.1m).
Offsetting this, see-through administrative costs of £8.8m (2025: £10.9m),
see-through net finance costs of £5.0m (2025: £9.2m) and see-through losses
from the mark-to-market valuation of derivative financial instruments of
£2.3m (2025: £3.3m) were incurred.
In the joint ventures, a net tax charge of £1.7m (2025: £nil) was
recognised, partially offset by an increase of £0.5m (2025: £0.1m) in the
economic interest for Barts Square, EC1 and 100 New Bridge Street, EC4. This
resulted in an IFRS profit of £5.7m (2025: £27.9m).
The EPRA net tangible asset value per share increased to 351p (31 March 2025:
348p).
The Group's investment portfolio, including its share of assets held in joint
ventures, increased to £649.5m (31 March 2025: £535.4m). There was a net
gain on revaluation of the investment portfolio of £1.8m, acquisitions of
£29.7m and transfer from development stock of £11.5m. Capital expenditure on
the investment portfolio of £70.6m and an economic interest adjustment of
£0.7m was offset by the amortisation of letting costs of £0.2m.
The Group's see-through loan to value at 31 March 2026 was 36.5% (31 March
2025: 20.9%). The Group's weighted average cost of secured investment debt at
31 March 2026, including commitment fees, was 3.8% (31 March 2025: 3.8%) and
the weighted average debt maturity was 2.5 years (31 March 2025: 2.5 years).
The weighted average cost of the Group's share of secured development debt in
joint ventures at 31 March 2026, excluding commitment fees, was 7.7% (31 March
2025: 8.5%) and the weighted average debt maturity was 3.3 years (31 March
2025: 3.5 years).
At 31 March 2026, the Group had unutilised bank facilities of £191.2m and
cash of £38.6m, on a see-through basis. These are primarily available to fund
future property acquisitions and capital expenditure.
Total Property Return
We calculate our Total Property Return to enable us to assess the aggregate of
income and capital profits made each year from our property activities. Our
business is primarily aimed at producing surpluses in the value of our assets
through asset management and development, with this revenue seeking to cover
our annual administrative and finance costs.
Year to Year to Year to Year to Year to
2026 2025 2024 2023 2022
£m £m £m £m £m
Total Property Return 23.0 52.1 -162.7 -51.4 89.5
Total Accounting Return
Total Accounting Return on EPRA net tangible assets per share is the growth in
the EPRA net tangible assets per share of the Group plus dividends paid in the
year per share, expressed as a percentage of the EPRA net tangible assets per
share at the beginning of the year.
Year to Year to Year to Year to Year to
2026 2025 2024 2023 2022
% % % % %
Total Accounting Return on EPRA net tangible assets per share 2.3 6.0 -30.6 -11.9 9.2
Earnings per Share
The IFRS earnings per share was 4.6p (31 March 2025: 22.8p) and is based on
the after tax profit attributable to ordinary Shareholders divided by the
weighted average number of shares in issue during the year.
On an EPRA basis, the earnings per share increased to 4.5p (31 March 2025:
2.2p), reflecting the Group's share of net rental income of £15.4m (2025:
£19.6m) and development profits of £4.9m (2025: £0.3m), but excluding gains
on sale and revaluation of investment properties of £2.7m (2025: £32.2m).
Year to Year to Year to Year to Year to
2026 2025 2024 2023 2022
p p p p p
EPRA earnings per share 4.5 2.2 3.5 9.4 5.2
Net Asset Value
IFRS diluted net asset value per share increased to 347p per share (31 March
2025: 346p) and is a measure of Shareholders' funds divided by the number of
shares in issue at the year end, adjusted to allow for the effect of all
dilutive share awards.
EPRA net tangible asset value per share increased to 351p per share (31 March
2025: 348p). This movement arose principally from a total comprehensive income
of £5.7m (2025: £27.9m), less £6.1m of dividends (2025: £4.0m) and
adjusting for the movement in fair value of derivatives as well as deferred
tax.
Year to Year to Year to Year to Year to
2026 2025 2024 2023 2022
p p p p p
EPRA net tangible asset 351 348 331 493 572
EPRA net disposal value per share increased to 348p per share (31 March 2025:
347p).
Income Statement
Rental Income and Property Overheads
Gross rental income for the Group, before adjusting for lease incentives, in
respect of wholly owned properties decreased to £20.5m (2025: £21.8m).
Following the letting progress during and after the year end, it is expected
that gross rental income will increase in the year to 31 March 2027.
Offset against gross rental income are lease incentives of £0.8m reflecting
the net reversal of previously recognised rental income accrued in advance of
receipt (2025: £0.6m). Overall, this resulted in gross rental income of
wholly owned properties of £19.7m (2025: £21.2m).
2026 2025
£000
£000
Gross rental income (excluding lease incentives) 20,507 21,835
Lease incentives (793) (598)
Total gross rental income 19,714 21,237
Gross rental income in joint ventures decreased to £0.0m (2025: £3.7m) as,
following the sale of The JJ Mack Building, EC1 in October 2024, all of the
properties held in these structures are under development.
Property overheads in respect of wholly owned assets and in respect of those
assets in joint ventures decreased to £4.3m (2025: £5.4m).
Overall, see-through net rents decreased by 21.4% to £15.4m (2025: £19.6m).
The table below demonstrates the movement of the accrued income balance for
rent free periods granted and the respective rental income adjustment over the
four years to 31 March 2029 on a see-through basis, based on the tenant leases
as at 31 March 2026. The actual adjustment will vary depending on lease events
such as new lettings and early terminations and future acquisitions or
disposals.
Accrued income Adjustment to rental income
£000 £000
Year to 31 March 2026 5,695 (929)
Year to 31 March 2027 4,402 (1,293)
Year to 31 March 2028 3,265 (1,137)
Year to 31 March 2029 2,035 (1,230)
Rent Collection
We have collected 99.9% of all rent contracted and payable for the year to 31
March 2026 and, to date, have collected 98.4% of the March 2026 quarter rents
demanded.
Development Profits
During the year, there were profits on development management and promote fees
for 100 New Bridge Street, EC4, Brettenham House, WC2 and 10 King William
Street, EC4, totalling £5.4m. These were offset by development staff costs of
£1.9m and other net development costs of £0.9m, leading to a net development
profit of £2.6m (2025: £0.3m).
Share of Results of Joint Ventures
Net rental income recognised in the year was £0.0m (2025: £3.3m) following
the sale of The JJ Mack Building, EC1, in October 2024. All other significant
properties in joint ventures are in the course of development, with no rental
income being earned.
Development profits of £2.3m (2025: £nil) were recognised for the forward
fund of the development at Southwark, SE1. The revaluation of our investment
assets held in joint ventures generated a gain of £10.0m (2025: £22.5m),
primarily due to the increase in value of 100 New Bridge Street, EC4 and 10
King William Street, EC4. A retention received relating to an investment
property sold in a prior year of £0.2m was recognised in the year.
Finance and administrative costs totalling £0.2m (2025: £1.9m) were offset
by a £0.5m (2025: £nil) gain in the fair value of derivatives. An adjustment
to reflect our economic interests in the Barts Square, EC1 development and 100
New Bridge Street, EC4 to their recoverable amounts generated a profit of
£0.5m (2025: £0.1m). Corporation tax and deferred tax charges were £1.7m
(2025: £nil) to give an overall profit from our joint ventures of £11.6m
(2025: £20.8m).
Gain on Sale and Revaluation of Investment Properties
The net gain on the sale and revaluation of the investment portfolio on a
see-through basis, including in joint ventures, was £2.7m (2025: £32.2m).
Administrative Expenses
Recurring administrative costs in the Group, before performance related
awards, decreased by 20.8% from £7.4m to £5.9m.
For the year to 31 March 2026, £1.9m (2025: £1.9m) of staff costs were
recognised as development costs to offset against development profits. This is
to align the costs with the value and income they create.
Performance related share awards and bonus payments, before National Insurance
costs, decreased to £2.5m (2025: £3.1m). Of this amount, £0.8m (2025:
£0.9m), being the charge for share awards under the Performance Share Plan,
is expensed through the Income Statement but added back to Shareholders' funds
through the Statement of Changes in Equity. NIC incurred in the year on
performance related awards was £0.3m (2025: £0.2m).
In joint ventures, administrative expenses remained at £0.2m.
2026 2025
£000
£000
Recurring administrative expenses (excluding performance related awards) 7,763 8,909
Accelerated depreciation of leasehold improvements - 448
Total Group administrative expenses 7,763 9,357
Recognised in development costs (cost of sales) (1,895) (1,945)
Net Group administrative expenses 5,868 7,412
Performance related awards 2,524 3,097
NIC on performance related awards 269 196
8,661 10,705
In joint ventures 176 229
Total see-through administrative expenses 8,837 10,934
Finance Costs, Finance Income and Change in Fair Value of Derivative Financial
Instruments
Net finance costs excluding changes in the fair value of derivative financial
instruments, including joint ventures, reduced to £5.0m (2025: £9.2m). This
was largely due to the sale of The JJ Mack Building, EC1 in October 2024 and
additional costs in the previous year related to the refinancing of the
Group's Revolving Credit Facility.
Group 2026 2025
£000
£000
Interest payable on secured bank loans 5,112 5,083
Other interest payable and similar charges 1,533 1,916
Total interest payable before cancellation of loans 6,645 6,999
Cancellation of loans - 2,145
Total finance costs 6,645 9,144
Finance income (1,590) (1,671)
Net finance costs 5,055 7,473
Joint ventures
Interest payable on secured bank loans 5,038 2,018
Other interest payable and similar charges 4 108
Interest capitalised (5,038) (380)
Total finance costs 4 1,746
Finance income (14) (38)
Net finance costs (10) 1,708
See-through net finance costs 5,045 9,181
Due to 100 New Bridge Street, EC4, 10 King William Street, EC1 and Delta
Paddington, W2 being in the development phase the interest payable on secured
bank loans is fully capitalised in the year.
The movement in medium and long-term interest rate projections during the year
contributed to a loss of £2.3m (2025: £3.3m) on the mark-to-market valuation
of the derivative financial instruments on a see-through basis.
IFRS Disclosure 2026 2025
£000
£000
Net finance costs - subsidiaries 5,055 7,473
Change in fair value of derivative financial instruments - subsidiaries 2,814 3,289
Net finance costs and change in fair value of financial instruments 7,869 10,762
Taxation
The Group has been a REIT since 1 April 2022 and is exempt from UK corporation
tax on the profits of its property activities that fall within the REIT
regime. Helical will continue to pay corporation tax on its profits that are
not within this regime. There is no deferred tax charge in the current year.
The current tax charge for the year was £nil (2025: £nil).
In the Group's interest in joint ventures, there was a current tax charge of
£0.4m (2025: £nil) and a net deferred tax charge of £1.3m (2025: £nil).
Dividends and Capital Return
In light of the results for the year, the Board will be recommending to
Shareholders a final dividend of 1.00p (2025: 3.50p) per share. This final
dividend, if approved by Shareholders, will be paid as a PID on 3 August 2026.
Including the 1.50p interim dividend which was also wholly paid as a PID, this
brings the total PID dividend for the year to 2.50p (2025: 1.50p). In the
prior year, the 1.50p PID was supplemented by a 3.50p ordinary dividend to
reflect a modest share of the capital profits made on the sale of our 50%
share of The JJ Mack Building, EC1.
This year, in addition to the PID, the Board is proposing an additional return
to Shareholders out of the realised profits from the sale of 100 New Bridge
Street, EC4. The total amount proposed to be returned is £17m (13.9p per
share). The Company intends to make the return through a combination of a
capital return through issuing B Shares and a share buyback programme, with
the split being £12m and £5m respectively.
Capital Return Through Issuance of B Shares
An explanatory circular will be provided to Shareholders in advance of a
general meeting ("GM"). If approved at the GM, a new class of B Shares will be
issued to all Shareholders and subsequently redeemed for cash. This will be
accompanied by a share consolidation of the Company's existing share capital
to maintain comparability of the share price.
Share Buyback
A share buyback programme will be implemented with the aim of acquiring £5m
ordinary shares and is expected to commence following receipt of the proceeds
of the sale of 100 New Bridge Street, EC4 to the Company.
The total return from the PID, capital return and share buyback is 16.4p, up
from 5.0p last year.
Following the sale of 100 New Bridge Street, EC4, and once the capital return
and share buyback are completed, the pro-forma LTV will be 20.7%, which is
comfortably within the Company's target range.
Balance Sheet
Shareholders' Funds
Shareholders' funds at 1 April 2025 were £426.1m. The Group made a profit of
£5.7m (2025: £27.9m), representing the total comprehensive income for the
year. Movements in reserves arising from the Group's share schemes resulted in
a net decrease of £0.3m. The Company paid dividends to Shareholders during
the year of £6.1m. The net decrease in Shareholders' funds from Group
activities during the year was £0.7m to £425.4m.
Investment Portfolio
Wholly owned In joint venture See-through
£000
£000 £000
Valuation at 31 March 2025 379,900 155,495 535,395
Capital expenditure 3,033 67,601 70,634
Acquisitions - 29,700 29,700
Letting costs amortised (221) - (221)
Transfer from development stock - 11,516 11,516
Economic interest adjustment - 659 659
Revaluation (deficit)/surplus (8,182) 9,957 1,775
Valuation at 31 March 2026 374,530 274,928 649,458
Brought forward lease incentives (6,557) - (6,557)
Adjustment to lease incentives 708 - 708
Valuation at 31 March 2026 368,681 274,928 643,609
The Group expended £70.6m on capital works across the investment portfolio,
at 100 New Bridge Street, EC4 (£35.6m), 10 King William Street, EC4,
(£29.5m), Delta Paddington, W2 (£2.6m post-site acquisition), The Bower, EC1
(£2.1m) and The Loom, E1 (£0.8m). During the year, the site at Delta
Paddington, W2 was purchased for £29.7m (our share) and £11.5m (our share)
was transferred from development stock. An economic interest adjustment of
£0.7m was made to the brought forward valuation of 100 New Bridge Street, EC4
to show our interest at 50.3% rather than 50% previously. This is based on the
estimate of the recoverable amount of the investment in joint venture.
Revaluation gains of £1.8m contributed to an overall increase in the
see-through fair value of the portfolio, before lease incentives, to £649.5m
(31 March 2025: £535.4m). The accounting for lease incentives resulted in a
book value of the see-through investment portfolio of £643.6m (31 March 2025:
£528.8m).
Debt and Financial Risk
The Group's secured investment debt at 31 March 2026 was £175.0m (31 March
2025: £175.0m) with a weighted average cost of 3.8% (31 March 2025: 3.8%) and
average maturity of 2.5 years (31 March 2025: 2.5 years). The Group's share of
secured development debt at 31 March 2026 was £107.7m (31 March 2025:
£20.8m) with a weighted average cost of 7.7% (31 March 2025: 8.5%) and
average maturity of 3.3 years (31 March 2025: 3.5 years).
Debt Profile at 31 March 2026 - Excluding the Amortisation of Arrangement Fees
Group's secured investment debt Total Total Available Weighted average Average maturity of facilities
facility utilised facility interest rate(1) Years
£000s £000s £000s %
£210m Revolving Credit Facility 210,000 175,000 35,000 3.8 2.5
Working capital 10,000 - 10,000 - 1
Total 220,000 175,000 45,000 3.8 2.4
1. Including commitment fees.
Group's share of secured development debt Total Total Available Weighted average Average maturity of facilities
facility utilised facility interest rate(1) Years
£000s £000s £000s %
£155m 100 New Bridge Street Development Facility 77,965 58,162 19,803 7.5 2.1
£125m 10 King William Street Development Facility 63,750 25,043 38,707 8.5 2.9
£220m Delta Paddington Development Facility 112,200 24,480 87,720 7.4 4.4
Total 253,915 107,685 146,230 7.7 3.3
1. Excluding commitment fees.
Secured Debt
The Group arranges its secured investment and development facilities to suit
its business needs as follows:
- £210m Revolving Credit Facility
Both of the Group's wholly owned investment assets are secured in this
facility. The fair value of the Group's properties secured in the facility at
31 March 2026 was £374.3m (31 March 2025: £379.8m), with a corresponding
loan to value of 46.8% (31 March 2025: 46.1%). This facility is hedged by
£175m of interest rate swaps with a weighted average maturity of 2.6 years
and a weighted average swap rate of 1.5%, resulting in an overall weighted
average interest rate (including commitment fees) of 3.8%. During the year, a
one-year extension option was exercised to extend the repayment date to
September 2028. The average maturity of the facility at 31 March 2026 was 2.5
years (31 March 2025: 2.5 years). There is one further extension option
available to exercise to extend the facility's repayment date to September
2029.
- Joint Venture Facilities
The Group has a number of investment and development properties in joint
ventures with third parties and includes our share, in proportion to our
economic interest, of the debt associated with each asset.
The £155m 100 New Bridge Street, EC4 facility with an institutional lender
and NatWest was drawn to £58.2m (31 March 2025: £20.3m). This facility is
fully hedged by £105m of fixed rate debt and stepped interest rate swaps at
3.8% plus margin. This margin starts at 4.65% during the development phase,
reducing to 2.25% on letting post completion. Following a margin reduction for
the exchange on sale of the building in April 2025, the weighted average
interest rate, excluding commitment fees, was 7.5% (31 March 2025: 8.5%) with
an average maturity of 2.1 years at 31 March 2026 (31 March 2025: 3.1 years).
This facility was fully repaid in May 2026 following the completion of the
sale of 100 New Bridge Street, EC4.
At the year end, the £125m facility with HSBC for 10 King William Street, EC4
was drawn to £25.0m (31 March 2025: £0.5m). This facility is fully hedged by
stepped interest rate swaps and had a weighted average interest rate
(excluding commitment fees) of 8.5% (31 March 2025: 8.5%) and an average
maturity of 2.9 years at 31 March 2026 (31 March 2025: 3.9 years). The margin
starts at 4.60% during the development phase, reducing to 2.25% on letting
post completion.
In February 2026, a new £220m facility was taken out with PIMCO Prime Real
Estate, acting on behalf of institutional investors, to fund the acquisition
and delivery of the scheme at Delta Paddington, W2. The 4.5 year pari passu
development facility funds 54.5% of the development costs and contains margin
step-downs linked to the achievement of development and letting milestones as
well as a one-year extension option. At 31 March 2026, the facility was drawn
to £24.5m, with a weighted average interest rate (excluding commitment fees)
of 7.4% and an average maturity of 4.4 years. The margin starts at 3.75%
during the development phase, reducing to 1.50% on letting post completion.
Unsecured Debt
The Group's unsecured debt is £nil (31 March 2025: £nil).
Cash and Cash Flow
At 31 March 2026, the Group had £229.8m (31 March 2025: £244.5m) of cash and
agreed, undrawn, committed bank facilities including its share in joint
ventures.
Net Borrowings and Gearing
Total gross borrowings of the Group, including in joint ventures, have
increased from £195.8m to £282.7m at 31 March 2026 following increased
funding development activity during the year at 100 New Bridge Street, EC4, 10
King William Street, EC4 and Delta Paddington, W2. After deducting cash
balances of £38.6m (31 March 2025: £79.0m) and unamortised refinancing costs
of £4.9m (31 March 2025: £4.0m), see-through net borrowings increased from
£112.8m to £239.2m. The see-through gearing of the Group, including in joint
ventures, increased from 26.5% to 56.2%.
The see-through loan to value increased from 20.9% to 36.5%, which will reduce
to 20.7% upon completion of the sale of 100 New Bridge Street, EC4 and the
subsequent proposed return of capital.
31 March 31 March
2026 2025
See-through gross borrowings excluding unamortised refinancing costs £282.7m £195.8m
See-through cash balances £38.6m £79.0m
Unamortised refinancing costs £4.9m £4.0m
See-through net borrowings £239.2m £112.8m
Shareholders' funds £425.4m £426.1m
See-through gearing - IFRS net asset value 56.2% 26.5%
See-through loan to value 36.5% 20.9%
Pro-forma loan to value (see Note 29) 20.7% -
James Moss
Chief Financial Officer
21 May 2026
Consolidated Income Statement
For the year to 31 March 2026
Notes Year to Year to
31 March 31 March
2026 2025
£000 £000
Revenue 3 33,251 31,962
Cost of sales 3 (15,181) (15,389)
Net property income 4 18,070 16,573
Share of results of joint ventures 12 11,593 20,825
29,663 37,398
Gain on sale of investment properties 5 - 9,376
Revaluation of investment properties 11 (7,474) 2,642
22,189 49,416
Administrative expenses 6 (8,661) (10,705)
Operating profit 13,528 38,711
Net finance costs and change in fair value of derivative financial instruments 7 (7,869) (10,762)
Profit before tax 5,659 27,949
Tax on ordinary activities 8 8 -
Profit for the year 5,667 27,949
Earnings per share 10
Basic 4.6p 22.8p
Diluted 4.6p 22.7p
All the activities of the Group are from continuing operations.
There were no items of other comprehensive income in the current or prior year
other than the profit for the year and, accordingly, no Statement of
Comprehensive Income is presented.
Consolidated Balance Sheet
At 31 March 2026
Notes At At
31 March 31 March
2026 2025
£000 £000
Non-current assets
Investment properties 11 368,681 373,343
Owner occupied property, plant and equipment 1,629 2,105
Investment in joint ventures 12 179,784 141,537
Other investments 13 737 670
Derivative financial instruments 20 11,532 14,346
Other receivables 15 9,544 3,164
571,907 535,165
Current assets
Land and developments 14 28 139
Trade and other receivables 15 20,670 13,109
Cash and cash equivalents 16 32,956 76,499
53,654 89,747
Total assets 625,561 624,912
Current liabilities
Trade and other payables 17 (24,934) (23,273)
Lease liability 18 (379) (339)
(25,313) (23,612)
Non-current liabilities
Borrowings 19 (173,790) (173,730)
Lease liability 18 (1,097) (1,476)
(174,887) (175,206)
Total liabilities (200,200) (198,818)
Net assets 425,361 426,094
Equity
Called-up share capital 21 1,233 1,233
Share premium account 116,619 116,619
Revaluation reserve (55,770) (48,296)
Capital redemption reserve 7,743 7,743
Own shares held (2,478) (1,675)
Other reserves 291 291
Retained earnings 357,723 350,179
Total equity 425,361 426,094
Consolidated Cash Flow Statement
For the year to 31 March 2026
Year to Year to
31 March 31 March
2026 2025
£000 £000
Cash flows from operating activities
Profit before tax 5,659 27,949
Adjustment for:
Depreciation 510 1,326
Revaluation loss/(gain) on investment properties 7,474 (2,642)
Letting cost amortisation 221 173
Gain on sale of investment properties - (9,376)
Loss/(profit) on sale of plant and equipment 8 (48)
Net financing costs 5,055 7,473
Change in value of derivative financial instruments 2,814 3,289
Share based payment charge 945 1,096
Share settled bonus (422) -
Share of results of joint ventures (11,593) (20,825)
Profit on disposal of 5 Hanover Square lease - (125)
Cash inflows from operations before changes in working capital 10,671 8,290
Change in trade and other receivables (6,960) 2,342
Change in land, developments and trading properties 111 (111)
Change in trade and other payables 1,662 (2,273)
Cash inflows generated from operations 5,484 8,248
Finance costs (6,791) (8,437)
Finance income 1,313 1,629
Corporation tax (8) -
(5,486) (6,808)
Net cash (used by)/generated from operating activities (2) 1,440
Cash flows from investing activities
Additions to investment property (3,033) (5,090)
Net purchase of other investments (67) (105)
Loans to third parties (6,103) (2,997)
Net proceeds from sale of investment property and available for sale assets - 158,875
Investments in joint ventures and subsidiaries (27,329) (116,042)
Proceeds from disposal of interest in joint ventures - 71,027
Dividends from joint ventures 295 582
Sale of plant and equipment 1 66
Purchase of leasehold improvements, plant and equipment (43) (335)
Net cash (used by)/generated from investing activities (36,279) 105,981
Cash flows from financing activities
Borrowings drawn 60,000 37,000
Borrowings repaid (60,000) (92,000)
Lease liability payments (339) (529)
Purchase of own shares (803) -
Equity dividends paid (6,120) (4,026)
Net cash used by financing activities (7,262) (59,555)
Net (decrease)/increase in cash and cash equivalents (43,543) 47,866
Cash and cash equivalents at start of year 76,499 28,633
Cash and cash equivalents at end of year 32,956 76,499
Consolidated Statement of Changes in Equity
At 31 March 2026
Share Share Revaluation Capital Own shares Other Retained earnings Total
capital premium reserve redemption held reserves £000 £000
£000 £000 £000 reserve £000 £000
£000
At 31 March 2024 1,233 116,619 (134,797) 7,743 (1,675) 291 411,661 401,075
Total comprehensive income - - - - - - 27,949 27,949
Revaluation surplus - - 2,642 - - - (2,642) -
Realised on disposals - - 83,859 - - - (83,859) -
Transactions with owners
- Performance Share Plan - - - - - - 896 896
- Share settled bonus - - - - - - 200 200
- Dividends paid - - - - - - (4,026) (4,026)
Total transactions with owners - - - - - - (2,930) (2,930)
At 31 March 2025 1,233 116,619 (48,296) 7,743 (1,675) 291 350,179 426,094
Total comprehensive income - - - - - - 5,667 5,667
Revaluation deficit - - (7,474) - - - 7,474 -
Transactions with owners
- Performance Share Plan - - - - - - 845 845
- Purchase of own shares - - - - (1,043) - - (1,043)
- Share settled bonus - - - - 240 - (422) (182)
- Deferred bonus shares - - - - - - 100 100
- Dividends paid - - - - - - (6,120) (6,120)
Total transactions with owners - - - (803) - (5,597) (6,400)
At 31 March 2026 1,233 116,619 (55,770) 7,743 (2,478) 291 357,723 425,361
Notes to the Full Year Results
1. Financial Information and Basis of Preparation
These financial statements have been prepared using the recognition and
measurement principles of UK adopted International Accounting Standards in
conforming with the Companies Act 2006.
The financial statements have been prepared in Sterling (rounded to the
nearest thousand) under the historical cost convention as modified by the
revaluation of investment properties and certain financial instruments.
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in section 434 of the Companies Act
2006 but has been derived from the Company's audited statutory accounts for
the year ended 31 March 2026. These accounts will be delivered to the
Registrar of Companies following the Annual General Meeting. The auditor's
opinion on the 2026 accounts was unqualified and did not contain a statement
under section 498(2) or (3) of the Companies Act 2006.
Change in Accounting Policies
There were no changes to the Group's accounting policies during the year, and
the policies applied are consistent with those used in the prior financial
year.
Standards and Interpretations in Issue but Not Yet Effective
At the date of authorisation of these financial statements there were
standards and amendments which
were in issue but not yet effective and which have not been applied.
The principal ones being:
• Amendments to IFRS 9 and IFRS 7 (effective 01 Jan 2026);
• IFRS S1 General Requirements for Disclosure of Sustainability-related
Financial Information and IFRS S2 Climate-related Disclosures (effective 01
Jan 2027).
• IFRS 18: Presentation and Disclosure in Financial Statements
(effective 1 January 2027).
IFRS 18 requires changes to the structure and labelling of the primary
financial statements, including revised categories in the statement of profit
or loss. Management is currently assessing the detailed implications of
applying the new standard and expect this to affect the presentation of the
group's consolidated financial statements for the year ending 31 March 2028.
Going Concern
The Directors have considered the appropriateness of adopting a going concern
basis in preparing the financial statements. Their assessment is based on
forecasts to 30 September 2027, being the Going Concern period of assessment,
with sensitivity testing undertaken to replicate severe but plausible downside
scenarios related to the principal risks and uncertainties associated with the
business.
The key assumptions used in the review are summarised below:
• The Group's rental income receipts were modelled for each tenant on
an individual basis;
• Existing loan facilities remain available; and
• Free cash is utilised where necessary to repay debt/cure bank
facility covenants.
Compliance with the financial covenants of the Group's main debt facility, its
£210m Revolving Credit Facility, was the Directors' key area of review, with
particular focus on the following three covenants:
• Loan to value ("LTV") - the ratio of the drawn loan amount to the
value of the secured property as a percentage;
• Loan to rental value ("LRV") - the ratio of the loan to the projected
contractual net rental income for the next 12 months; and
• Projected net rental interest cover ratio ("ICR") - the ratio of
projected net rental income to projected finance costs.
The April 2026 compliance position for these covenants is summarised below:
Covenant Requirement Actual
LTV <62.5% 46%
LRV <12.0x 9.51x
ICR >150% 270%
The results of this review demonstrated the following:
• The forecasts show that all bank facility financial covenants will be
met throughout the review period, with headroom to withstand a 36% fall in
contracted rental income;
• Property values could fall by 46% before loan to value covenants come
under pressure; and
• Additional asset sales could be utilised to generate cash to repay
debt, materially increasing covenant headroom.
Based on this analysis, the Directors have adopted a going concern basis in
preparing the accounts for the year ended 31 March 2026.
Use of Judgements and Estimates
To be able to prepare accounts according to accounting principles, management
must make estimates and assumptions that affect the assets and liabilities and
revenue and expense amounts recorded in the financial statements. These
estimates are based on historical experience and other assumptions that
management and the Board of Directors believe are reasonable under the
particular circumstances. The results of these considerations form the basis
for making judgements about the carrying value of assets and liabilities that
are not readily available from other sources.
Areas requiring the use of critical judgements and estimates that may
significantly impact the Group's earnings and financial position are:
Significant Judgements
The key areas are discussed below:
· Consideration of the nature of joint arrangements. In the context of IFRS
10 Consolidated Financial Statements, this involves determination of where the
control lies and whether either party has the power to vary its returns from
the arrangements. In particular, significant judgement is exercised where the
shareholding of the Group is not 50%. See Note 12.
· IFRS 15 Revenue from Contracts with Customers requires management to
make judgements in relation to the performance obligations of its contracts,
the constraints of variable consideration, the allocation of the transaction
price to the performance obligations and an assessment of satisfaction of the
performance obligations.
· IFRS 5 Held for Sale was considered for the sale of 100 New Bridge
Street, EC4, which completed shortly after the year end. It was concluded that
since the indicators of held for sale were met, the joint venture classified
the investment property as current asset "investment properties - held for
sale". See Note 12.
Key Sources of Estimation Uncertainty
The key areas are discussed below:
· Valuation of investment properties. Discussion of the sensitivity of
these valuations to changes in the equivalent yields and rental values is
included in Note 11.
· Estimates must be made as to the expected variable consideration under
IFRS 15 Revenue from Contracts with Customers, which is dependent upon the
rental values achieved and the quantum of construction costs incurred. At each
reporting date, the expected value approach is used to estimate the total
variable consideration.
Consideration has been given to climate risk but it has been concluded that it
does not give rise to material new sources of estimation uncertainty.
2. Revenue from Contracts with Customers
Year to Year to
31 March 31 March
2026 2025
£000 £000
Development property income 5,485 3,020
Service charge income 8,023 7,662
Other 29 43
Total revenue from contracts with customers 13,537 10,725
The total revenue from contracts with customers is the revenue recognised in
accordance with IFRS 15 Revenue from Contracts with Customers.
Impairment of contract assets of £nil was recognised in the year to 31 March
2026 (2025: £nil).
3. Segmental Information
IFRS 8 Operating Segments requires the identification of the Group's operating
segments, which are defined as being discrete components of the Group's
operations whose results are regularly reviewed by the Chief Operating
Decision Maker (being the Chief Executive) to allocate resources to those
segments and to assess their performance.
The Group divides its business into the following segments:
· Investments: Investment properties, including buildings under the
course of construction, which are owned or leased by the Group, wholly or in
joint venture, for long-term income and for capital appreciation and the
revenue includes the rental income associated with these assets; and
· Developments: Development properties include site costs accrued prior
to acquisition and the revenue includes fees and profit shares/promotes from
development activities on assets either owned in joint venture or not owned by
the Group.
Revenue Investments Developments Total Investments Year to Developments Total
Year to Year to Year to 31.03.25 Year to Year to
31.03.26 31.03.26 31.03.26 £000 31.03.25 31.03.25
£000 £000 £000 £000 £000
Gross rental income 19,714 - 19,714 21,237 - 21,237
Development property income - 5,485 5,485 - 3,020 3,020
Service charge income 8,023 - 8,023 7,662 - 7,662
Other 29 - 29 43 - 43
Revenue 27,766 5,485 33,251 28,942 3,020 31,962
Cost of sales Investments Developments Total Investments Year to Developments Total
Year to Year to Year to 31.03.25 Year to Year to
31.03.26 31.03.26 31.03.26 £000 31.03.25 31.03.25
£000 £000 £000 £000 £000
Rents payable (9) - (9) (17) - (17)
Property overheads (4,304) - (4,304) (4,989) - (4,989)
Service charge expense (8,023) - (8,023) (7,662) - (7,662)
Development cost of sales - (950) (950) - (754) (754)
Development staff costs - (1,895) (1,895) - (1,945) (1,945)
Development sales expenses - - - - (22) (22)
Cost of sales (12,336) (2,845) (15,181) (12,668) (2,721) (15,389)
Profit before tax Investments Developments Total Investments Developments Total
Year to Year to Year to Year to Year to Year to
31.03.26 31.03.26 31.03.26 31.03.25 31.03.25 31.03.25
£000 £000 £000 £000 £000 £000
Net property income 15,430 2,640 18,070 16,274 299 16,573
Share of results of joint ventures 9,697 1,896 11,593 20,848 (23) 20,825
(Loss)/gain on sale and revaluation of investment properties (7,474) - (7,474) 12,018 - 12,018
Segmental profit 17,653 4,536 22,189 49,140 276 49,416
Administrative expenses (8,661) (10,705)
Net finance costs (5,055) (7,473)
Change in fair value of derivative financial instruments (2,814) (3,289)
Profit before tax 5,659 27,949
Net assets Investments Developments Total Investments Developments Total
at 31.03.26 at 31.03.26 at 31.03.26 at 31.03.25 at 31.03.25 at 31.03.25
£000 £000 £000 £000 £000 £000
Investment properties 368,681 - 368,681 373,343 - 373,343
Land and developments - 28 28 - 139 139
Investment in joint ventures 171,577 8,207 179,784 141,285 252 141,537
540,258 8,235 548,493 514,628 391 515,019
Other assets 77,068 109,893
Total assets 625,561 624,912
Liabilities (200,200) (198,818)
Net assets 425,361 426,094
4. Net Property Income
Year to Year to
31 March 31 March
2026 2025
£000 £000
Gross rental income 19,714 21,237
Rents payable (9) (17)
Property overheads (4,304) (4,989)
Net rental income 15,401 16,231
Development property income 5,485 3,020
Development cost of sales (950) (754)
Development staff costs (1,895) (1,945)
Sales expenses - (22)
Development property profit 2,640 299
Other revenue 29 43
Net property income 18,070 16,573
Included within gross rental income above is an adjustment of £793,000 being
a net release of previously accrued income (2025: £598,000). Included within
gross rental income are dilapidation receipts of £nil (2025: £278,000).
5. Gain on Sale of Investment Properties and Assets Held for Sale
Year to Year to
31 March 31 March
2026 2025
£000 £000
Net proceeds from the sale of investment properties and assets held for sale - 158,875
Book value of investment properties (Note 11) - (106,738)
Asset held for sale - (42,761)
Gain on sale of investment properties and assets held for sale - 9,376
6. Administrative Expenses
Year to Year to
31 March 31 March
2026 2025
£000 £000
Administrative costs 7,763 9,357
Staff costs transferred to development cost of sales (1,895) (1,945)
Performance related awards, including annual bonuses and NIC 2,793 3,293
Administrative expenses 8,661 10,705
An amount of £1,895,000 (2025: £1,945,000) included within staff costs above
has been recognised in development cost of sales.
7. Net Finance Costs and Change in Fair Value of Derivative Financial
Instruments
Year to Year to
31 March 31 March
2026 2025
£000 £000
Interest payable on bank loans and overdrafts 5,112 5,083
Other interest payable and similar charges 1,533 1,916
Total before cancellation of loans 6,645 6,999
Cancellation of loans - 2,145
Finance costs 6,645 9,144
Finance income (1,590) (1,671)
Net finance costs 5,055 7,473
Change in fair value of derivative financial instruments 2,814 3,289
Net finance costs and change in fair value of derivative financial instruments 7,869 10,762
8. Tax on Profit on Ordinary Activities
Year to Year to
31 March 31 March
2026 2025
£000 £000
The tax charge is based on the profit for the year and represents:
United Kingdom corporation tax at 25% (2025: 25%)
- Adjustment in respect of prior years 8 -
Current tax credit 8 -
Deferred tax - -
Total tax credit for year 8 -
The Group became a UK REIT on 1 April 2022. As a REIT, the Group is not
subject to corporation tax on the profits of its property rental business and
chargeable gains arising on the disposal of investment assets used in the
property rental business, but remains subject to tax on profits and chargeable
gains arising from non-REIT business activities.
Since entering the REIT regime, no deferred tax assets and liabilities have
been recognised. This is on the basis that deferred tax assets and liabilities
either relate to the Group's exempt property rental business, or are deferred
tax assets where it is unlikely that there will be taxable profit in the
future against which they could be used.
On the basis that the Group met the REIT regime conditions at 31 March 2026,
there has been no change to the position regarding recognition of deferred tax
assets and liabilities in the year ended 31 March 2026. At 31 March 2026, no
deferred tax was recognised (31 March 2025: £nil).
9. Dividends
Year to Year to
31 March 31 March
2026 2025
£000 £000
Attributable to equity share capital
Ordinary
- Interim paid 1.50p per share (2025: 1.50p) 1,836 1,841
- Prior year final paid 3.50p per share (2024: 1.78p) 4,284 2,185
6,120 4,026
A final dividend of 1.00p, if approved at the AGM on 16 July 2026, will be
paid on 3 August 2026 to the Shareholders on the register on 26 June 2026.
This final dividend, amounting to £1,224,000, has not been included as a
liability as at 31 March 2026, in accordance with IFRS.
The total dividend declared of 2.50p, including the 1.50p interim dividend
wholly paid as a PID, represents a 50% decrease on last year's total dividend
declared of 5.00p.
10. Earnings Per Share
The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders divided by the weighted average number
of shares in issue during the year. This is a different basis to the net asset
per share calculations which are based on the number of shares at the year
end.
The calculation of diluted earnings per share is based on the basic earnings
per share, adjusted to allow for the issue of shares and the post tax effect
of dividends on the assumed exercise of all dilutive share awards.
The earnings per share is calculated in accordance with IAS 33 Earnings per
Share and the best practice recommendations of the European Public Real Estate
Association ("EPRA").
Reconciliations of the earnings and weighted average number of shares used in
the calculations are set out below:
Year to Year to
31 March 31 March
2026 2025
000 000
Ordinary shares in issue 123,355 123,355
Own shares held (952) (602)
Weighted average ordinary shares in issue for calculation of basic and EPRA 122,403 122,753
earnings per share
Weighted average ordinary shares issued on share settled bonuses 91 262
Weighted average ordinary shares issued to be issued under Performance Share 229 -
Plan
Weighted average ordinary shares in issue for calculation of diluted earnings 122,723 123,015
per share
£000
£000
Earnings used for calculation of basic and diluted earnings per share 5,667 27,949
Basic earnings per share 4.6p 22.8p
Diluted earnings per share 4.6p 22.7p
£000 £000
Earnings used for calculation of basic and diluted earnings per share 5,667 27,949
Net loss/(gain) on sale and revaluation of investment properties
- subsidiaries 7,474 (12,018)
- joint ventures (10,140) (20,216)
Gain on movement in share of joint ventures (523) (30)
Fair value movement on derivative financial instruments
- subsidiaries 2,814 3,289
- joint ventures (472) (17)
Expense on cancellation of loans - 2,145
Sale of Charterhouse Street group - 805
Deferred tax in respect of investment properties 648 -
Non-operating items - 779
Earnings used for calculations of EPRA earnings per share 5,468 2,686
EPRA earnings per share 4.5p 2.2p
The earnings used for the calculation of EPRA earnings per share include net
rental income and development property profits but exclude investment and
trading property gains.
Non-operating items represent one-off costs relating to business restructuring
in the prior year.
11. Investment Properties
At At
31 March 31 March
2026 2025
£000 £000
Book value at 1 April 373,343 472,522
Additions at cost 3,033 5,090
Disposals - (106,738)
Letting cost amortisation (221) (173)
Revaluation (loss)/gain (7,474) 2,642
As at year end 368,681 373,343
The fair value of the investment properties is as follows:
At At
31 March 31 March
2026 2025
£000 £000
Book value 368,681 373,343
Lease incentives and costs included in trade and other receivables 5,849 6,557
Fair value 374,530 379,900
Interest capitalised in respect of the refurbishment of investment properties
at 31 March 2026 amounted to £8,271,000 (31 March 2025: £8,271,000).
Interest capitalised during the year in respect of the refurbishment of
investment properties amounted to £nil (31 March 2025: £nil).
The historical cost of investment property is £425,078,000 (31 March 2025:
£422,045,000). The anticipated capital expenditure included in valuations
reflects our commitment to achieving the highest standards of sustainability.
Any capital expenditure contractually committed is included in Note 28.
The fair value of the Group's investment property as at 31 March 2026 was
determined by independent external valuers at that date, except for investment
properties valued by the Directors. The valuations are in accordance with the
RICS Valuation - Professional Standards ("The Red Book") and the International
Valuation Standards and were arrived at by reference to market transactions
for similar properties.
At At
31 March 31 March
2026 2025
£000 £000
CBRE 374,250 379,750
Directors' valuation 280 150
374,530 379,900
Fair values for investment properties are calculated using the present value
income approach. The main assumptions underlying the valuations are in
relation to rent profile and yields, as discussed below. A key driver of the
property valuations is the terms of the leases in place at the valuation date.
These determine the cash flow profile of the property for a number of years.
The valuation assumes adjustments from these rental values to current market
rent at the time of the next rent review (where a typical lease allows only
for upward adjustment) and as leases expire and are replaced by new leases.
The current market level of rent is assessed based on evidence provided by the
most recent relevant leasing transactions and negotiations. The equivalent
yield is applied as a discount rate to the rental cash flows, which, after
taking into account other input assumptions such as vacancies and costs,
generates the market value of the property.
The equivalent yield applied is assessed by reference to market transactions
for similar properties and takes into account, amongst other things, any risks
associated with the rent uplift assumptions.
The net initial yield is calculated as the current net income over the gross
market value of the asset and is used as a sense check and to compare against
market transactions for similar properties. The valuation outputs, along with
inputs and assumptions, are reviewed to ensure these are in line with what a
market participant would use when pricing each asset.
The reversionary yield is the return received from an asset once the estimated
rental value has been captured on today's assessment of market value.
There are interrelationships between all the inputs as they are determined by
market conditions. The existence of an increase in more than one input would
be to magnify the impact on the valuation. The impact on the valuation will be
mitigated by the interrelationship of two inputs in opposite directions.
A sensitivity analysis was performed to ascertain the impact of a 25 and 50
basis point shift in the equivalent yield and a 2.5% and 5% shift in ERVs for
the wholly owned investment portfolio:
At Change in portfolio value
31 March
2026 % £m
True equivalent yield (weighted average) 6.90%
+ 50 bps -7.6 -28.4
+ 25 bps -3.9 -14.7
- 25 bps 4.3 15.9
- 50 bps 8.8 33.1
ERV (weighted average) £65.66 psf
+ 5.00% 4.1 15.3
+ 2.50% 2.0 7.6
- 2.50% -2.0 -7.4
- 5.00% -3.9 -14.7
12. Joint Ventures
Share of results of joint ventures Year to Year to
31 March 31 March
2026 2025
£000 £000
Revenue 5,678 3,704
Gross rental income 1 3,704
Property overheads - (366)
Net rental income 1 3,338
Revaluation of investment properties 9,957 22,531
Profit/(loss) on sale of investment properties 183 (2,315)
Development property profit/(loss) 2,317 (23)
12,458 23,531
Administrative expenses (176) (229)
Operating profit 12,282 23,302
Interest payable on bank loans and overdrafts (5,038) (2,018)
Other interest payable and similar charges (4) (108)
Change in fair value of derivative financial instruments 472 17
Interest capitalised 5,038 380
Finance income 14 38
Profit before tax 12,764 21,611
Tax (1,694) (11)
Profit after tax 11,070 21,600
Adjustment for Barts Square economic interest¹ 12 30
Adjustment for Bicycle economic interest(2) 511 -
Sale of Charterhouse Street group(3) - (805)
Share of results of joint ventures 11,593 20,825
1. This adjustment reflects the impact of the consolidation of a joint venture
at its economic interest of 50.0% (31 March 2025: 50.0%) rather than its
actual ownership interest of 33%.
2. This adjustment reflects the impact of the consolidation of a joint venture
at its economic interest of 50.3% (31 March 2025: 50.0%) rather than its
actual ownership interest of 50.0%.
3. This adjustment relates to costs incurred resulting from the corporate sale
of the Charterhouse Street group in the prior year.
Investment in joint ventures At At
31 March 31 March
2026 2025
£000 £000
Summarised balance sheets
Non-current assets
Investment properties 123,726 155,495
Owner occupied property, plant and equipment 63 63
Derivative financial instruments 488 17
Deferred tax 549 -
124,826 155,575
Current assets
Investment properties - held for sale 151,202 -
Land and developments 550 4,572
Trade and other receivables 22,968 7,788
Cash and cash equivalents 5,619 2,478
180,339 14,838
Current liabilities
Borrowings (56,924) -
Trade and other payables (26,228) (17,218)
(83,152) (17,218)
Non-current liabilities
Borrowings (47,045) (18,040)
Deferred tax (1,836) -
(48,881) (18,040)
Net assets pre-adjustment 173,132 135,155
Acquisition costs 6,652 6,382
Investment in joint ventures 179,784 141,537
At At
31 March 31 March
2026 2025
£000 £000
Non-current assets - Investment in joint ventures 84,532 141,537
Current assets - Investment in joint ventures - held for sale 95,252 -
Total Investment in joint ventures 179,784 141,537
Following the exchange of contracts to sell 100 New Bridge Street, EC4 through
the Helical Bicycle Group and based on the stage of completion at 31 March
2026, the investment property has been classified as current assets
"Investment properties - held for sale" in accordance with IFRS 5. The
borrowings that will be repaid on the sale of 100 New Bridge Street, EC4 are
also classified as current in accordance with IFRS 5.
The fair value of investment properties in joint ventures at 31 March 2026 is
as follows:
At At
31 March 31 March
2026 2025
£000 £000
Book value 274,928 155,495
Head leases capitalised - -
Fair value 274,928 155,495
Helical is subject to a minimum net asset requirement under the terms of the
respective Works Agreements governing site-specific development activities
within the Platinum Group with PfL. The relevant net asset requirement at any
point in time is driven by reference to a pre-determined matrix reflecting the
status and quantum of ongoing development activity within the Platinum Group.
As at 31 March 2026, the relevant threshold was £323,750,000, which is the
maximum figure required based on the existing developments all currently under
construction. The relevant threshold will reduce upon practical completion of
each site. As further schemes are acquired by the Platinum Group, additional
net assets will be required to support further development activity, although
it is not anticipated that the threshold shall exceed £400,000,000.
13. Other Investments
At At
31 March 31 March
2026 2025
£000 £000
Book value at 1 April 670 565
Acquisitions 67 117
Return of capital - (12)
As at 31 March 737 670
On 6 August 2021, the Group entered into a commitment of £1,000,000 to invest
in the Pi Labs European PropTech venture capital fund ("Fund") of which
£67,000 (2025: £117,000) was invested during the year. The Fund is focused
on investing in the next generation of proptech businesses.
The fair value of the Group's investment is based on the net asset value of
the Fund, representing Level 3 fair value measurement as defined in IFRS
13 Fair Value Measurement.
14. Land and Developments
At At
31 March 31 March
2026 2025
£000 £000
At 1 April 139 28
Additions 955 111
Transfer to joint ventures (1,066) -
At 31 March 28 139
The Directors' valuation of development stock shows a surplus of £302,000 (31
March 2025: £302,000) above book value. This surplus has been included in the
EPRA net tangible asset value (Note 22).
No interest has been capitalised or included in land and developments.
15. Trade and Other Receivables
At At
31 March 31 March
2026 2025
£000 £000
Trade receivables 1,026 2,428
Other receivables 8,510 2,291
Prepayments 1,799 1,341
Accrued income 9,335 7,049
Current trade and other receivables 20,670 13,109
Other receivables 9,544 3,164
Non-current trade and other receivables 9,544 3,164
Total trade and other receivables 30,214 16,273
Included in accrued income are lease incentives of £5,849,000 (31 March 2025:
£6,557,000).
16. Cash and Cash Equivalents
At At
31 March 31 March
2026 2025
£000 £000
Cash held at managing agents 3,275 2,372
Rental deposits 8,822 7,751
Restricted cash 5,335 5,172
Cash deposits 15,524 61,204
Total cash and cash equivalents 32,956 76,499
Restricted cash is made up of cash held by solicitors and cash in restricted
accounts. Restricted cash consists of rent collected to cover the finance
costs of the Group's Revolving Credit Facility on the interest payment dates
which is considered readily available.
17. Trade and Other Payables
At At
31 March 31 March
2026 2025
£000 £000
Trade payables 13,326 11,811
Other payables 2,586 1,847
Accruals 4,498 5,230
Deferred income 4,524 4,385
Total trade and other payables 24,934 23,273
18. Lease Liability
At At
31 March 31 March
2026 2025
£000 £000
Current lease liability 379 339
Non-current lease liability 1,097 1,476
The current lease liability and non-current lease liability relates to the
long leasehold of the Group's head office.
19. Borrowings
At At
31 March 31 March
2026 2025
£000 £000
Current borrowings - -
Borrowings repayable within:
- two to three years 173,790 173,730
Non-current borrowings 173,790 173,730
Total borrowings 173,790 173,730
At At
31 March 31 March
2026 2025
£000 £000
Total borrowings 173,790 173,730
Cash and cash equivalents (32,956) (76,499)
Net borrowings 140,834 97,231
Net borrowings exclude the Group's share of borrowings in joint ventures of
£103,969,000 (31 March 2025: £18,040,000) and cash in joint ventures of
£5,619,000 (31 March 2025: £2,478,000). All borrowings in joint ventures are
secured.
At At
31 March 31 March
2026 2025
£000 £000
Net assets 425,361 426,094
Gearing 33.1% 22.8%
20. Derivative Financial Instruments
At At
31 March 31 March
2026 2025
£000 £000
Derivative financial instruments asset 11,532 14,346
A loss on the change in fair value of £2,814,000 has been recognised in the
Consolidated Income Statement (31 March 2025: £3,289,000) as a result of the
unwinding of the derivative asset and the reduction in the medium and
long-term interest rate projections.
The fair values of the Group's outstanding interest rate swaps have been
estimated by calculating the present values of future cash flows, using
appropriate market discount rates, representing Level 2 fair value
measurements as defined in IFRS 13 Fair Value Measurement.
21. Share Capital
At At
31 March 31 March
2026 2025
£000 £000
Authorised 39,577 39,577
The authorised share capital of the Company is £39,577,000 divided into
ordinary shares of 1p each.
At At
31 March 31 March
2026 2025
£000 £000
Allotted, called up and fully paid:
- 123,355,197 (31 March 2025: 123,355,197) ordinary shares of 1p each 1,233 1,233
1,233 1,233
22. Net Assets Per Share
At Number of shares At Number of shares p
31 March 000 p 31 March 000
2026 2025
£000 £000
IFRS net assets 425,361 123,355 426,094 123,355
Adjustments:
- own shares held (952) (602)
Basic net asset value 425,361 122,403 348 426,094 122,753 347
- share settled bonus 91 262
Diluted net asset value 425,361 122,494 347 426,094 123,015 346
Adjustments:
- fair value of financial instruments (11,532) (14,363)
- fair value of land and developments 302 302
- real estate transfer tax 41,463 35,894
EPRA net reinstatement value 455,594 122,494 372 447,927 123,015 364
- real estate transfer tax (25,352) (19,741)
EPRA net tangible asset value 430,242 122,494 351 428,186 123,015 348
At Number of shares At Number of shares p
31 March 000 31 March 000
2026 2025
£000 p £000
Diluted net asset value 425,361 122,494 347 426,094 123,015 346
Adjustments:
- surplus on fair value of stock 302 302
EPRA net disposal value 425,663 122,494 348 426,396 123,015 347
The net asset values per share have been calculated in accordance with
guidance issued by the European Public Real Estate Association ("EPRA").
The adjustments to the net asset value comprise the amounts relating to the
Group and its share of joint ventures.
The calculation of EPRA net tangible asset value includes a real estate
transfer tax adjustment which adds back the benefit of the saving of the
purchaser's costs that Helical expects to receive on the sales of the
corporate vehicles that own the buildings, rather than direct asset sales.
The calculation of EPRA net disposal value per share reflects the fair value
of all the assets and liabilities of the Group at 31 March 2026.
23. Related Party Transactions
The following amounts were due from/(to) the Group's related parties:
At At
31 March 31 March
2026 2025
£000 £000
Platinum Group 5,637 204
Barts Square companies 25 51
Bicycle Group 50,794 50,133
K2 Advisers Limited (1,488) (1,102)
A development management fee of £405,000 (2025: £145,000) was charged to the
Platinum Group as well as an administrative fee of £30,000 (2025: £52,000),
of which £21,000 was outstanding at the year end (31 March 2025: £197,000).
A short-term loan of £5,590,000 was provided to the Platinum Group to cover
its share of the VAT on the site purchase at Delta Paddington, W2. This was
recovered and repaid in April 2026. The remainder of the balance relates to
costs incurred on 63 Charterhouse Street, EC1M to be recovered from the
Platinum Group.
An accounting and corporate services fee of £50,000 (2025: £50,000) was
charged by the Group to the Barts Square companies.
A development management fee of £1,339,000 (2025: £810,000) was charged to
the Bicycle Group. At 31 March 2026, the Bicycle Group owed £50,794,000 (31
March 2025: £50,133,000) to Helical plc. This amount is interest free.
At 31 March 2026, an amount of £1,488,000 (31 March 2025: £1,102,000) was
accrued for K2 Advisers Ltd whose sole director is Gerald Kaye, a former
Director of the Group. This agreement was put in place in July 2024 and
relates to ongoing consultancy services provided on two development schemes.
24. See-through Analysis
Helical holds a significant proportion of its property assets in joint
ventures with partners that provide a significant equity contribution, whilst
relying on the Group to provide asset management or development expertise.
Accounting convention requires Helical to account under IFRS for its share of
the net results and net assets of joint ventures in limited detail in the
Income Statement and Balance Sheet. Net asset value per share, a key
performance measure used in the real estate industry, as reported in the
financial statements under IFRS, does not provide Shareholders with the most
relevant information on the fair value of assets and liabilities within an
ongoing real estate company with a long-term investment strategy.
This analysis incorporates the separate components of the results of the
consolidated subsidiaries and Helical's share of its joint ventures' results
into a "see-through" analysis of its property portfolio, debt profile and the
associated income streams and financing costs, to assist in providing a
comprehensive overview of the Group's activities.
See-through Net Rental Income
Helical's share of the gross rental income, head rents payable and property
overheads from property assets held in subsidiaries and in joint ventures is
shown in the table below.
Year to Year to
31 March 31 March
2026 2025
£000 £000
Gross rental income - subsidiaries 19,714 21,237
- joint ventures 1 3,704
Total gross rental income 19,715 24,941
Rents payable - subsidiaries (9) (17)
Property overheads - subsidiaries (4,304) (4,989)
- joint ventures - (366)
See-through net rental income 15,402 19,569
See-through Net Development Profits
Helical's share of development profits from property assets held in
subsidiaries and in joint ventures is shown in the table below.
Year to Year to
31 March 31 March
2026 2025
£000 £000
In parent and subsidiaries 2,640 299
In joint ventures 2,317 (23)
See-through net development profits 4,957 276
See-through Net Gain on Sale and Revaluation of Investment Properties
Helical's share of the net gain on the sale and revaluation of investment
properties held in subsidiaries and joint ventures is shown in the table
below.
Year to Year to
31 March 31 March
2026 2025
£000 £000
Revaluation (loss)/gain on investment properties - subsidiaries (7,474) 2,642
- joint ventures 9,957 22,531
Total revaluation gain 2,483 25,173
Net gain on sale of investment properties - subsidiaries - 9,376
- joint ventures 183 (2,315)
Total net gain on sale of investment properties 183 7,061
See-through net gain on sale and revaluation of investment properties 2,666 32,234
See-through Administrative Expenses
Helical's share of the administrative expenses incurred in subsidiaries and
joint ventures is shown in the table below.
Year to Year to
31 March 31 March
2026 2025
£000 £000
Administrative expenses - subsidiaries 7,763 9,357
- joint ventures 176 229
Transfer to development staff costs - subsidiaries (1,895) (1,945)
Total administrative expenses 6,044 7,641
Performance related awards, including NIC - subsidiaries 2,793 3,293
Total performance related awards, including NIC 2,793 3,293
See-through administrative expenses 8,837 10,934
See-through Net Finance Costs
Helical's share of the interest payable, finance charges, capitalised interest
and interest receivable on bank borrowings and cash deposits in subsidiaries
and joint ventures is shown in the table below.
Year to Year to
31 March 31 March
2026 2025
£000 £000
Interest payable on bank loans and overdrafts - subsidiaries 5,112 5,083
- joint ventures 5,038 2,018
Total interest payable on bank loans and overdrafts 10,150 7,101
Other interest payable and similar charges - subsidiaries 1,533 1,916
- joint ventures 4 108
Cancellation of loans - subsidiaries - 2,145
Interest capitalised - joint ventures (5,038) (380)
Total finance costs 6,649 10,890
Interest receivable and similar income - subsidiaries (1,590) (1,671)
- joint ventures (14) (38)
See-through net finance costs 5,045 9,181
See-through Property Portfolio
Helical's share of the investment, land and development property portfolio in
subsidiaries and joint ventures is shown in the table below.
At At
31 March 31 March
2026 2025
£000 £000
Investment property fair value - subsidiaries 374,530 379,900
- joint ventures 274,928 155,495
Total investment property fair value 649,458 535,395
Land and development stock - subsidiaries 28 139
- joint ventures 5,880(1) 4,572
Total land and development stock 5,908 4,711
Total land and development stock surplus - subsidiaries 302 302
Total land and development stock at fair value 6,210 5,013
See-through property portfolio 655,668 540,408
1. Includes £5,330,000 which comprises our share of recoverable development
cost incurred for Southwark, SE1 at 31 March 2026 which is shown in Investment
in Joint Ventures as Trade and other receivables in Note 12.
See-through Net Borrowings
Helical's share of borrowings and cash deposits in subsidiaries and joint
ventures is shown in the table below.
At At
31 March 31 March
2026 2025
£000 £000
Gross borrowings more than one year - subsidiaries 173,790 173,730
- joint ventures 103,969 18,040
Total 277,759 191,770
Cash and cash equivalents - subsidiaries (32,956) (76,499)
- joint ventures (5,619) (2,478)
Total (38,575) (78,977)
See-through net borrowings 239,184 112,793
25. See-through Net Gearing and Loan to Value
At At
31 March 31 March
2026 2025
£000 £000
See-through property portfolio 655,668 540,408
See-through net borrowings 239,184 112,793
Net assets 425,361 426,094
See-through net gearing 56.2% 26.5%
See-through loan to value 36.5% 20.9%
Pro-forma see-through loan to value (Note 29) 20.7% -
26. Total Accounting Return
At
At 31 March
31 March 2025
2026 p
p
Brought forward EPRA net tangible assets per share 348 331
Carried forward EPRA net tangible assets per share 351 348
Increase in EPRA net tangible assets per share 3 17
Dividends paid per share 5 3
Total Accounting Return per share 8 20
Total Accounting Return per share (%) 2.3% 6.0%
27. Total Property Return
At At
31 March 31 March
2026 2025
£000 £000
See-through net rental income 15,402 19,569
See-through development profits 4,957 276
See-through revaluation gain 2,483 25,173
See-through net gain on sale of investment properties 183 7,061
Total property return 23,025 52,079
28. Capital Commitments
The Group has commitments of £160,546,000 (31 March 2025: £136,600,000), of
which £4,282,000 relates to the development of 100 New Bridge Street, EC4,
£30,486,000 to 10 King William Street, EC4 and £122,378,000 to Delta
Paddington, W2. In addition, there is a loan contribution commitment of
£3,400,000 to the development of Brettenham House, WC2.
29. Post Balance Sheet Event
On 20 May 2026, the Bicycle Group completed the sale of the company which held
100 New Bridge Street, EC4 to State Street Corporation. A return of capital of
£17m has been proposed from the realised profits from this sale.
The impacts of these transactions have been included in the pro-forma table
below:
At Impact of Impact of return of capital Pro-forma
31 March 100 New Bridge Street sale £000 £000
2026 £000
£000
See-through net borrowings 239,184 (151,925) 17,000 104,259
See-through property portfolio 655,668 (151,925) - 503,743
See-through loan to value 36.5% 20.7%
Appendix 1 - Five Year Review
Income Statements
Year ended Year ended Year ended Year ended Year ended
31.3.26 31.3.25 31.3.24 31.3.23 31.3.22
£000 £000 £000 £000 £000
Revenue 33,251 31,962 39,905 49,848 51,146
Net rental income 15,401 16,231 24,710 34,306 31,086
Development property profit/(loss) 2,640 299 (246) 2,005 3,519
(Provisions)/reversal of provisions - - - (30) 2,285
Share of results of joint ventures 11,593 20,825 (9,310) 3,494 20,708
Other income 29 43 991 - 28
29,663 37,398 16,145 39,775 57,626
Gain/(loss) on sale of investment properties - 9,376 - 4,564 (45)
Revaluation (loss)/gain on investment properties (7,474) 2,642 (181,213) (97,854) 33,311
Administrative expenses excluding performance related awards (5,868) (7,412) (9,731) (9,845) (9,598)
Performance related awards (including NIC) (2,793) (3,293) (1,280) (2,990) (7,170)
Finance costs (6,645) (9,144) (8,608) (11,192) (19,234)
Finance income 1,590 1,671 661 274 6
Change in fair value of derivative financial instruments (2,814) (3,289) (5,609) 12,757 17,996
Profit/(loss) before tax 5,659 27,949 (189,635) (64,511) 72,892
Tax on profit/(loss) on ordinary activities 8 - (179) - 16,002
Profit/(loss) after tax 5,667 27,949 (189,814) (64,511) 88,894
Balance Sheets
At At At At At
31.3.26 31.3.25 31.3.24 31.3.23 31.3.22
£000 £000 £000 £000 £000
Investment portfolio at fair value 374,530 379,900 479,600 693,550 961,500
Land, trading properties and developments 28 139 28 28 2,089
Assets held for sale - - 42,761 - -
Group's share of investment properties held by joint ventures 274,928 155,495 138,250 145,975 135,820
Group's share of land, trading and development properties held by joint 5,880 4,572 1,321 539 8,349
ventures
Group's share of land and development property surpluses 302 302 302 302 302
Group's share of total properties at fair value 655,668 540,408 662,262 840,394 1,108,060
Net debt 140,834 97,231 199,001 175,752 353,149
Group's share of net debt of joint ventures 98,350 15,562 62,580 55,667 35,111
Group's share of net debt 239,184 112,793 261,581 231,419 388,260
Net assets 425,361 426,094 401,075 608,675 687,043
EPRA net tangible assets value 430,242 428,186 406,468 613,455 713,279
Dividend per ordinary share paid 5.00p 3.28p 11.75p 11.30p 10.30p
Dividend per ordinary share declared 2.50p 5.00p 4.83p 11.75p 11.15p
EPRA earnings per ordinary share 4.5p 2.2p 3.5p 9.4p 5.2p
EPRA net tangible assets per share 351p 348p 331p 493p 572p
Appendix 2 - Property Portfolio
Property Description Area sq ft Vacancy rate at 31 March Vacancy rate at 31 March
(NIA) 2026 2025
% %
Completed properties
The Warehouse and The Studio, The Bower, EC1 Multi-let office building 151,439 8.2 8.2
The Tower, The Bower, EC1 Multi-let office building 182,337 17.0 27.7
The Loom, E1 Multi-let office building 109,800 35.2 28.6
443,576 18.5 21.3
Estimated completion date
Development pipeline
100 New Bridge Street, EC4 Existing office building being redeveloped 195,000 Completed May 2026
Brettenham House, WC2 Existing office building being redeveloped 128,000 Q3 2026
10 King William Street, EC4 Over-station office development 142,000 Q4 2026
Delta Paddington, W2 Over-station office development 240,000 Q3 2028
Southwark, SE1 429 PBSA units and 44 affordable homes n/a Q3 2029
Appendix 3 - EPRA Performance Measures
At At
31 March 31 March
2026 2025
EPRA net tangible assets £430.2 £428.2m
EPRA net reinstatement value per share 372p 364p
EPRA net tangible assets per share 351p 348p
EPRA net disposal value per share 348p 347p
EPRA net initial yield 4.2% 4.6%
EPRA "topped up" net initial yield 4.8% 5.0%
EPRA vacancy rate 17.2% 26.3%
EPRA cost ratio (including direct vacancy costs) 57.8% 64.8%
EPRA cost ratio (excluding direct vacancy costs) 46.3% 55.9%
EPRA earnings £5.5m £2.7m
EPRA earnings per share 4.5p 2.2p
Appendix 4 - Risk Register
Risk Description & Potential Impact Mitigating Actions & Key Controls
Strategic Risks
Strategic risks are external risks that could prevent the Group delivering its
strategy. It is these risks which principally impact decision making with
respect to the purchasing or selling of property assets.
The Group's strategy is inconsistent with the market Our strategy must remain aligned with the evolving expectations and space · Robust and established governance and approval processes. Decisions
requirements of occupiers and adapt to changing market conditions in order to relating to the Group's strategy, financing and risk appetite are reserved for
deliver our pipeline. Inconsistency could result in reduced market sentiment the Board. The Board is responsible for authorisation of capital expenditure
and negatively impact our financial performance and strategic ambitions - to above delegated authority limits set by the Board annually.
acquire and structure, develop, let and asset manage and exit.
· The Board continually assesses the viability of the Group strategy with
The quality, location, size and mix of properties in Helical's portfolio respect to the demand for space in central London. Strategy is discussed at
determine the impact of the risk. If the Group's chosen markets underperform, all Board and Executive Committee meetings, with dedicated Executive and Board
the impact on the Group's liquidity, investment property revaluations and strategy sessions taking place annually.
rental income will be greater.
· The Board directly and indirectly engages with Helical's Shareholders on
the Group's strategy, and Shareholder feedback is considered in strategic
execution and decision making.
· The Group's experienced management team actively monitors market
conditions and adapts strategy accordingly. The management team enables quick
implementation of strategic change when required.
· The Group maintains rolling forecasts, with inbuilt sensitivity analysis
to model anticipated economic conditions.
· Continuous occupier engagement to ensure space on offer meets the needs
of modern occupiers.
· The Group is actively engaged in decisions affecting stakeholders by
joining industry bodies, professional associations, and local business and
community groups.
· External advisors/property market experts regularly present to all
levels of the business.
Risks arising from the Group's significant development projects The Group is exposed to fluctuations in the market and tenant demand levels · Board approval required for development related commitments above agreed
over the course of development projects. thresholds.
Development projects often require substantial capital expenditure for land · Development plans and exposure to risk are considered in the annual
procurement and construction, and typically take a considerable amount of time business plan.
to complete and generate rental income, or be sold.
· Management carefully reviews the prospective performance and risk
The risk of delays from legal disputes or failure to get planning approval is profiles of individual developments and, in some cases, builds properties in
an inherent risk of property development. several phases to minimise exposure to reduced demand for particular asset
classes or geographical locations over time.
The construction industry continues to be faced with shortages of both labour
and materials which creates risk of cost escalation and project delay. · The Group conducts developments in partnership with other organisations
and strategically pre-lets space or enters into forward sale agreements to
Exposure to developments increases the potential monetary impact of cost reduce development risk where appropriate.
inflation, adverse valuation or other market factors which could affect the
Group's financial capabilities and targeted financial returns. · Management is highly experienced and has a track record of developing
best-in-class office spaces in highly desirable, well-connected locations.
Local authority and Governmental emphasis on climate change renders
sustainability considerations key in the planning process, and compliance with · Detailed planning pre-applications and due diligence conducted in
applicable laws/regulations is essential from the outset of any development. advance of any site acquisition. We utilise our existing strong relationships
with planning authorities and engage at an early stage on all developments.
The Group is susceptible to risks that materialise whilst on site and such
risks can cause delay and subsequent penalties or deferral of rental income. · Rigorous site investigations and surveys conducted by our trusted
partners prior to the commencement of on-site works to reduce the risk of
development issues arising.
· We work with highly regarded suppliers and contractors with whom we have
existing relationships and continually collaborate with them to mitigate
development risks, minimise cost uncertainty and aid timely project delivery.
· KYC/FDD conducted on all contractors with continuous monitoring and
assessment of creditworthiness throughout the term of the contract. We
typically enter into contracts with our contractors on a fixed price basis and
incorporate appropriate contingencies.
· Project progress reports presented at each fortnightly Business Update
Meeting and at the monthly Executive Committee meetings. The Board receives
all pertinent financial and non-financial information for each asset on a
quarterly basis.
· Management continuously monitors the cost of materials and pressures on
the supply chain. Ongoing consideration given to investing in the most energy
efficient machinery and building materials and using renewable sources of
energy where possible.
· Major projects' cash flow budgets updated each month and expenditure
tracked.
Property values decline/reduced tenant demand for space We are at risk of property values declining through changes in market · Diversity of occupiers reduces risk of over-exposure to one sector.
conditions, including underperforming sectors or locations, lack of tenant
demand, deferral of occupiers' decisions or general economic uncertainty. · Regular occupier financial covenant checks conducted ahead of approving
Geopolitical tensions can significantly impact property yields, due to leases to limit exposure to tenant failure.
increased uncertainty and consequent investor risk aversion.
· Management accounts showing the Group's performance against financial
Property valuations are dependent on the level of rental income receivable and covenants reviewed by the Board on a quarterly basis.
expected to be receivable on that property in the future. Therefore, declines
in rental income could have an adverse impact on revenue and the value of the · Management regularly reviews external data, obtains industry experts'
Group's properties. opinion, and monitors asset and sector performance to dispose of
non-performing assets and adjust portfolio for changing market conditions.
Falling valuations could lead to uncertainty regarding development scheme
returns and the viability of future development schemes. The Group's net asset · Management regularly models different property revaluation scenarios
value and gearing levels will also be impacted by a fall in property values. through its forecasting process in order to mitigate against potential impact.
· Collaborating with our managing agents, Ashdown Phillips, to understand
and respond to changing occupier needs in sustainability, technology,
wellbeing, and service provision.
· Monitoring market demand and customer expectations for environmentally
sustainable spaces.
· The Board and management continuously monitor the property market. The
bi-weekly Business Update Meeting evaluates new leases, lease events and
tenant issues for each property in the portfolio.
· For new property acquisitions, a complete report with essential
indicators and due diligence is prepared for formal appraisal by the Executive
Committee. Following the appraisal, any acquisition recommended by the
Executive Committee will require formal Board approval.
Geopolitical and economic Significant events or changes in the global/UK political or economic landscape · Management monitors macroeconomic research and economic outlook
may have a significant impact on the Group's ability to plan and deliver considerations are incorporated into the Group's annual strategic plans.
strategic priorities in accordance with the business model. Such events or
changes may result in decreased investor activity and reluctance of occupiers · Management conducts ongoing assessments of the impacts of current
to make leasing decisions. Furthermore, UK Government policy making has the macroeconomic and geopolitical concerns and adapts any business decisions
potential to impact London's desirability from an investor standpoint. accordingly.
Macroeconomic drivers, such as interest rates, can significantly impact · Management seeks advice from experts to understand the geopolitical
pricing in the real estate market and the availability of affordable environment and potential regulatory and tax changes for the Group.
financing.
· Management maintains good relationships and dialogue with planning
Geopolitical volatility can foster acute instability in commodities, FX and consultants and local authorities. Where appropriate, management collaborates
other financial markets that track straight through to the Balance Sheet, with industry representatives to contribute to policy and regulatory debates
financial operating model and investor perceptions. This can degrade the affecting the industry.
macroeconomic conditions on which our strategy is based.
Political instability and unrest can have a significant knock-on effect on
global economies and trade, leading to changes in market dynamics and
influence, such as increasing role of governments in economies and shifts in
geopolitical powers.
Geopolitical uncertainty from conflict continues to affect global and local
economies, e.g. inflationary pressures arising from supply chain shortages,
high interest rates and energy costs. These conflicts could escalate or spread
to include other countries.
Climate change Climate change risks continue to increase in prominence and importance. · Sustainability is a standing agenda item for the Business Update, the
Failing to respond to these risks and make appropriate disclosures (in line Executive Committee and Board meetings.
with societal attitudes or legislation/regulation), or failing to identify
potential opportunities could lead to reputational damage, loss of income or · The Group has a dedicated Head of Sustainability who oversees the
decline in property values. Having strong sustainability credentials is a Group's sustainability objectives and initiatives.
market differentiator and provides a competitive advantage.
· The Group Sustainability Committee reviews the Group's approach and
There is also the risk that the costs to operate our business (energy or strategy to climate-related risks and sets appropriate targets and KPIs to
water) or undertake development activities (construction materials) will rise effectively monitor the Group's performance. The Committee reports regularly
as a consequence of climate change and the actions taken to safeguard against to the Board and Executive Committee on emerging issues and mitigation plans.
it.
· The Board has a designated Non-Executive Director responsible for
The Group is also alert to the physical risks of climate change, e.g. the sustainability.
increasing severity and frequency of extreme weather events which pose threats
to real estate assets. · The Group's Sustainability Policy and related policies are reviewed
annually and provided to all staff, as well as published on its website.
· The Group analyses climate-related risks and opportunities annually to
ensure appropriate actions are taken.
· The yearly Sustainability Performance Report includes externally
verified important data and performance criteria.
· Early engagement with supply chain to procure sustainable technology for
developments.
· The Group has a sustainability strategy, Net Zero Carbon Pathway and
Environmental Management System, which include:
o Environmental Policy.
o Setting of annual and continuing performance targets.
o Use of Performance Measures Checklists to ensure minimum sustainability
requirements are met across our development activities.
o Checklists to ensure embodied carbon data is collated from development and
refurbishment sites.
· The Group maintains compliance with applicable legal and regulatory
frameworks, reports on sustainability performance and monitors for legislation
changes.
· Annual submission to CDP.
· Our properties' energy usage is collated quarterly by managing agents
and reviewed by a third party sustainability consultant. ESG auditors provide
limited external assurance.
Financial Risks
Financial risks are those that could prevent the Group from funding its chosen
strategy, both in the long and short-term.
Availability and cost of bank borrowing, cash resources and potential breach The inability to roll over existing facilities or take out new borrowing could · The Group's financial position is reviewed at each Executive Committee
of loan covenants impact the Group's ability to maintain its current portfolio and purchase new and Board meeting.
assets.
· The Group conducts bi-annual going concern and viability reviews.
The Group is at risk of increased interest rates on unhedged borrowings.
· The Group has good relationships with established lending institutions
If the Group breaches debt covenants, lending institutions may require the and borrowings are spread across multiple lenders.
early repayment of borrowings.
· Management monitors the cash levels of the Group on a weekly basis and
The lack of global liquidity has the potential to create significant obstacles maintains sufficient levels of cash resources and undrawn committed bank
for the Group and liquidity risk could lead to missed opportunities or facilities to fund opportunities as they arise. Six-year cash flow forecasts
financial losses. and yearly budgets are maintained to plan for investments and raise funding
ahead of time.
Reduced access to capital markets due to external factors, e.g. global
financial crisis, is an ongoing risk. · Group hedges the interest rates on the majority of its borrowings,
effectively fixing or capping the rates over several years. Maturity dates of
borrowings are also spread over several years.
· Financial covenants are closely reviewed to account for changes in
valuation, interest rates and rental income. Management uses sensitivity
analyses to determine the likelihood of future breaches based on major changes
in property prices or rental income. The risk is further mitigated by
acquiring tenant guarantors, bank guarantees and deposits.
· The Group has sufficient cash and undrawn bank facilities, as well as
acceptable borrowings capacity.
Operational Risks
Operational risks are internal risks that could prevent the Group from
delivering its strategy.
Our people and relationships with business partners and reliance on external The Group's continued success is reliant on its management and staff and Our people
partners maintaining its successful relationships with its joint venture partners. With
respect to assets held in conjunction with third parties, the Group's control · The Remuneration Committee oversees the Directors' Remuneration Policy
over these assets is more limited and joint venture structures may also reduce and reviews and approves incentive arrangements to ensure they align with
the Group's liquidity. Operational effectiveness and financing strategies may market practice. Remuneration is designed to attract and retain high calibre
also be adversely impacted if partners are not strategically aligned. employees. Executives and all other employees are compensated in accordance
with Helical's Purpose, Values and Culture.
Ineffective succession planning, or failure to attract, develop and retain the
right people with requisite skills, as well as failing to maintain a positive · The Nominations Committee and Board continuously review succession plans
working environment for employees, could inhibit the execution of our strategy for senior and critical roles to ensure the long-term success of the business.
and diminish our long-term success.
· Our annual appraisal process focuses on future career development and
The Group is dependent on a number of external third parties to ensure the employee objectives, formalised through personal development plans. Staff are
successful delivery of its development programme and asset management of encouraged to undertake personal development and training courses, supported
existing assets. These include: by Helical.
• Contractors and suppliers. · The Board and senior management engage directly with employees through a
variety of engagement initiatives which enable the Board to ascertain staff
• Consultants. satisfaction levels and implement changes to working practices and the working
environment as necessary. Since 2019, the Group has had a designated
• Managing agents. Independent Non-Executive Director for workforce engagement on the Board.
• Legal and professional teams. · The Board promotes an open culture to ensure all personnel understand
strategic direction and collaborate on ideas, opportunities and concerns (e.g.
The Group would be adversely impacted by increases in the cost of services fortnightly Business Update Meetings). This results in a high-performing,
provided by third parties. motivated team.
· All-staff training activities and events are organised throughout the
year.
Business partners
· The Group nurtures well established relationships with joint venture
partners, basing selection for future projects on previous successful
collaborations.
· The Group has a strong track record of working effectively with a
diverse range of partners.
· Joint venture business plans are prepared to ensure operational and
strategic alignment with our partners.
External partners
· The Group actively monitors its development projects and uses external
project managers for support. Prior to engagement, potential contractors are
vetted for their quality, health and safety record and financial viability.
· The Group has a highly experienced team managing its properties, which
regularly conducts on-site reviews and monitors cash flows against budget.
· The Group seeks to actively monitor and maintain excellent relationships
with its specialist professional advisors.
Health and safety The nature of the Group's operations and markets exposes it to potential · The Executive Committee and Board set a clear tone for safety and
health and safety ("H&S") risks, both internally and externally within the well-being. H&S is a regular item on both the Board and the Executive
supply chain. Committee agendas, and the report from an external H&S consultant is
discussed at both meetings.
Compliance with H&S legislation/regulation, specifically building and fire
safety regulations, e.g. Building Safety Act 2022, is key. · The Board reviews and manages the potential consequences of building and
fire safety rules, including the Building Safety Act 2022.
As a real estate developer, we are exposed to public liability risks and there
is always the potential for accidents to occur on our sites involving · The Group reviews and updates its H&S Policy regularly and it is
occupiers or employees. approved by the Board annually.
· The Group's H&S Committee oversees and improves workplace safety
initiatives, policies, and procedures. In addition, the Committee keeps track
of pertinent legal and regulatory developments.
· Contractors are required to comply with the terms of the Group's H&S
Policy.
· The Group hires an external health and safety consultant to examine
contractor agreements, verify suitable rules and procedures are in place and
monitor adherence throughout the project.
· Employees receive ongoing health and safety training as needed.
· H&S risk management strategies handle public liability risks by
ensuring adequate property maintenance, safety measures and frequent risk
assessments.
· The internal asset managers conduct regular site visits with the
external managing agents, Ashdown Phillips, to ensure property conditions are
appropriate and compliance with law and regulations.
· We have comprehensive public liability insurance to cover legal claims
arising from injuries and property damage.
Significant business disruption/external catastrophic event/cyber-attacks to The Group's operations, reputation or financial performance could be adversely · The Group periodically reviews and tests its Business Continuity Plans,
our business and our buildings affected and disrupted by major external events such as pandemic disease, IT Business Continuity Plans and response procedures.
civil unrest, war and geopolitical instability, terrorist attacks, extreme
weather, environmental incidents and power supply shortages. All of these · The Group works with external IT professionals to maintain high-quality
potential events could have a considerable impact on the global economy and IT systems, manage risk and improve technical standards as the security
our stakeholders. environment evolves. This includes using cloud-based technologies, conducting
penetration tests, performing regular off-site backups and implementing a
The increasing reliance on and use of digital technology has heightened the comprehensive disaster recovery plan. The external provider also assures the
risks associated with IT and cyber security. Risks are continually evolving, system's security, which is subject to frequent testing such as biannual
and we must design, implement and monitor and maintain effective controls to disaster recovery tests and annual Cyber Essential Plus certification.
protect the Group from cyber-attack or major IT failure.
· A robust control environment is in place for invoice approval and
Misinformation and disinformation may radically disrupt electoral processes in payment authorisations, including authorisation limits.
several economies over the next few years.
· Staff training and awareness programmes operate throughout the year.
The metaverse and artificial intelligence ("AI") are two forms of disruptive
technology which have been identified as having the potential to reduce the · The Group periodically instructs external reviews of its anti-financial
demand for physical office space, and thus impact our strategy. crime and cyber security frameworks and provides training to all employees.
· The Group has disaster recovery plans, on-site security and insurance
policies in place to reduce the impact of external disasters on its assets.
· The Group's external property managing agents use industry standard IT
security controls and continuously review their suitability.
· The Group has comprehensive cyber insurance cover to help mitigate
financial losses and liabilities caused by sensitive data breaches.
Reputational Risks
Reputational risks are those that could affect the Group in all aspects of its
strategy.
Poor management of stakeholder relations and non-compliance with prevailing Reputational damage resulting in a loss of credibility with key stakeholders · The Board regularly reviews its strategy and risks to ensure it is
legislation, regulation and best practice is a continuous risk for the Group. acting in the interests of its stakeholders.
The nature of the Group's operations and markets exposes it to financial crime · The Group's developments incorporate the community in the planning
risks (including bribery and corruption risks, money laundering and tax process and provide employment and education opportunities during construction
evasion) both internally and externally within the supply chain. and operations.
The Group could attract criticism, negative publicity or financial penalties · The Board reviews, updates, and approves Group policies and procedures
for failing to comply with prevailing relevant legislation and regulation. related to applicable legislation and regulations annually.
As a REIT, the Group is required to adhere to the relevant legislation and · All employees have access to the Staff Handbook, which includes Group
failure to comply could result in adverse tax consequences. policies and procedures related to major legislation and regulations.
· Regular meetings with investors and analysts strengthen the Group's
relationships.
· The Group avoids conducting business in high-risk territories.
· The Group has policies and processes in place to reduce bribery and
corruption concerns, and legal specialists are hired as needed to support
these policies.
· Annual training on anti-money laundering, bribery prevention and
equality, diversity and inclusion is mandatory for all employees. All
employees are expected to disclose information about corporate hospitality and
gifts received. Staff members are given anti-financial crime training on a
regular basis to increase their knowledge.
· The Group's Head of Tax evaluates existing and projected REIT
compliance.
· The Group whistleblower reporting channel allows employees to report
misconduct privately or anonymously.
Appendix 5 - Glossary of Terms
Building Research Establishment Environmental Assessment Methodology
("BREEAM")
Building Research Establishment method of assessing, rating and certifying the
sustainability of a building.
Capital return on B Shares
The payment of surplus cash to shareholders through the redemption of B
Shares.
Capital value (psf)
The open market value of the property divided by the area of the property in
square feet.
Company or Helical or Group
Helical plc and its subsidiary undertakings.
Diluted figures
Reported amounts adjusted to include the effects of potential shares issuable
under the Director and employee remuneration schemes.
Earnings per share ("EPS")
Profit after tax divided by the weighted average number of ordinary shares in
issue.
EPRA
European Public Real Estate Association.
EPRA earnings per share
Earnings per share adjusted to exclude gains/losses on sale and revaluation of
investment properties and their deferred tax adjustments, the tax on
profit/loss on disposal of investment properties, trading property
profits/losses, movement in fair value of available-for-sale assets and fair
value movements on derivative financial instruments, on an undiluted basis.
Details of the method of calculation of the EPRA earnings per share are
available from EPRA (see Note 10).
EPRA net assets per share
Diluted net asset value per share adjusted to exclude fair value surplus of
financial instruments, and deferred tax on capital allowances and on
investment properties revaluation but including the fair value of trading and
development properties in accordance with the best practice recommendations of
EPRA (see Note 22).
EPRA net disposal value per share
Represents the Shareholders' value under a disposal scenario, where deferred
tax, financial instruments and certain other adjustments are calculated to the
full extent of their liability, net of any resulting tax (see Note 22).
EPRA net reinstatement value per share
Net asset value adjusted to reflect the value required to rebuild the entity
and assuming that entities never sell assets. Assets and liabilities, such as
fair value movements on financial derivatives, that are not expected to
crystallise in normal circumstances and deferred taxes on property valuation
surpluses are excluded (see Note 22).
EPRA net tangible assets per share ("NTA")
Assumes that entities buy and sell assets, thereby crystallising certain
levels of unavoidable deferred tax, but excludes assets and liabilities, such
as fair value movements on financial derivatives, that are not expected to
crystallise in normal circumstances and deferred taxes on property valuation
surpluses are excluded (see Note 22).
EPRA topped-up NIY
The current annualised rent, net of costs, topped-up for contracted uplifts,
expressed as a percentage of the fair value of the relevant property.
Estimated rental value ("ERV")
The market rental value of lettable space as estimated by the Group's valuers
at each Balance Sheet date.
Initial yield
Annualised net passing rents on investment properties as a percentage of their
open market value.
Like-for-like valuation change
The valuation gain/loss, net of capital expenditure, on those properties held
at both the previous and current reporting period end, as a proportion of the
fair value of those properties at the beginning of the reporting period plus
net capital expenditure.
Net asset value per share ("NAV")
Net assets divided by the number of ordinary shares at the Balance Sheet date
(see Note 22).
Net gearing
Total borrowings less short-term deposits and cash as a percentage of net
assets.
Net internal area ("NIA")
The usable area within a building measured to the internal face of the
perimeter walls at each floor level.
Passing rent
The annual gross rental income being paid by the tenant.
Places for London ("PfL")
The wholly owned property company of Transport for London.
Property Income Distribution ("PID")
This represents the portion of the Group's distribution that is paid out of
the tax exempt profits of its property rental business. PIDs are treated as
property income for UK tax purposes.
Purpose Built Student Accommodation ("PBSA")
Specifically designed and developed housing for students.
Reversionary yield
The income/yield from the full estimated rental value of the property on the
market value of the property grossed up to include purchaser's costs, capital
expenditure and capitalised revenue expenditure.
See-through/Group share
The consolidated Group and the Group's share in its joint ventures (see Note
24).
See-through net gearing
The see-through net borrowings expressed as a percentage of net assets (see
Note 25).
Total Accounting Return
The movement in EPRA net tangible assets per share plus the dividend paid
during the reporting period expressed as a percentage of the EPRA net tangible
assets per share at the beginning of the reporting period.
Total Property Return
The total of net rental income, trading and development profits and net gain
on sale and revaluation of investment properties on a see-through basis (see
Note 27).
Transport for London
Local government body responsible for most of the transport network in London.
True equivalent yield
The constant capitalisation rate which, if applied to all cash flows from an
investment property, including current rent, reversions to current market rent
and such items as voids and expenditures, equates to the market value. Assumes
rent is received quarterly in advance.
Unleveraged returns
Total property gains and losses (both realised and unrealised) plus net rental
income expressed as a percentage of the total value of the properties.
WAULT
The total contracted rent up to the first break, or lease expiry date, divided
by the contracted annual rent.
HELICAL PLC
Registered in England and Wales No.156663
Registered Office:
22 Ganton Street
London
W1F 7FD
T: 020 7629 0113
E: reception@helical.co.uk (mailto:reception@helical.co.uk)
www.helical.co.uk (http://www.helical.co.uk)
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