Mike Slade maintained his reputation for plain-speaking with a trenchant analysis of the commercial property sector as entering a “twilight zone” with prices set to fall and few signs of growth.
But the Helical Bar chief said there were still opportunities for companies in the sector.
The company has sold down its investment portfolio from about £600m to £239m as of the end of September, reducing its gearing to 38%.
Helical is preparing various new developments, including several high profile schemes in the City of London. It is also part of the consortium planning a £2.5bn mixed-use 45-acre site in White City, west London.
Adjusted pre-tax profit at Helical rose from £7.7m to £7.9m. Pre-tax profit increased from £8.4m to £15.1m, after £7.2m of gains on the sales of investment properties, including a portfolio of Unwins stores.
References: Financial Times 18/11/05 page 26, The Times 18/11/05 page 51
