This is in contrast to the preceding year when the group recorded post-tax losses of £189.8m.

Helical CEO Matthew Bonning-Snook (pictured above) attributed this reversal in fortunes to “decisive action” being taken, with £245m of equity from asset sales recycled into the business.

This capital has been used to strengthen the balance sheet and invest in new assets.

As such, Helical’s net debt has improved from £261.6m to £112.8m.

Helical has also secured new rental income during the year, completing 12 new lettings with a contracted rent of £5.8m per annum.

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In addition, seven lease renewals were completed during the year and one after 31st March.

"Going forward, the joint venture structure of our development activities will generate significant development management fees,” said Matthew.

“Alongside these, we will start to recognise promote fees as the developments progress and we will see the benefits of the decision taken to reduce administration overheads by 25%.

 "With an experienced management team, the funds in place to deliver a substantial development pipeline and a historically low LTV, Helical is financially and operationally well placed to deliver a strong performance over the coming cycle and we are excited by the opportunity the market presents."