These results have seen Helical’s EPRA earnings per share narrow from 9.4p to 3.5p. Similarly, the total dividend for the year has been reduced from 11.75p to 4.83p.

According to the Helical board, these results reflect “economic volatility” and “structural challenges in the occupational market”.

In response, the board is unanimously backing a detailed three year plan to achieve future growth, with this including cost cuts.

The replacement of the CEO is the result of a now-concluded business review.

Kaye will be succeeded by Matthew Bonning-Snook at the 2024 AGM, whereupon he will also step down from the board.

The former has been with Helical for 30 years and held the role of CEO since 2016. He will remain as an external consultant and work on the business’s projects at 100 NEw Bridge Street (EC4) and Brettenham House (WC2).

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Bonning-Snook has been on the board since 2007 and held the role as executive director.

Prior to joining Helical in 1995, he was a development agent and consultant at Richard Ellis (now CBRE).

“On behalf of the board I would like to pay tribute to Gerald’s outstanding contribution to Helical during his long tenure as first, development director and, most recently, as chief executive,” said Richard Cotton, chairman of Helical.

“Matthew has built a highly impressive track record during his near 30 year tenure with the Company, where he has been responsible for identifying, funding and delivering multiple highly profitable developments.

“Market conditions are challenging at present and the share price performance has been reflective of this, but the quality of our pipeline and partners give me encouragement that we are well placed to deliver good shareholder returns over the medium term.”