Property group鈥檚 turnover falls but dividend is increased as property values rise
Commercial property group Helical Bar has swung into profit in the year to 31 March 2010 and raised its total dividend, as the value of its investment properties rose.
In preliminary results, the group reported a full-year pre-tax profit of 拢7.9m, compared with a loss of 拢71.9m the previous year.
Revenue for the period fell to 拢67.4m from 拢81.8m, and its total dividend was up 5.6% from last year鈥檚 4.5p.
The valuation of Helical Bar鈥檚 investment properties rose 7.9% or 拢13.1m on a like-for-like basis during the period, following a downward shift of 25.7% (拢68m) in the previous year.
Chairman Giles Weaver said: 鈥淭he Helical brand is ideally placed to take advantage of any opportunities as a result of its strong balance sheet, well-established industry, banking and investor partnerships coupled with the experience and skills of its management team.鈥
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