Property group’s turnover falls but dividend is increased as property values rise

Commercial property group Helical Bar has swung into profit in the year to 31 March 2010 and raised its total dividend, as the value of its investment properties rose.
In preliminary results, the group reported a full-year pre-tax profit of £7.9m, compared with a loss of £71.9m the previous year.
Revenue for the period fell to £67.4m from £81.8m, and its total dividend was up 5.6% from last year’s 4.5p.
The valuation of Helical Bar’s investment properties rose 7.9% or £13.1m on a like-for-like basis during the period, following a downward shift of 25.7% (£68m) in the previous year.
Chairman Giles Weaver said: “The Helical brand is ideally placed to take advantage of any opportunities as a result of its strong balance sheet, well-established industry, banking and investor partnerships coupled with the experience and skills of its management team.”