Full Year 2025 Helical PLC Earnings Call Transcript
Key Points
- Helical PLC (FRA:1Y7) reported a strong financial performance with an EPRA TAR of 6.3% and an EPRA NTA per share increase of 5.1%.
- The company successfully executed GBP245 million in asset sales, fully funding its development pipeline.
- Helical PLC has a robust balance sheet with a record low LTV of 20.9% and net debt of GBP113 million.
- The company has secured important planning permissions for future development projects, positioning its portfolio for strong returns.
- Helical PLC's joint venture with Places for London is progressing well, with three initial seed sites and four additional sites under discussion.
- Net rents decreased due to asset sales and lease expiries, particularly at The Bower and 100 New Bridge Street.
- The office leasing market faces challenges with increased construction and financing costs impacting development viability.
- The vacancy rate at The Bower campus stands at 19%, indicating room for improvement in tenant retention.
- The Loom's vacancy rate remains elevated at 29%, requiring continued efforts to attract and retain tenants.
- Dividend payments may be lumpy and dependent on the timing of realized development profits, leading to potential variability in shareholder returns.
Good morning. I'm delighted to welcome everyone to Helical's annual results presentation for the year ending March 31, 2025. I'm joined by Tim Murphy, our Chief Finance Officer; James Moss, who will be taking over from James in July at the AGM; and Rob Sims, our Chief Investment Officer. The agenda here sets out what we will try and cover during the course of the presentation. Having taken over as CEO in July of last year, I'm 10 months in, but I'm hugely encouraged by the substantial progress that we have made in that short time period.
Perhaps I can start by reemphasizing what the company is seeking to achieve, what we said at the interims, provide detail on what has been accomplished over the financial year before talking more broadly about current market dynamics. Helical seeks to be a Central London development-focused business, delivering best-in-class, typically large-scale office projects, but increasingly mixed use, alternative uses, and frequently in joint ventures or through equity-light
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