Similarly, earnings per share have improved to 3.79p in contrast to a loss last year of 75.85p.

In May 2024, the company’s CEO Geralde Kaye stepped down after losses doubled to £189m towards the end of his tenure. He was replaced by Matthew Bonning-Snook (pictured above).

Since then, the new CEO has implemented a strategy to focus on cyclical growth opportunities with a pipeline now focused on “best in class” office developments.

This period has seen Helical dispose of several assets (such as a £55m sale in May and a £71.4m sale in October) with 12 new lettings established. The latter covers 62,015 sq ft with contracted rent of £5m a year.

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Overall, £245m of equity has been recycled through sales at a surplus to book value. As well as helping the company return to profitability, these sales have reduced the post-balance sheet pro-forma LTV to 15.9%, its lowest ever level.

“Our exciting development pipeline, delivering in joint venture with equity partners, will provide valuation surpluses as well as new revenue streams of significant development management fees,” said Matthew.

“This pipeline will be supplemented with additional ‘equity-light’ opportunities as building owners seek specialists in development and refurbishment to partner with them to maximise the value of their assets.
 
“With an experienced management team and funds in place to deliver a substantial development pipeline, Helical is financially and operationally well placed to deliver a strong performance over the coming cycle.”