Interim Results

Helical Bar PLC
16 November 2000


                          H E L I C A L B A R P L C

                         I n t e r i m R e s u l t s

                    For the half year to 30 September 2000

                    HELICAL RIDING HIGH ON CENTRAL LONDON


*      Interim profits before tax 66 per cent higher at £15.1 million (1999: £
       9.1 million)

*      Development profits double on City lettings

*      Interim dividend 5.00p - up 14 per cent

*      Earnings per share increased by 52 per cent to 37.6p (1999: 24.7p)

*      Investment property refurbishments boost future rental flows


John Southwell, Chairman said: 'Due to the successful letting at 100 Wood
Street, we have had an exceptionally good six months. The repositioned
investment portfolio and our development programme enable us to benefit from
increased demand for space and rising rent levels in London and the South
East.'


Further information, please contact:

Helical Bar plc

Michael Slade (Managing Director)                         020 7629 0113

Nigel McNair Scott (Finance Director)

Financial Dynamics

Emma Denne                                                 020 7831 3113


                    C h a i r m a n ' s S t a t e m e n t


Results

I am pleased to report the following results.

Helical's turnover for the period was £80.9m (1999: £68.3m). Developments
contributed £60.5m (1999: £53.5m), trading £6.8m (1999: £1.9m) and rental
income £13.6m (1999: £12.9m).


Development profits of £16.8m (1999: £8.7m), net rental income of £12.0m
(1999: £11.4m) and trading profits of £0.6m (1999: loss of £0.7m) contributed
to a gross profit of £29.4m (1999: £19.4m). After accounting for interest and
administration costs, profits before taxation rose by 66 per cent to £15.1m
(1999: £9.1m). Fully diluted earnings per share rose to 37.6p (1999: 24.7p).
Net assets per share increased by 30p to 633p. This figure is based on
investment property values at 31 March 2000. It excludes valuation surpluses
on trading and development stock and potential profits on pre-sold
developments.


There is an increase in the interim dividend of 14 per cent to 5.0p (1999:
4.4p).

Development Programme

During the six months to 30 September 2000 Helical generated a level of
development profits normally achieved only in a full year. This exceptional
performance arose primarily from the letting of 100 Wood Street, London EC2.
This 150,000 sq.ft. office development, built for Despa, was completed in
March of this year. The award winning building was let quickly to Chase
Manhattan Bank, Friends Ivory & Sime Plc, Law Debenture Corporation and
Schroder Investment Management Limited. The building was let at an average
rent of £53 p.s.f.


At 25 Chiswell Street, London EC1 the 260,000 sq.ft. office development,
pre-let to City solicitors Slaughter and May and also funded by Despa, is
nearing completion. Next to this development is 3 Bunhill Row, London EC1
where we have cleared the site in readiness for the construction of 95,000
sq.ft. of offices.


In Hammersmith work continues on our two office developments on the site of
the former West London Hospital. At 200 Hammersmith Road, London W6 we are
constructing 65,000 sq.ft. of offices pre-sold to a Mercury Asset Management/
HQ Global Offices partnership to be run as a serviced office facility. We have
retained the neighbouring Saunders Building for a development which will
comprise around 14,000 sq.ft. of offices. Both buildings will be completed by
late 2001.


At One Plough Place, London EC4 work continues on our 60,000 sq.ft. office
development for Henderson Investors which is due for completion in Spring
2001.


                                    - 1 -


Looking forward, the 140,000 sq.ft. office development at The Meadows,
Camberley pre-funded by Scottish Widows is due for completion at the end of
2001. In July we announced an office campus development of 340,000 sq.ft. in
five buildings, funded by Prudential, on a 22 acre site at The Heights,
Weybridge, to be completed by Spring 2002. Recently we were selected as
development partner by NCP on the re-development of their car park in Brewer
Street, London W1. This proposed mixed use scheme is likely to comprise 80,000
sq.ft. of offices, 40,000 sq.ft. of residential and 20,000 sq.ft. of retail
space with completion due in 2003. The company has acquired a site in Madrid
for the development, in partnership with occupiers, of a telehousing building.


Helical Retail, our joint venture with Oswin Developments and now led by
Jonathan Cox, has two retail developments under way. At Boltongate Retail Park
a 122,000 sq.ft. retail warehouse is being built for B&Q, funded by HSBC. This
scheme will be completed in Summer 2001. At Oakenshaw Road, Solihull a 12,500
sq.ft. retail warehouse, pre-sold to Nestle Pension Fund, will also be
completed next Summer. In Middlesbrough, a small portfolio of five shops next
to the Captain Cook Square development, completed last year, have been sold,
with a further four shops on the market. Helical Retail are concentrating on
putting together new schemes in Accrington, Wigan, Great Yarmouth and
Dorchester and, in the longer term, in Ipswich, Leicester, Newcastle and
Blackburn.


Investment Portfolio


Over recent years Helical has virtually eliminated its in-town retail exposure
refocusing on the Central London office market where it now has about two
thirds of its assets, all of which have been acquired since 1997.


Four empty office buildings have been acquired for refurbishment during 2000
with a projected end value approaching £100m. Rex House, Regent Street, SW1
(70,000 sq.ft.) is a head leasehold interest with 35 years remaining scheduled
for completion in December 2000. 31,345 sq.ft. has been pre-let to Russell
Systems Limited, whose ultimate parent is The North Western Mutual Life
Assurance Company, on a 20 year lease at £54 p.s.f. 4/5 Paris Gardens,
Southwark SE1 (48,000 sq. ft.) has been pre-let to Guardian IT on a 20 year
lease at £24.50p.s.f. 48 Gracechurch Street, EC3 (18,000sq. ft.) includes a
retail conversion and 80% of the space is under offer at rents of up to £49
p.s.f. Finally, Shepherds Building, Shepherds Bush (155,000 sq. ft.) has a
third of the space due for completion at Christmas with the remainder
scheduled for May next year. About a quarter of the accommodation is under
offer.


Turning to the existing portfolio, new rental highs have been achieved at the
Rotunda, Camden and 61 Southwark Street, SE1 following rolling refurbishment
programmes and both are now fully let. Similar refurbishments are being
completed at 71 Kingsway, WC2 and 5/10 Bury Street, EC3 with lettings in
solicitors' hands.


The principal sale during the first half was CBXII, Milton Keynes for £26m.
Helical's profit of over £6m on this transaction was already reflected through
its revaluation reserve in the 31 March 2000 year end figures.



                                    - 2 -

Financing


Helical seeks to manage financial risk by ensuring that there is sufficient
liquidity to meet foreseeable needs and to invest surplus cash safely and
profitably. Earlier this year the company saw an opportunity to invest surplus
cash in shares of other property companies as share prices reflected
substantial discounts to net asset value. As these discounts narrowed, the
shares were sold at prices which provided a good return on equity.


Whilst short term interest rates have remained relatively stable over the last
six months, long term rates have edged downwards, reducing the FRS13 net asset
surplus from £2.4m (7p per share) to £0.9m (3p per share).


The high level of Stamp Duty has reduced trading activity. The unfair
discrimination against property as an asset class reduces the flow of funds
into the market and discourages the provision of up to date commercial space
vital to our position as a trading nation. Sadly, so far, the Government has
recognised the effect of its actions only on deprived inner city areas.


Summary


Due to the successful letting at 100 Wood Street, we have had an exceptionally
good six months. The repositioned investment portfolio and our development
programme enable us to benefit from increased demand for space and rising rent
levels in London and the South East.



John Southwell

CHAIRMAN

16 November 2000

                                     - 3 -

Independent Review Report to Helical Bar plc


Introduction

We have been instructed by the company to review the financial information set
out on pages 5 to 8 and we have read the other information contained in the
interim report and considered whether it contains any apparent misstatements
or material inconsistencies with the financial information.


Directors' responsibilities


The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The Listing
Rules of the Financial Services Authority require that the accounting policies
and presentation applied to the interim figures should be consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.


Review work performed


We conducted our review in accordance with guidance contained in Bulletin 1999
/4 'Review of Interim Financial Information' issued by the Auditing Practices
Board. A review consists principally of making enquiries of management and
applying analytical procedures to the financial information and underlying
financial data and, based thereon, assessing whether the accounting policies
and presentation have been consistently applied unless otherwise disclosed. A
review excludes audit procedures such as tests of controls and verification of
assets, liabilities and transactions. It is substantially less in scope than
an audit performed in accordance with Auditing Standards and therefore
provides a lower level of assurance than an audit. Accordingly, we do not
express an audit opinion on the financial information.


Review conclusion


On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 September 2000.


Grant Thornton

Registered Auditors

Chartered Accountants

16 November 2000


                                    - 4 -

Group Profit and Loss Account

For the half year to 30 September 2000

                                               Unaudited    Unaudited   Audited

                                            Half Year To Half Year To   Year To

                                            30 September 30 September  31 March

                                                    2000         1999      2000
                                      Notes         £000         £000      £000
Turnover                              1     80,892       68,291       149,922
Cost of sales                               (51,467)     (48,907)     (106,440)
Gross profit                          1     29,425       19,384       43,482
Administrative expenses                     (4,759)      (3,295)      (9,669)
Operating profit                            24,666       16,089       33,813
Profit on sale of investment                157          1,166        4,555
properties
Profit on ordinary activities before        24,823       17,255       38,368
interest
Net interest payable and similar            (9,687)      (8,138)      (16,348)
charges
Profit on ordinary activities before                     9,117        22,020
taxation                                    15,136
Taxation                                    (3,918)      (1,520)      (6,032)
Profit on ordinary activities after         11,218       7,597        15,988
taxation
Minority interest                           (13)         (306)        (77)
Profit for the period                       11,205       7,291        15,911
Ordinary dividends - 5.0p (4.4p)            (1,445)      (1,272)      (3,223)
Retained profit for the period              9,760        6,019        12,688

Earnings per 5p share                 2
- basic                                     38.8p        25.2p        55.0p
- fully diluted                             37.6p        24.7p        53.7p


                                    - 5 -

Summary Group Balance Sheet

At 30 September 2000

                                                        Unaudited       Audited

                                                               At            At

                                                     30 September      31 March

                                                             2000          2000

                                                             £000          £000

Fixed assets                                    412,484           424,693
Fixed assets for resale                         525               525
Stock                                           35,928            22,020
Investments                                     1                 5,236
Debtors                                         55,763            54,786
Cash                                            7,234             16,991
Creditors falling due within one year           (61,205)          (80,515)
Creditors falling due after one year            (255,359)         (257,384)
Provisions for liabilities and charges          -                 (1,500)
Net Assets                                      195,371           184,852


Capital & Reserves
Called up share capital                         1,496             1,481
Share premium account                           35,264            34,502
Revaluation reserve                             89,287            95,701
Capital redemption and other reserves           7,392             7,392
Profit and loss account                         60,625            44,452
Shareholders' funds                             194,064           183,528
Minority interests                              1,307             1,324
                                                195,371           184,852
Shareholders' Funds
Attributable to equity interests                194,064           183,528

Net assets per share
basic                                           649p              620p
fully diluted                                   633p              603p



                                    - 6 -

Summary Cash Flow Statement

For the half year to 30 September 2000
                                                   Unaudited Unaudited Audited

                                                   Half Year Half Year Year To
                                                          To        To
                                                                            31
                                                          30        30   March
                                                   September September
                                             Notes                        2000
                                                        2000      1999
                                                                          £000
                                                        £000      £000
Net cash inflow from                         4     2,331     22,597    45,569

operating activities
Returns on investment and servicing                (10,221)  (8,763)   (19,486)

of finance
Taxation                                           (1,512)   (429)     (4,560)
Capital expenditure and financial                  (86)      (11,984)  (4,886)

investment
Acquisitions                                       (40)      (12,390)  (9,028)
Equity dividends paid                              (1,951)   (16,186)  (31,910)
Cash flow before management of

liquid resources and financing                     (11,479)  (27,155)  (24,301)
Management of liquid resources                     3,062     17,654    30,347
Financing
- issue/(redemption) of shares                     777       (20)      (20)
- (decrease)/increase in debt                      (2,285)   14,503    (3,086)

(Decrease)/increase in cash                        (9,925)   4,982     2,940
Reconciliation of net cash flow to movement
in net debt

(Decrease)/increase in cash in the                 (9,925)   4,982     2,940

period
Cash flow from management of                       (3,062)   (17,654)  (30,347)

liquid resources
Cash flow from change in net debt                  2,285     (14,503)  3,086
Liability acquired with subsidiary                 -         (40,382)  (43,910)
Debt arrangement expenses                          (276)     (194)     (365)
Movement in net debt in the period                 (10,978)  (67,751)  (68,596)
Net debt at beginning of the period               (243,085) (174,489) (174,489)
Net debt at end of the period                     (254,063) (242,240) (243,085)
Gearing                                            133%      163%      131%



                                    - 7 -

Statement of Total Recognised Gains and Losses

For the half year to 30 September 2000


                                                  Unaudited  Unaudited Audited

                                                  Half Year  Half Year Year To
                                                         To         To
                                                                            31
                                                         30         30   March
                                                  September  September
                                                                          
                                                       2000       1999    2000
                                                                          
                                                       £000       £000    £000

Profit for the period after taxation             11,218     7,597      15,988
Minority interest                                (13)       (306)      (77)
Surplus on revaluation of investment
properties                                       -          -          30,404
Minority interest in revaluation
surplus                                          -          -          (1,068)
Total recognised gains and losses relating to    11,205     7,291      45,247
the period


                                    - 8 -


                        Notes to the Interim Statement

1.     Turnover and gross profit on ordinary activities before taxation
                                                Unaudited    Unaudited  Audited

                                             Half Year To Half Year To  Year To

                                             30 September 30 September 31 March

                                                     2000         1999     2000
Turnover                                             £000         £000     £000

Trading property sales                       -            1,805        3,890
Rental income                                13,561       12,917       26,656
Developments                                 60,461       53,541       116,243
Share dealing                                6,815        -            -
Other income                                 55           28           3,133

                                             80,892       68,291       149,922

Gross Profit

Trading property sales                       (445)        (92)         372
Net rental income                            11,977       11,421       23,652
Developments                                 16,827       8,698        19,345
Share dealing                                1,144        -            -
Other net income                             (78)         (643)        113
Gross profit                                 29,425       19,384       43,482
Central overheads                            (4,759)      (3,295)      (9,669)
Interest payable less receivable             (9,687)      (8,138)      (16,348)
Profit before taxation and profit on sale of 14,979       7,951        17,465
investment properties


2.     Earnings per share


Basic earnings per share have been calculated on the basis of profits after
tax on 28,903,697 (1999 28,903,697) ordinary shares. Fully diluted earnings
per share have been restated to comply with Financial Reporting Standard No.
14 and are calculated on 29,795,977 (1999 29,490,150) ordinary shares which
include the exercise of share options.


                                    - 9 -

3.     Notes to the Balance Sheet

Realisations of £6.4m of property revaluation surpluses of prior periods have
been transferred to the profit and loss reserve.


Investment properties within fixed assets are carried at cost or valuation at
31 March 2000.


4.     Reconciliation of operating profit to net cash flow from operating
activities
                                              Unaudited     Unaudited   Audited

                                           Half Year To  Half Year To   Year To

                                           30 September  30 September  31 March

                                                   2000          1999      2000

                                                   £000          £000      £000

Operating profit                          24,666        16,089        33,813
Depreciation of fixed assets              120           112           226
Deficit in ESOP                           -             -             703
Profit on sale of fixed assets            (11)          (4)           (7)
Profit on sale of investments             (1,143)       -             -
Writedown of goodwill                     24            35            612
(Increase)/decrease in debtors            (2,667)       1,165         (12,819)
(Decrease)/increase in creditors          (5,385)       3,691         7,346
(Increase)/decrease in stocks             (13,273)      1,509         15,695

Net cash inflow from operating activities 2,331         22,597        45,569


5.     Notes to the Interim Statement

The interim statement was approved by the Board of Directors on 15 November
2000. The foregoing financial information does not represent full accounts
within the meaning of S.240 of the Companies Act 1985, and has been reviewed
but not audited by the auditors, nor filed with the Registrar of Companies.


The results for the 12 months to 31 March 2000 are an abridged version of the
full accounts which received an unqualified auditor's report and have been
filed with the Registrar of Companies.


The interim dividend is payable on 22 December 2000 to shareholders on the
register on 1 December 2000.


This statement is being sent to shareholders and will be available from the
Company's Registered Office at 11-15 Farm Street, London, W1J 5RS.


                                    - 10 -