REG - Helical PLC - Trading Update

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RNS Number : 3638R  Helical PLC  17 July 2025

17 July 2025

 

HELICAL PLC

("Helical" or the "Company")

Trading Update for the Period Since 1 April 2025

 

 

Ahead of its Annual General Meeting ("AGM") which will take place at 9.00am
today, Helical provides an update covering its trading activity for the period
1 April 2025 to 16 July 2025 ("the Period").

 

Commenting on the Company's activities, Matthew Bonning-Snook, Chief
Executive, said:

 

"We continue to deliver on our strategy of developing best-in-class buildings
in highly desirable central London locations, with further progress made
across our three office schemes totalling over 460,000 sq ft, all of which are
due for completion in 2026. Underpinned by our forward sale of 100 New Bridge
Street to State Street Corporation for its own occupation at the beginning of
the Period, we are confident that strong demand for the best buildings will
continue to drive rental growth.

 

"Our joint venture with Places for London ("PfL") is progressing well, with
terms now agreed with them to forward fund the 429 unit PBSA scheme at
Southwark, and enabling works having commenced on our Paddington office scheme
ahead of the site drawdown in January 2026.

 

"We are focused on adding further office and mixed-use schemes to the
pipeline, both in the PfL joint venture and with third parties, as we look to
ensure our equity works harder through employing flexible structures, from
traditional joint ventures through to equity-light forward fundings.

 

"Our balance sheet is strong, our team is highly motivated, and this,
alongside the supply constrained market backdrop, is driving our growth
ambitions."

 

Operational Highlights

 

·    100 New Bridge Street, EC4 - On 11 April 2025 we exchanged contracts
for the forward sale of 100 New Bridge Street to State Street Corporation for
£333m (Helical share: £166.5m) for its own occupation. The highly
sustainable 194,500 sq ft comprehensive refurbishment project will reach
practical completion in April 2026, at which point the forward sale will
complete.

 

·    Brettenham House, WC2 - Work is progressing well on the comprehensive
refurbishment of Brettenham House, with the structure now topped out. On
completion in Q2 2026, the building will deliver c.125,000 sq ft of prime
office and ancillary retail space with exceptional river views. During the
Period, it received its WELL precertification, demonstrating the building's
commitment to prioritising health and wellbeing for an enhanced occupier
experience.

 

Places for London joint venture with Transport for London

 

·    10 King William Street, EC4 - Work is continuing on the development
of this eight storey, 141,000 sq ft best-in-class office scheme, which is
located above the Bank station entrance on Cannon Street and is targeting
practical completion in December 2026. In the Period, all conditions to
utilise the £125m development financing facility agreed with HSBC were met,
enabling all future construction costs to be drawn down under the facility.
The scheme was also awarded a NABERS Design for Performance Reviewed Target
Rating of 5 Stars.

 

·    Southwark, SE1 - Heads of terms have now been signed for the forward
funding of the 429 studio PBSA development scheme located above Southwark tube
station. It is intended that contracts will be exchanged later in the summer
and the joint venture will now not drawdown the site, with the contractual
acquisition already having been deferred from 1 July 2025 to 28 November 2025
to facilitate this. Work is expected to commence on site in Q1 2026 upon
receipt of Gateway 2 approval and the accommodation will be available for
occupation in 2028.

 

·    Paddington, W2 - The main contractor tender process has concluded
with Mace chosen as the preferred party to deliver the innovative 19 storey,
235,000 sq ft office building, which sits above the canal side entrance to
Paddington Station and is due for completion in Q3 2028. Enabling and
interface works have now commenced on the site ahead of the formal acquisition
of the property by the joint venture in January 2026.

 

Board Changes

 

As previously announced, James Moss, Chief Financial Officer Designate, will
succeed Tim Murphy as Chief Financial Officer of the Company following the
2025 AGM later today. Tim Murphy is stepping down from the Board and will not
be seeking re-appointment at the AGM.

 

Sue Clayton, Senior Independent Director, is also stepping down from the Board
at today's AGM and will be succeeded in the role of Senior Independent
Director by Sue Farr, independent Non-Executive Director and designated
Non-Executive Director for ESG and Sustainability.

 

Dividend

 

The final dividend for the year ended 31 March 2025 of 3.50p, if approved by
Shareholders at the AGM later today, will be paid on 4 August 2025. This will
take the total dividend for the year to 5.00p (2024: 4.83p).

 

 

For further information, please contact:

 

 Helical plc
 Matthew Bonning-Snook (CEO)  Address:     22 Ganton Street, London, W1F 7FD

 James Moss (CFO)             Website:     www.helical.co.uk (http://www.helical.co.uk)

                              Tel:               020 7629 0113

 FTI Consulting
 Dido Laurimore               Email:           Schelical@fticonsulting.com

                            (mailto:Schelical@fticonsulting.com)
 Richard Gotla

                            Tel:               020 3727 1000
 Andrew Davis

 

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