Interim Results

RNS Number : 0423J

Helical Bar PLC

27 November 2008

 



H E L I C A L   B A R   P L C

('Helical'/'Company'/'Group')

H a l f  Y e a r  R e s u l t s

For the Six Months to 30 September 2008

• Profit before tax for the half year of £12.7m (2007: £7.3m).

• Diluted EPRA net assets per share of 333p (31 March 2008: 352p).  In line with its long-held practice, the Company did not undertake a revaluation of its investment portfolio, nor re-assess the surplus on its development and trading stock, at the half year.

• Interim dividend maintained at 1.75p per share (2007: 1.75p)

• Diluted EPRA earnings per share of 8.5p (2007: 9.7p)

• Cash and unused bank facilities of £95m ensuring the Company is well positioned to capitalise on market opportunities; £50m of new facilities secured and an extension of £38m of short-term facilities agreed during the year to date.

Commenting on the results, Giles Weaver, Chairman, said:

'Whilst we had scaled down our investment portfolio over recent years, the Company is not immune from the impact of rising capitalisation rates which reduce the value of our remaining investment assets. Our development and trading stock has the benefit of being diversified across a wide range of sectors and activities but properties are taking longer to sell and are achieving lower prices.

However, in such torrid market conditions we expect to see buying opportunities that arise only once or twice in a property career. We have built up our own cash resources and agreed joint venture arrangements with well capitalised partners who are eager to invest alongside us where and when we find compelling value.

In summary, we do not underestimate the challenge of preserving the value of our existing assets in the light of prevailing market conditions but are genuinely excited about the scale of opportunities ahead.  Your executive directors have much of their wealth invested in Helical shares and remain committed to protecting the value of the business and sustaining its long term track record of outperformance. To quote John F Kennedy 'The Chinese use two brush strokes to write the word 'crisis'. One brush stroke stands for danger, the other for opportunity. In a crisis, be aware of the danger - but recognise the opportunity.'

For further information, please contact: 

Helical Bar plc                           020 7629 0113

Michael Slade (Chief Executive)            

Nigel McNair Scott (Finance Director)

Address:    11-15 Farm Street, London W1J 5RS

Fax:        [phone]

Website:    www.helical.co.uk

Financial Dynamics                    020 7831 3113

Stephanie Highett/Dido Laurimore

  FINANCIAL HIGHLIGHTS

	Notes	Half Year To  30 September 2008 £m	Half Year To  30 September 2007 £m	Year To 31 March  2008 £m
Net rental income		8.2	7.9	16.4
Development profits		7.9	4.3	6.1
Trading profits		-	-	-
Share of results of joint ventures	1	0.1	0.4	(0.1)
Profits before loss on investment properties, profit     on sale of fixed asset investments and taxation		10.8	7.3	8.5
Loss on investment properties		-	-	(32.8)
Profit/(loss) before tax		12.7	7.3	(24.3)
		pence	pence	pence
Basic earnings/(loss) per share		9.2	14.3	(13.5)
Diluted earnings/(loss) per share		8.8	13.4	(13.5)
Diluted EPRA earnings per share	3	8.5	9.7	11.6
Adjusted diluted net assets per share	2	299	342	306
Diluted EPRA net assets per share	2/4	333	382	352
Dividends per share (paid in period) Interim dividend declared		2.75 1.75	2.75 1.75	4.50 1.75
		£m	£m	£m
Book value of investment portfolio	2	309.4	323.2	306.8
Trading and development stock	5	221.6	200.3	225.5
Net borrowings		211.0	179.0	205.5
Net assets	2	270.0	293.0	268.7
Ratio of net borrowings to property portfolio		39.7%	34.2%	38.6%
Net gearing	2/6	78%	61%	76%

Notes

1.       The Group’s share of the results of entities controlled equally by the Group and its joint venture partners.

 

2.       There has been no interim revaluation of the investment portfolio as at 30 September 2008 and 30 September 2007. Investment properties are included at 31 March values as adjusted for purchases and sales during the period.

 

3.       Calculated in accordance with the best practice recommendations of the European Public Real Estate Association (“EPRA”). See note 8 of Half Year Statement.

 

4.       Calculated in accordance with the best practice recommendations of EPRA. Includes the surplus on fair value of trading and development properties as at 31 March 2008, less any surplus realised in the half year to 30 September 2008. See note 20 of Half Year Statement.

 

5.       Includes the surplus on fair value of trading and development properties at 31 March less any surplus realised in the period. See note 10 of Half Year Statement.

 

6.       Net gearing is the ratio of net borrowings to net assets excluding the surplus on fair value of trading and development properties.

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

Introduction

In the Chief Executive's statement for the 31 March 2008 year end accounts, Michael Slade noted that 'whether the market can stabilise in 2009 is entirely dependent on the underlying strength of the economy and whether a recession can be avoided'.  Since then, volcanic eruptions in the banking sector and the subsequent monetary and fiscal attempts to support that sector and, by proxy, the wider economy at large, are having ongoing repercussions, particularly in real estate. The economy has been severely weakened and the UK is undoubtedly in the midst of a recession.

Basis of Preparation

The half year statement has been prepared in accordance with IAS 34 Interim Financial Reporting. The principal accounting policies have remained unchanged from the prior financial period to 31 March 2008.

In line with Helical's long-held practice, there has been no interim revaluation of the investment portfolio as at 30 September 2008. Investment properties, in this half year statement, are shown at 31 March 2008 values as adjusted for property additions and disposals. Where investment properties are considered to have suffered a permanent diminution in value or the net realisable value of a trading or development property is considered to have fallen below cost, the Company has made an impairment charge. This treatment is in accordance with the Group's previous reporting practice. Unrealised surpluses on trading and development stock, included in diluted EPRA net asset value per share, are shown at 31 March 2008 valuations, as adjusted for disposals.

Since March 2008, property valuations in the sector have continued to fall.  As foreseen in last year's accounts, shareholders should be aware that we anticipate further write downs in our investment and trading stock valuations at the year end, 31 March 2009, as the economy continues to deteriorate.  

Financing

In these difficult times the primary task of your directors is to ensure that strong financing is in place; first and foremost to ensure the business can continue its activities and secondly to enable the Company to take advantage of opportunities that become available as a result of the economic turmoil.

During the interim period, Helical has agreed and drawn down £50m of new secured facilities and since the half year end has negotiated an extension on £38m of short-term facilities leaving secured borrowings of just £5m to renegotiate in 2009.  Although recent negotiations have been more complex and the terms less favourable, it seems that for sound companies, with good track records, bank finance remains available.

At 27 November 2008, the date these results are published, Helical has cash and undrawn bank facilities of £95m.

On a pro-forma basis, using the March 2008 external and directors' valuations, as adjusted for purchases and sales during the period, the  value of the Group's investment, trading and development portfolio at 30 September 2008 was £531.0m (31 March 2008: £532.3m). With net borrowings of £211.0m (31 March 2008: £205.5m) the ratio of net borrowings to the book value of the property portfolio was 39.7% (31 March 2008: 38.6%).  Net debt to equity gearing at 30 September 2008 was 78% (31 March 2008: 76%).  

At 30 September 2008, the Group had £128.9m (31 March 2008 £87.7m) of fixed rate borrowings with an average effective interest rate of 6.38% (31 March 2008: 6.33%) and an average length of 3.7 years (31 March 2008: 3.4 years) and £110m of interest rate caps at an average 6.7% (31 March 2008: 7%).  In addition the Company has a £30m floor at 4.5% until 2013.

Banking Covenants

At 30 September 2008 there were no Group-wide banking covenants (31 March 2008: none). Each bank loan is secured on individual properties in separate companies, although in almost every case the parent company, Helical Bar plc, is the guarantor of the loans. Loan to value covenants range from 70% to 85% and income covenants range from 1.08 to 1.75 of rent as a proportion of interest. At 30 September 2008 each bank loan was within its loan to value and interest covenants.

The Directors regularly stress test the portfolio with scenario planning to ensure that the Company can stay within its banking covenants allowing for recent and future potential falls in values. Covenants are monitored continuously and where potential breaches are anticipated, the Company has recourse to cure rights to avert such breaches by the placing of deposits with lenders or partial loan repayment. The Company's significant cash balances put it in a position to remedy any foreseeable potential breach.

Results

Despite the gloomy predictions for the future, Helical has had a good six months.  Profits before tax, including investment gains, were £12.7m (2007: £7.3m). Net rental income for the period was £8.2m (2007: £7.9m) and trading profits were £nil (2007: nil). Development profits of £7.9m (2007: £4.3m), after write downs of trading and development stock of £13.1m (2007: nil), came from Trinity Square, Nottingham and The Tideway Industrial Estate, London SW8 adding to the share of results of joint ventures of £0.1m (2007: £0.4m). Administration costs reduced to £5.7m (2007: £6.1m) and the net financing charge was £2.8m (2007: income of £0.6m).

The corporation tax charge of £0.1m (2007: £1.3m) has been combined with a deferred tax charge of £4.2m (2007: credit of £7.0m). 

We are declaring an Interim Dividend maintained at 1.75p per share (2007: 1.75p), payable on the 23 December 2008 to shareholders on the register on 5 December 2008.

Diluted earnings per share, after a tax charge of £4.3m (2007: credit £5.7m) were 8.8p (2007: 13.4p) and diluted EPRA earnings per share were 8.5p (2007: 9.7p).

Basic net assets per share fell to 284p per share (31 March 2008: 293p) and the fully diluted net assets per share adjusted for the adding back of the deferred tax provision fell to 299p per share (31 March 2008: 306p).  The diluted EPRA net asset value per share, which includes the surplus on fair value of trading and development properties as at 31 March 2008, less any surplus realised in the half year, was 333p (31 March 2008: 352p).

Outlook

The Bank of England recently reported that we have witnessed the most serious disruption in the global banking industry for a century. Debt is a fundamental source of liquidity to property companies and without it the market has ground to a halt. With few transactions there is little evidence on which to base valuations and so pricing has become opaque. In addition, the rapid deterioration in the general economy has dramatically increased the risk of tenant defaults. Inevitably, vacancy rates will rise next year and rental values will fall. There is an increased risk that trade and other debtors could default.

Whilst we had scaled down our investment portfolio over recent years, the Company is not immune from the impact of rising capitalisation rates which reduce the value of our remaining investment assets. Our development and trading stock has the benefit of being diversified across a wide range of sectors and activities but properties are taking longer to sell and are achieving lower prices.

However, in such torrid market conditions we expect to see buying opportunities that arise only once or twice in a property career. We have built up our own cash resources and agreed joint venture arrangements with well capitalised partners who are eager to invest alongside us where and when we find compelling value.

In summary, we do not underestimate the challenge of preserving the value of our existing assets in the light of prevailing market conditions but are genuinely excited about the scale of opportunities ahead. Your executive directors have much of their wealth invested in Helical shares and remain committed to protecting the value of the business and sustaining its long term track record of outperformance.  To quote John F Kennedy 'The Chinese use two brush strokes to write the word 'crisis'. One brush stroke stands for danger, the other for opportunity. In a crisis, be aware of the danger - but recognise the opportunity.'

Giles Weaver

Chairman

27 November 2008

  PROPERTY PORTFOLIO

Highlights during the half year to 30 September 2008 are as follows:

-   The Tideway Industrial Estate, London SW8, a 4.5 acre site located on the banks of the River Thames near Battersea Power Station, was sold during the period by the National Grid UK Pension Fund, to Investate Realty, a Bahrain based real estate company, for residential development. Helical benefitted from a share in the net profits generated by the sale, partly receivable on final payment due at the end of 2008.

-   Our Polish out-of-town retail projects continue to make encouraging progress. Our 100,000 sq ft project at Wroclaw will be completed next month and fully pre-let. Our 388,000 sq ft project at Opole is forward funded with Standard Life and 60% pre-let. Phase I (500,000 sq ft) of our biggest project at Gliwice, located at the junction of the arterial A1 and A4 motorways, has now been acquired from IKEA. This project is 50% pre-let with construction due to start in 2009 with completion in 2010.

-   At Trinity Square, Nottingham a £100m mixed use retail and student housing development, pre-sold to Aviva, was completed releasing final profit retentions.

-   At our retirement village scheme at Liphook, Hampshire, we have reservations on 37% of phase I (38 units) with practical completion scheduled for April 2009. Phase II also has 47% reservations on 51 units.

-   In Milton Keynes, in partnership with local developer Abbeygate Developments, we have completed an 110,000 sq ft Sainsbury’s store and handed over seven of the thirteen residential blocks, pre-sold to Barratt and Genesis Housing. The final six blocks will be completed by March 2009.

-   We continue to target the owner-occupier market for the smaller industrial units on our industrial developments. 167,000 sq ft of new development at Southall, West London has been built and we have sold 45,000 sq ft. The project at Millbrook, Southampton is due to be completed in December 2008.

-   At our retail refurbishment of the Morgans Department Store in Cardiff, we have secured new lettings to White Stuff, Molton Brown and Shoon on the Hayes. The final unit is currently under offer.

-   At White City, London W12, just north of the recently opened Westfield London Shopping Centre, we continue to lead a consortium of landowners (Aviva, Marks & Spencer, BBC and Land Securities PLC) on this 33 acre site. We have agreed with the London Borough of Hammersmith and Fulham and the Greater London Authority to proceed with an Opportunity Area Planning Framework. This will be a policy document produced and endorsed by the two Authorities which will set a blueprint of what is possible for our landholdings.

-   Helical Governetz, our Government office campus initiative, is in a number of ongoing discussions with various Government departments looking to re-locate to our office park schemes at Newport, Keele and Waverley.

-   We await the outcome of planning negotiations at Milton, Cambridge and St Loye’s College, Exeter and the result of appeals in Whitstable, Kent and Fleet, Hampshire. All of these are for retirement village/residential consents and results should be known by Spring 2009.

-   We have completed 30,000 sq ft of pre-let research and development space at Fordham, Newmarket.

-   We have secured lettings of 80,000 sq ft of warehouse space in Blackwood and let our remaining vacant industrial space at Sawston and Aldridge.

A complete list of the Group's ongoing projects is noted below.

Ongoing Projects

I - Investment

D - Development

T - Trading

Mixed use Developments		Description	Helical share
C4.1, Milton Keynes		·         110,000 sq ft Sainsbury’s completed and sold ·         440 residential units (forward sold) ·         35,000 sq ft of retail and offices ·         Completion March 2009	50% D
Trinity Square, Nottingham		·         180,000 sq ft retail – Borders, TK Maxx, Dixons ·         700 student units ·         Forward sold to Aviva for over £100m ·         Completed	65% D
King Street, Hammersmith		·         Selected as Development Partner to Hammersmith & Fulham Borough Council ·         JV with Grainger plc ·         Scheme comprises new civic offices (118,000 sq ft), foodstore, restaurants/retail, and 350+ flats with a bridge linking to the River Thames ·         Application to be submitted 2009. Completion 2013/14	50% D
Amen Corner, Bracknell		·         Land and options held for a gateway residential led/mixed use development off the A329M	100% D
Bluebrick, Wolverhampton		·         11 acre site. Individual land sales completed for 208 flats, 20,000 sq ft showroom, 88 bed hotel, 7,000 sq ft pub ·         Refurbishment completed of listed building for casino use ·         Further 1.5 acres sold for student housing	75% D
Leisure Plaza, Milton Keynes		·         Planning consent gained for 165,000 sq ft retail store, 65,000 sq ft casino, 50,000 sq ft ice rink, plus a further 25,000 sq ft of leisure	50% D
Lily’s Walk, High Wycombe		·         100,000 sq ft of retail/leisure ·         125 residential units ·         Planning application to be submitted 2009	80% D
Parkgate, Shirley, Birmingham		·         200,000 sq ft retail – Asda (80,000 sq ft supermarket) ·         200 residential units ·         Site assembly underway	50% D
Hagley Road West, Quinton, Birmingham	·         16,000 sq ft retail plus 15 residential units		75% D
Projects with change of use potential	Description		Helical share
White City, London W12	·         Opportunity Area Planning Framework being progressed for 4.5 million sq ft of commercial and residential on 33 acres		Consortium landowner & development manager D
Vauxhall, London SW8	·         Site sold and profit share in our joint venture with National Grid UK Pension Fund partly paid with final payment due at the end of 2008		Profit Share D
Fieldgate Street, London E1	·         Planning consent obtained for 14,000 sq ft of retail and 350 student residential units		67% D
St Loye’s College, Exeter	·         18 acre site currently used as a college ·         Potential for retirement village use, planning application submitted for 240 units		90% D
Ely Road, Milton, Cambridge	·         32,000 sq ft of industrial on 20 acres ·         Planning application submitted for 100 unit retirement village		90% D
Maudslay Park, Great Alne	·         314,000 sq ft industrial estate on a 20 acre site with potential for up to 175 retirement home units		90% D
Cherry Tree Yard, Faygate, Horsham	·         Former saw mill on 15 acres with potential for 175 retirement home units		90% D
Waterside, Fleet	·         54,000 sq ft of industrial property on 5 acres with potential for 202 residential units		75% I
Thanet Way, Whitstable	·         80,000 sq ft of industrial on 6 acres with potential for 236 residential units		90% D
Arleston, Telford	·         19 acre green field site with residential potential		90% D
Winterhill, Milton Keynes	·         28,000 sq ft of warehouses and offices with trade counter consent and retail warehouse potential		50% I
Cardiff Royal Infirmary	·         Vacant hospital on a peppercorn lease with residential potential		75% I
Cawston, Rugby	·         32 acre greenfield site with residential potential		40% D
Office Developments	Description		Helical Share
Riverbank House, London EC4	·         320,000 sq ft pre-let to Man Group ·         Under construction		Development management role D
Clareville House, London SW1	·         Refurbishment of 35,000 sq ft offices plus 23,000 sq ft of restaurant, nightclub and retail ·         Construction due for completion Feb 2009		Development management role D
Battersea Studios, London SW8 (Phase 2)	·         50,000 sq ft new office development ·         Completion late 2008		75% I
Downtown Glasgow	·         50,000 sq ft new office development ·         30% pre-let to Glasgow School of Art ·         Completion early 2009		70% D
Mitre Square, London EC3	·         250,000 sq ft ·         Site assembly ongoing		50% D
Forestgate, Crawley	·         Refurbishment of 24,000 sq ft completed ·         Scheme for two new buildings of 21,000 sq ft and 18,000 sq ft		75% D
Industrial developments	Description		Helical share
Scotts Road, Southall, West London	·         250,000 sq ft of industrial units for freehold sales ·         Construction of Phase 1 of 167,000 sq ft completed ·         45,000 sq ft sold		80% D
Ropemaker Park, Hailsham	·         70,000 sq ft light industrial, 12,000 sq ft supermarket, 12,000 sq ft industrial and 1,500 sq ft restaurant all let/sold. 30,000 sq ft industrial remaining		50% D
Millbrook Trading Estate, Southampton	·         Construction of 65,000 sq ft of industrial units, 64,000 sq ft of trade counters due to complete December 2008 ·         1 acre sold for self-storage ·         Phase 2 comprises 4 acres of industrial land		80% D
Watlington Road, Cowley, Oxford	·         71,000 sq ft of industrials and offices of which 56,000 sq ft sold		80% D
Langford Lane, Kidlington	·         Phase 1 of 72,000 sq ft industrial units completed ·         Phase 2, 15,000 sq ft completed and sold ·         1 acre site for further sales		80% D
Tiviot Way, Stockport	·         Planning application submitted in 2008 for 100,000 sq ft industrial, 49,000 sq ft trade counter, 20,000 sq ft self storage, 20,000 sq ft builders merchant and car showroom		80% D
Retail developments	Description		Helical share
Opole, Poland	·         38,000 sq m out of town retail ·         Part pre-let to Carrefour ·         Forward funded with Standard Life ·         Construction to commence 2009		50% D
Wroclaw, Poland	·         9,800 sq m out of town retail ·         Fully pre-let ·         Construction due to complete by end of 2008		50% D
Gliwice, Poland	·         50,000 sq m out of town retail ·         50% preleased to Carrefour and Castorama ·         Construction to commence 2009		50% D
Retirement Village Developments	Description		Helical share
Lime Tree Village, Rugby	·         154 bungalows, cottages and apartments being constructed in phases ·         136 sold to date		33% D
Bramshott Place, Liphook	·         Construction commenced in 2008 of 38 unit Phase 1 of 144 unit scheme		90% D
Income producing assets
Offices	Description		Helical share
Rex House, Lower Regent Street, London SW1	·         80,000 sq ft fully let office building refurbished in 2001 ·         Short leasehold expiring 2035 ·         Acquired vacant in 2000		100% I
Shepherds Building, Shepherds Bush, London W14	·         150,000 sq ft of studio offices refurbished in 2001 and fully let to over 50 tenants ·         Acquired vacant in 2000		90% I
61 Southwark Street, London SE1	·         66,000 sq ft of offices that have been subject to a rolling refurbishment plus a penthouse floor addition ·         Acquired 1998		100% I
200 Great Dover Street, London SE1	·         36,000 sq ft of fully let offices ·         Acquired 2008		100% I
Battersea Studios, London SW8	·         55,000 sq ft of fully let media style offices refurbished in 2006 ·         Acquired vacant in 2005		75% I
Quotient HQ, Fordham, Newmarket	·         70,000 sq ft of fully let R&D space and offices on a 32 acre landscaped site ·         Acquired 2007		53% I
Amberley Court, Crawley	·         Partial refurbishment of 31,000 sq ft office campus		90% I
Retail – in town	Description		Helical share
Morgan Department Store, Cardiff		·         160,000 sq ft retail – Borders, TK Maxx, Moss Bros., Rossiters  ·         45 completed apartment sales, 11 re-released and available ·         Completed 2008	100% I
Morgan & Royal Arcades, Cardiff	·         56 units opposite new St David’s 2 Shopping Centre ·         Acquired 2005		100% I
1-5 Queens Walk, East Grinstead	·         37,000 sq ft of retail opposite a proposed new retail scheme ·         Acquired 2005		87% I
Glasgow Portfolio	·         Two unit shop investments and part of a multi-let office block, all in Glasgow City Centre ·         Acquired 2005		100% I/T
Retail – out of town	Description		Helical share
Otford Road Retail Park, Sevenoaks	·         43,000 sq ft with open A1 consent let to Wickes, Currys and Carpetright ·         Acquired 2003		75% I
Stanwell Road, Ashford	·         32,000 sq ft Focus DIY store ·         Acquired 2004		75% I
215 Brixham Road, Paignton	·         24,000 sq ft Focus store with open A1 consent (including food) ·         Acquired 2005		67% I
Industrial	Description		Helical share
Westgate, Aldridge	·         208,000 sq ft ·         Let to Greenstar Environmental Ltd ·         Acquired 2006		80% I
Dales Manor, Sawston, Cambridge	·         70,000 sq ft fully let estate ·         Acquired 2003		67% I/D
Standard Industrial Estate, North Woolwich	·         50,000 sq ft estate 85% let ·         Acquired 2002		60% I
Hawtin Park, Blackwood	·         251,000 sq ft estate, 78% let ·         Acquired 2003		100% I
Golden Cross, Hailsham	·         102,000 sq ft unit recently vacated ·         Acquired 2001		100% I
Bushey Mill Lane, Watford	·         24,000 sq ft fully let with development potential ·         acquired 2006		80% D

Independent Review Report to the Members of Helical Bar Plc 

Introduction

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2008 which comprises the condensed consolidated income statement, the condensed consolidated balance sheet, the condensed consolidated cash flow statement, the condensed consolidated statement of recognised income and expense, and the related notes. We have read the Chairman's Statement, Financial Highlights and Property Portfolio contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the company in accordance with guidance contained in ISRE (UK and Ireland) 2410 'Review of Interim Financial Information performed by the Independent Auditor of the Entity.'  Our review work has been undertaken so that we might state to the company those matters we are required to state to them in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusion we have formed.

Directors' Responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, ''Interim Financial Reporting,'' as adopted by the European Union.

Our Responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, ''Review of Interim Financial Information Performed by the Independent Auditor of the Entity'' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2008 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

Grant Thornton UK LLP

Chartered accountants

London

27 November 2008

Unaudited Condensed Consolidated Income Statement 

For the Half Year to 30 September 2008

		Half Year To 30 September 2008 £000	Half Year To 30 September 2007 £000	Year To 31 March 2008    £000
	Notes
Revenue	3	55,174	32,326	65,623
Net rental income	4	8,238	7,917	16,400
Development profits		7,853	4,339	6,068
Trading profits/(losses)		-	3	(29)
Share of results of joint ventures		59	388	(98)
Other operating income/(expenses)		2,547	164	(315)
Gross profit before loss on investment properties		18,697	12,811	22,026
Loss on sale and revaluation of investment properties	5	(32)	(28)	(32,790)
Profit on sale of fixed asset investments	11	1,892	-	-
Gross profit/(loss)		20,557	12,783	(10,764)
Administrative expenses		(5,735)	(6,067)	(13,659)
Operating profit/(loss)		14,822	6,716	(24,423)
Finance costs	6	(3,329)	(1,141)	(3,033)
Finance income		787	1,814	2,579
Change in fair value of derivative financial instruments		(210)	(78)	(1,270)
Foreign exchange gains		628	-	1,862
Profit/(loss) before tax		12,698	7,311	(24,285)
Tax on profit/(loss) on ordinary activities	7	(4,311)	5,692	11,971
Profit/(loss) after tax		8,387	13,003	(12,314)
- attributable to minority interests		-	-	(7)
- attributable to equity shareholders		8,387	13,003	(12,307)
Profit/(loss) for the period		8,387	13,003	(12,314)
Earnings/(loss) per 1p share	8
Basic		9.2p	14.3p	(13.5p)
Diluted		8.8p	13.4p	(13.5p)
Diluted EPRA		8.5p	9.7p	11.6p

  Unaudited Condensed Consolidated Balance Sheet

At 30 September 2008 

	Notes	At 30 September 2008 £000	At 30 September 2007 £000	At 31 March 2008 £000
Non-current assets
Investment properties	9	309,361	323,175	306,778
Owner occupied property, plant and     equipment		1,870	1,546	2,007
Available-for-sale investments	11	9,899	-	12,000
Investment in joint ventures		6,136	6,577	6,078
Goodwill		30	30	30
		327,296	331,328	326,893
Current assets
Land, developments and trading properties	10	188,282	163,857	182,508
Available-for-sale investments	11	12	6,816	12
Derivative financial instruments		-	267	-
Trade receivables and other receivables	12	54,253	40,485	44,083
Cash and cash equivalents	13	78,920	6,019	17,090
		321,467	217,444	243,693
Total assets		648,763	548,772	570,586
Current liabilities
Trade payables and other payables	14	(72,116)	(50,570)	(66,374)
Current tax liabilities		-	(5,811)	-
Borrowings	15	(51,166)	(47,497)	(50,238)
		(123,282)	(103,878)	(116,612)
Non-current liabilities
Borrowings	15	(238,732)	(137,507)	(172,362)
Derivative financial instruments		(1,135)	-	(925)
Deferred tax provision	7	(15,471)	(14,212)	(11,851)
Obligations under finance leases		(176)	(178)	(177)
		(255,514)	(151,897)	(185,315)
Total liabilities		(378,796)	(255,775)	(301,927)
Net assets		269,967	292,997	268,659

  Unaudited Condensed Consolidated Balance Sheet (continued)

At 30 September 2008

	Notes	At 30 September 2008 £000	At 30 September 2007 £000	At 31 March 2008 £000
Equity
Called-up share capital	16/19	1,239	1,222	1,222
Share premium account	19	44,038	42,520	42,520
Revaluation reserve	19	56,933	82,089	57,072
Capital redemption reserve	19	7,478	7,478	7,478
Other reserves	19	291	291	291
Retained earnings	19	161,427	163,389	163,911
Own shares held	19	(1,596)	(3,992)	(3,992)
Equity attributable to equity holders of the parent		269,810	292,997	268,502
Minority interests		157	-	157
Total equity		269,967	292,997	268,659
Net assets per share
Basic	20	284p	323p	293p
Diluted	20	283p	318p	289p
Adjusted diluted	20	299p	342p	306p
Diluted EPRA	20	333p	382p	352p

Unaudited Condensed Consolidated Cash Flow Statement

For the Half Year to 30 September 2008

	Half Year To 30 September 2008 £000	Half Year To 30 September 2007 £000	Year To  31   March 2008 £000
Cash flows from operating activities
Profit/(loss) before tax	12,698	7,311	(24,285)
Depreciation	149	100	270
Loss on investment properties	32	28	32,554
Other non-cash items	(1,459)	(186)	3,441
Cash flows from operations before changes in working capital	11,420	7,253	11,980
Change in trade and other receivables	(10,170)	31,477	26,051
Change in land, developments and trading properties	(1,767)	(50,453)	(65,031)
Change in trade and other payables	5,742	(11,348)	2,563
Cash flows from changes in working capital	(6,195)	(30,324)	(36,417)
Cash outflow generated from operations	5,225	(23,071)	(24,437)
Finance costs	(7,964)	(4,708)	(12,987)
Finance income	972	503	2,579
Dividends from joint ventures	-	-	98
Tax paid	32	(85)	(3,100)
Cash flows from financing	(6,960)	(4,290)	(13,410)
Cash flows from operating activities	(1,735)	(27,361)	(37,847)
Cash flows from investing activities
Purchase of investment property	(9,750)	(9,262)	(26,760)
Sale of investment property	8,061	2,972	6,014
Purchase of shares by ESOP	(3,107)	(3,424)	(5,273)
Purchase of investments	-	(8,064)	(8,080)
Sale of investments	2,100	3,986	6,508
Sale of plant and equipment	14	40	-
Purchase of leasehold improvements, plant and equipment	(30)	(1,336)	(1,973)
Cash flows from financing activities	(2,712)	(15,088)	(29,564)
Issue of shares	1,535	-	-
Borrowings drawn down	85,891	52,541	96,837
Borrowings repaid	(18,593)	(4,926)	(11,644)
Equity dividends paid	(2,491)	(2,468)	(4,081)
Refinancing costs	(65)	(68)	-
	66,277	45,079	81,112
Net increase in cash and cash equivalents	61,830	2,630	13,701
Cash and cash equivalents at start of period	17,090	3,389	3,389
Cash and cash equivalents at period end	78,920	6,019	17,090

  Unaudited Condensed Consolidated Statement of Recognised Income and Expense

For the Half Year to 30 September 2008

	Half Year To 30 September 2008 £000	Half Year To 30 September 2007 £000	Year To 31 March 2008 £000
Profit/(loss) for the period	8,387	13,003	(12,314)
Fair value movements available-for-sale investments associated deferred tax	(1,892) 530	1,772 (557)	9,974 (2,793)
Total recognised income and expense for the period	7,025	14,218	(5,133)
-    attributable to equity shareholders	7,025	14,218	(5,126)
-    attributable to minority interests	-	-	(7)
	7,025	14,218	(5,133)

 Unaudited notes to the Half Year Statement

1.     Financial Information

The financial information contained in this statement does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The full accounts for the year ended 31 March 2008, which were prepared under International Financial Reporting Standards and which received an unqualified report from the Auditors, and did not contain a statement under s237(2) or (3) of the Companies Act 1985, have been filed with the Registrar of Companies. 

The half year statement has been prepared in accordance with IAS 34 Interim Financial Reporting. The principal accounting policies have remained unchanged from the prior financial period to 31 March 2008.

In line with Helical's long-held practice, there has been no interim revaluation of the investment portfolio as at 30 September 2008. Investment properties, in this half year statement, are shown at 31 March 2008 values as adjusted for property additions and disposals. Where investment properties are considered to have suffered a permanent diminution in value or the net realisable value of a trading or development property is considered to have fallen below cost, the Company has made an impairment charge. This treatment is in accordance with the Group's previous reporting practice. Unrealised surpluses on trading and development stock, included in diluted EPRA net asset value per share, are shown at 31 March 2008 valuations, as adjusted for property additions and disposals.

Directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future and have, therefore, used the going concern basis in preparing the financial statements.

The half year statement was approved by the Board on 27 November 2008 and is being sent to shareholders and will be available from the Company's registered office at 11ߛ15 Farm Street, London W1J 5RS and on the Company's website at www.helical.co.uk.

2.    Statement of directors' responsibilities

The directors confirm that, to the best of their knowledge, this condensed set of financial statements has been prepared in accordance with IAS 34 as adopted by the European Union, and that the interim management report herein includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8.

Balance with related parties at 30 September 2008 and 31 March 2008 are disclosed in note 21.

A list of current directors is maintained at 11-15 Farm Street, London W1J 5RS and at www.helical.co.uk.

On behalf of the Board

Nigel McNair Scott

Finance Director 

27 November 2008

3.     Revenue

	Half Year To 30 September 2008 £000	Half Year To 30 September 2007 £000	Year To 31 March  2008 £000
Rental income	9,865	9,434	18,284
Trading property sales	-	-	115
Developments	42,763	18,793	40,585
Other income	2,546	4,099	6,639
	55,174	32,326	65,623

 4.    Net rental income

	Half Year To 30 September 2008 £000	Half Year To 30 September 2007 £000	Year To 31 March 2008 £000
Gross rental income	9,865	9,434	18,284
Rents payable	(8)	(21)	(42)
Other property outgoings	(1,619)	(1,496)	(1,842)
Net rental income	8,238	7,917	16,400

5.    Loss on sale and revaluation of investment properties

	Half Year To 30 September 2008 £000	Half Year To 30 September 2007 £000	Year To 31 March 2008 £000
Net proceeds from the sale of investment properties Book value (note 9)	8,061 (8,093)	3,302 (3,330)	6,014 (6,250)
Loss on sale of investment properties	(32)	(28)	(236)
Revaluation loss on investment properties	-	-	(32,554)
Loss on sale and revaluation of investment properties	(32)	(28)	(32,790)

6.    Finance costs 

	Half Year To 30 September 2008 £000	Half Year To 30 September 2007 £000	Year To 31 March 2008 £000
Interest payable on bank loans and overdrafts	(8,075)	(4,953)	(11,901)
Other interest payable and similar charges	(113)	55	(265)
Finance arrangement costs	(75)	(51)	(163)
Interest capitalised	4,934	3,808	9,296
Finance costs	(3,329)	(1,141)	(3,033)

7.    Taxation on profit/(loss) on ordinary activities

	Half Year To 30 September 2008 £000	Half Year To 30 September 2007 £000	Year To 31 March 2008 £000
The tax charge is based on the profit for the period and represents: United Kingdom corporation tax at 28% (2007: 30%) - group corporation tax	(158)	(1,985)	(1,160)
adjustment in respect of prior periods	-	635	1,492
Current tax charge	(158)	(1,350)	332
Deferred tax    - revaluation surpluses -    capital allowances     -    other temporary differences	781 (251) (4,683)	2,947 89 4,006	10,990 (560) 1,209
Deferred tax	(4,153)	7,042	11,639
Total tax (charge)/credit for period	(4,311)	5,692	11,971

Deferred tax provision	At 30 September 2008 £000	At       31 March 2008 £000
Capital gains	11,784	12,566
Capital allowances	1,510	2,728
Other temporary differences - income statement - equity reserves	(86) 2,263	(6,236) 2,793
Deferred tax provision	15,471	11,851

Under IAS 12, deferred tax provisions are made for the tax that would potentially be payable on the realisation of investment properties and other assets at book value.  

If upon sale of the investment properties the group retained all the capital allowances, the deferred tax provision in respect of capital allowances of £1,510,000 would be released and further capital allowances of £11,400,000 would be available to reduce future tax liabilities.  The provision in respect of capital gains has been reduced by indexation.

The deferred tax asset in respect of other temporary differences (income statement) arises from the recognition of tax relief available to the Company on the future vesting of share awards, calculated at the 30 September 2008 share price of 300.0p (31 March 2008: 376.0p) per share.

8.    Earnings per 1p share

The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. Shares held by the ESOP, which has waived its entitlement to receive dividends, are treated as cancelled for the purpose of this calculation.

The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post tax effect of dividends on the assumed exercise of all dilutive options.

The earnings per share are calculated in accordance with IAS 33 and the best practice recommendations of the European Public Real Estate Association ('EPRA')

Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below.

		Half Year to 30 September 2008  000s	Half Year to 30 September 2007  000s
Ordinary shares in issue		95,732	95,719
Weighting adjustment		(4,352)	(5,094)
Weighted average ordinary shares in issue for calculation of basic earnings per share		91,380	90,625
Dilutive effect of share options		3,801	6,608
Weighted average ordinary shares in issue for calculation of diluted earnings per share		95,181	97,233
Earnings used for calculation of basic and diluted earnings per share		8,387	13,003
Basic earnings per share		9.2p	14.3p
Diluted earnings per share		8.8p	13.4p

Earnings used for calculation of basic and diluted earnings per share Loss on sale of investment properties Fair value movement on derivative financial instruments Deferred tax in respect of investment properties Tax on profit on disposal of investment properties		8,387 32 151 (529) -	13,003 28  78 (3,037) (635)
Earnings used for calculation diluted EPRA earnings per share		8,041	9,437
Diluted EPRA earnings per share		8.5p	9.7p

9.    Investment properties

	Valuation £000	Cost £000
Fair value at 1 April 2008	306,778	237,883
Additions at cost	10,677	10,677
Disposals	(8,093)	(8,093)
Amortisation of finance lease	(1)	-
As at 30 September 2008	309,361	240,467

All properties are stated at market value as at 31 March 2008, as adjusted for additions and disposals in the half year to 30 September 2008.  Interest capitalised in respect of the refurbishment of investment properties at 30 September 2008 amounted to £6,067,000 (31 March 2008: £5,140,000).  Interest capitalised during the period in respect of the refurbishment of investment properties was £927,264.

10.    Land, developments and trading properties

		At 30 September 2008 £000	At 31 March 2008 £000
Development properties		187,254	181,118
Properties held as trading stock		1,028	1,390
		188,282	182,508

The surplus on directors' valuation of trading and development stock of £33m used in the calculation of the diluted EPRA net asset value per share, is based on the surplus as at 31 March 2008 of £43m, less any surplus realised in the period to 30 September 2008.

Total interest capitalised to date in respect of the development of sites is included in stock to the extent of £11,108,000 (31 March 2008: £11,636,000). Interest capitalised during the period in respect of development sites amounted to £4,007,000.

11.    Available-for-sale investments

	At 30 September 2008 £000	At 31 March 2008 £000
Non-current investments
Investment in Quotient Bioscience Group Ltd at directors' valuation	9,899	12,000
During the period the company sold part of its interest in Quotient Bioscience Group Ltd at a profit of £1,892,000. Current investments
UK listed investments at fair value	12	12

12.     Trade receivables and other receivables

	At 30 September 2008 £000	At 31 March 2008 £000
Trade receivables	21,752	11,626
Other receivables	24,473	14,131
Prepayments and accrued income	8,028	18,326
	54,253	44,083

13.    Cash and cash equivalents

	At 30 September 2008 £000	At 31 March 2008 £000
Rent deposits and cash held at managing agents	2,887	3,105
Cash deposits	76,033	13,985
	78,920	17,090

14.     Trade payables and other payables

	At 30 September 2008 £000	At 31 March 2008 £000
Trade payables	14,300	13,035
Other payables	17,392	8,873
Accruals and deferred income	40,424	44,466
	72,116	66,374

  15.    Borrowings

	At 30 September 2008 £000	At 31 March 2008 £000
Bank overdraft and loans - maturity
Due within one year	51,166	50,238
Due after more than one year	238,732	172,362
	289,898	222,600

	At  30 September    2008 £000	At  31  March 2008 £000
Current borrowings :- less than one year	51,166	50,238
Bank loans repayable with :-    one to two years     two to three years     three to four years     four to five years     after five years	31,788 59,838 14,075 126,226    7,760	34,984 16,037 48,280 64,314   9,142
Deferred arrangement costs	239,687     (955)	172,757   (395)
	238,732	172,362

Net Gearing	At 30 September 2008 £000	At  31 March 2008 £000
Total borrowings	289,898	222,600
Cash	(78,920)	(17,090)
Net borrowings	210,978	205,510
Net borrowings exclude the Group's share of borrowings in joint ventures of £15,747,000 (31 March 2008: £19,990,000).
	£000	£000
Net assets	269,967	268,659
Gearing	78%	76%

16.    Share capital

	At 30 September 2008 £000	At 31 March 2008 £000
Authorised	39,577	39,577
	39,577	39,577
The authorised share capital of the Company is £39,576,626.60 divided into ordinary shares of 1p each and deferred shares of 1/8p each
Allotted, called up and fully paid  - 97,351,912 ordinary shares of 1p each	974	957
- 212,145,300 deferred shares of 1/8 p each	265	265
	1,239	1,222

As at 1 April 2008 the Company had 95,732,457 ordinary 1p shares in issue. During the period options over 1,619,455 new ordinary 1p shares were exercised increasing the issued share capital of the Company to 97,351,912 ordinary 1p shares.

Share options

At 30 September 2008 unexercised options over 320,510 (31 March 2008: 1,939,965) new ordinary 1p shares in the Company and 1,057,095 (31 March 2008: 2,629,695) purchased ordinary 1p shares held by the ESOP had been granted to directors and employees under the Company's share option schemes.  During the period no new options were granted.  

17.    Dividends

	Half Year To 30 September 2008 £000	Half Year To 30 September 2007 £000	Year To 31 March 2008 £000
Attributable to equity share capital
Ordinary  interim paid 1.75p per share prior period final paid 2.75p (2007: 2.75p) per share	- 2,491	- 2,468	1,613 2,468
	2,491	2,468	4,081

The interim dividend of 1.75p (30 September 2007: 1.75 pence per share) was approved by the board on 27 November 2008 and will be paid on 23 December 2008 to shareholders on the register on 5 December 2008. This interim dividend, amounting to £1,663,000, has not been included as a liability as at 30 September 2008.

18.    Own shares held

Following approval at the 1997 Annual General Meeting the Company established the Helical Bar Employees' Share Ownership Plan Trust (the 'Trust') to be used as part of the remuneration arrangements for employees. The purpose of the Trust is to facilitate and encourage the ownership of shares by or for the benefit of employees by the acquisition and distribution of shares in the Company.

The Trust purchases shares in the Company to satisfy the Company's obligations under its Share Option Schemes and Performance Share Plan.

At 30 September 2008 the Trust held 2,338,814 (31 March 2008: 4,170,868) ordinary shares in Helical Bar plc.

At 30 September 2008 options over 1,057,095 (31 March 2008: 2,629,695) ordinary shares in Helical Bar plc had been granted through the Trust. At 30 September 2008 awards over 4,738,900 (31 March 2008: 4,536,065) ordinary shares in Helical Bar plc had been made under the terms of the Performance Share Plan.

  19.     Statement of changes in equity

	Share  capital £000	Share premium £000	Revaluation reserve £000	Capital redemption reserve £000	Other reserves £000	Retained earnings £000	Own shares held £000	Minority interest £000	Total £000
At 31 March 2007 Total recognised   expense	1,222 -	42,520 -	79,664 -	7,478 -	291 -	157,006 (5,133)	(5,995) -	- -	282,186 (5,133)
Dividends paid Revaluation    deficit Realised on   disposals	- - -	- - -	- (21,564) (1,028)	- - -	- - -	(4,081) 21,564 1,028	- - -	- - -	(4,081) - -
Minority interest Purchase of   shares	- -	- -	- -	- -	- -	7 -	- (9,132)	157 -	164  (9,132)
Performance   share plan Own shares    held	- -	- -	- -	- -	- -	4,655 (11,135)	- 11,135	- -	4,655 -
At 31 March 2008	1,222	42,520	57,072	7,478	291	163,911	(3,992)	157	268,659
Total recognised   income	-	-	-	-	-	7,025	-	-	7,025
Dividends paid	-	-	-	-	-	(2,491)	-	-	(2,491)
Revaluation    deficit	-	-	(93)	-	-	93	-	-	-
Realised on   disposals	-	-	(46)	-	-	46	-	-	-
Issue of shares	17	1,518	-	-	-	-	-	-	1,535
Purchase of   shares	-	-	-	-	-	-	(3,107)	-	(3,107)
Performance   share plan	-	-	-	-	-	(1,654)	-	-	(1,654)
Own shares    held	-	-	-	-	-	(5,503)	5,503	-	-
At 30 September 2008	1,239	44,038	56,933	7,478	291	161,427	(1,596)	157	269,967

The adjustment to retained earnings of £1,654,000 (2008: £4,655,000) adds back the share based payments charge, in accordance with IFRS 2 Share Based Payments.  

	Share  capital £000	Share premium £000	Revaluation reserve £000	Capital redemption reserve £000	Other reserves £000	Retained earnings £000	Own shares held £000	Minority interest £000	Total £000
At 31 March 2007 Total recognised   income	1,222 -	42,520 -	79,664 -	7,478 -	291 -	157,006 14,218	(5,995) -	- -	282,186 14,218
Dividends paid Revaluation    surplus Realised on   disposals	- - -	- - -	- 2,947 (522)	- - -	- - -	(2,468) (2,947) 522	- - -	- - -	(2,468) - -
Purchase of   shares	-	-	-	-	-	-	(3,423)	-	(3,423)
Performance   share plan Own shares    held	- -	- -	- -	- -	- -	2,484 (5,426)	- 5,426	- -	2,484 -
At 30 September 2007	1,222	42,520	82,089	7,478	291	163,389	(3,992)	-	292,997

20.    Net assets per share

	30 September 2008 £000	Number of shares 000's	30 September 2008  pence per share
Net asset value Less:  own shares held by ESOP	269,967 -	97,352 (2,339)
deferred shares	(265)
Basic net asset value	269,702	95,013	284
Add: unexercised share options	454	321
Diluted net asset value	270,156	95,334	283
Adjustment for - fair value of financial instruments	1,135
- deferred tax on capital allowances	1,510
- deferred tax on capital gains	11,784
Adjusted diluted net asset value	284,585	95,334	299
Adjustment for - fair value of trading and development properties	33,270
Diluted EPRA net asset value Adjustment for - fair value of financial instruments - deferred tax on capital allowances - deferred tax on capital gains	317,855 (1,135) (1,510) (11,784)	95,334	333
Diluted EPRA triple NAV	303,426	95,334	318

The adjustment for the fair value of trading and development properties represents the surplus as at 31 March 2008, adjusted for property additions, less any surplus realised in the half year to 30 September 2008    

	31 March 2008 £000	Number of shares 000's	31 March 2008  pence per share
Net asset value Less: own shares held by ESOP	268,502 -	95,732 (4,170)
deferred shares	(265)	-
Basic net asset value	268,237	91,562	293
Add: unexercised share options	1,988	1,940
Diluted net asset value	270,225	93,502	289
Adjustment for - fair value of financial instruments	925
- deferred tax on capital allowances	2,728
- deferred tax on capital gains	12,566
Adjusted diluted net asset value	286,444	93,502	306
Adjustment for - fair value of trading and development properties	42,970
Diluted EPRA net asset value Adjustment for - fair value of financial instruments - deferred tax on capital allowances - deferred tax on capital gains	329,414 (925) (2,728) (12,566)	93,502	352
Diluted EPRA triple net asset value	313,195	93,502	335

The net asset values per share have been calculated in accordance with the best practice recommendations of the European Public Real Estate Association ('EPRA').

  21.    Related party transactions

At 30 September 2008 and 31 March 2008 the following amounts were due from the Group's joint ventures.

	At 30 September 2008 £000's	At  31 March 2008 £000's
Abbeygate Helical (Leisure Plaza) Ltd	1,400	1,318
Abbeygate Helical (Winterhill) Ltd	(162)	(152)
Abbeygate Helical (C4.1) LLP King Street Developments (Hammersmith) Ltd Shirley Advance LLP The Asset Factor Ltd	(636) 1,110 8,237 4,087	(636) 530 5,352 4,116

 

END

 

 

IR BFBJTMMBTTBP