Helical

HLCL · Main Market · Real Estate · mcap £201m · 177.0p

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Financials · LTM to 31 Mar 26

Source: results 22 May 26 ↗

Revenue: £33.3m
Operating profit: £13.5m
Net income: £5.7m
Free cash flow: −£384k
Net debt: £141m
Market cap: £206m
EV / EBIT: 12.4×
FCF yield: −0.2%
Price / book: 0.5×

Latest half-year · H1 Sep 25 vs H1 Sep 24 results 26 Nov 25 ↗

Revenue: £16.5m
Operating profit: £7.3m
Net income: £1.8m
Cash from operations: −£2.6m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures

Income statement Balance sheet Cash flow

Annual Half-yearly

Every line as the company printed it, newest first – each period in the latest version the company published (restated figures where a later report restated them), in its own currency and units. Italic = calculated (H2 = full year − first half). The column headings link to the announcements.

Latest report: FY Mar 26 (twelve months to 31 Mar 26), published 22 May 26 · read the results ↗

	FY Mar 26£000 source	FY Mar 25£000 source
Revenue	33,251	31,962
Cost of sales	(15,181)	(15,389)
Net property income	18,070	16,573
Share of results of joint ventures	11,593	20,825
	29,663	37,398
Gain on sale of investment properties	-	9,376
Revaluation of investment properties	(7,474)	2,642
	22,189	49,416
Administrative expenses	(8,661)	(10,705)
Operating profit	13,528	38,711
Net finance costs and change in fair value of derivative financial instruments	(7,869)	(10,762)
Profit before tax	5,659	27,949
Tax on ordinary activities	8	-
Profit for the year	5,667	27,949
Earnings per share
Basic	4.6p	22.8p
Diluted	4.6p	22.7p

	H2 Mar 26£000 calc.	H1 Sep 25£000 source	H2 Mar 25£000 calc.	H1 Sep 24£000 source
Revenue	16,768	16,483	15,042	16,920
Cost of sales	(7,878)	(7,303)	(7,028)	(8,361)
Net property income	8,890	9,180	8,014	8,559
Share of results of joint ventures	8,192	3,401	21,968	(1,143)
	17,082	12,581	29,982	7,416
Gain on sale of Investment properties	-	-	(714)	10,090
Revaluation (loss)/gain on Investment properties	–	(1,762)	–	1,757
	11,370	10,819	30,153	19,263
Administrative expenses	(5,094)	(3,567)	(4,810)	(5,895)
Operating p rofit	–	7,252	–	13,368
Net finance costs and change in fair value of derivative financial instruments	(2,402)	(5,467)	(2,045)	(8,717)
Profit before tax	3,874	1,785	23,298	4,651
Tax on profit on ordinary activities	–	-	–	-
P rofit for the Period	–	1,785	–	4,651
Basic	–	1.5p	–	3.8p
Diluted	–	1.5p	–	3.8p

	31 Mar 26£000 source	31 Mar 25£000 source
Non-current assets
Investment properties	368,681	373,343
Owner occupied property, plant and equipment	1,629	2,105
Investment in joint ventures	179,784	141,537
Other investments	737	670
D erivative financial instruments	11,532	14,346
Other receivables	9,544	3,164
Total non-current assets	571,907	535,165
Current assets
Land and developments	28	139
Trade and other receivables	20,670	13,109
Cash and cash equivalents	32,956	76,499
Total current assets	53,654	89,747
Total assets	625,561	624,912
Current liabilities
Trade and other payables	(24,934)	(23,273)
Lease liability	(379)	(339)
Total current liabilities	(25,313)	(23,612)
Non-current liabilities
Borrowings	(173,790)	(173,730)
Lease liability	(1,097)	(1,476)
Total non-current liabilities	(174,887)	(175,206)
Total liabilities	(200,200)	(198,818)
Net assets	425,361	426,094
Equity
Called-up share capital	1,233	1,233
Share premium account	116,619	116,619
Revaluation reserve	(55,770)	(48,296)
Capital redemption reserve	7,743	7,743
Own shares held	(2,478)	(1,675)
Other reserves	291	291
Retained earnings	357,723	350,179
Total equity	425,361	426,094

	31 Mar 26£000 source	30 Sep 25£000 source	31 Mar 25£000 source	30 Sep 24£000 source
Non-current assets
Investment properties	368,681	373,506	373,343	371,933
Owner occupied property, plant and equipment	1,629	1,875	2,105	2,826
Investment in joint ventures	179,784	153,417	141,537	142,042
Other investments	737	707	670	586
D erivative financial instruments	11,532	11,403	14,346	12,742
Other receivables	9,544	–	3,164	–
Total non-current assets	571,907	546,566	535,165	531,185
Current assets
Land and developments	28	499	139	28
Asset held for sale	–	-	–	6,880
Trade and other receivables	–	16,533	–	15,472
Trade and other receivables	20,670	5,658	13,109	1,056
Cash and cash equivalents	32,956	30,288	76,499	66,130
Total current assets	53,654	47,320	89,747	88,510
Total assets	625,561	593,886	624,912	619,695
Current liabilities
Trade and other payables	(24,934)	(20,893)	(23,273)	(25,023)
Lease liability	(379)	(371)	(339)	(861)
Total current liabilities	(25,313)	(21,264)	(23,612)	(25,884)
Non-current liabilities
Borrowings	(173,790)	(148,549)	(173,730)	(186,594)
Lease liability	(1,097)	(1,289)	(1,476)	(3,008)
Total non-current liabilities	(174,887)	(149,838)	(175,206)	(189,602)
Total liabilities	(200,200)	(171,102)	(198,818)	(215,486)
Net assets	425,361	422,784	426,094	404,209
Equity
Called-up share capital	1,233	1,233	1,233	1,233
Share premium account	116,619	116,619	116,619	116,619
Revaluation reserve	(55,770)	(50,058)	(48,296)	(48,502)
Capital redemption reserve	7,743	7,743	7,743	7,743
Own shares held	(2,478)	(2,478)	(1,675)	(1,675)
Other reserves	291	291	291	291
Retained earnings	357,723	349,434	350,179	328,500
Total equity	425,361	422,784	426,094	404,209

	FY Mar 26£000 source	FY Mar 25£000 source
Cash flows from operating activities
Profit before tax	5,659	27,949
Adjustment for
Depreciation	510	1,326
Revaluation loss/(gain) on investment properties	7,474	(2,642)
Letting cost amortisation	221	173
Gain on sale of investment properties	-	(9,376)
Loss/(profit) on sale of plant and equipment	8	(48)
Net financing costs	5,055	7,473
Change in value of derivative financial instruments	2,814	3,289
Share based payment charge	945	1,096
Share settled bonus	(422)	-
Share of results of joint ventures	(11,593)	(20,825)
Profit on disposal of 5 Hanover Square lease	-	(125)
Cash inflows from operations before changes in working capital	10,671	8,290
Change in trade and other receivables	(6,960)	2,342
Change in land, developments and trading properties	111	(111)
Change in trade and other payables	1,662	(2,273)
Cash inflows generated from operations	5,484	8,248
Finance costs	(6,791)	(8,437)
Finance income	1,313	1,629
Corporation tax	(8)	-
Total adjustment for	(5,486)	(6,808)
N et cash (used by)/generated from operating activities	(2)	1,440
Cash flows from investing activities
Additions to investment property	(3,033)	(5,090)
Net purchase of other investments	(67)	(105)
Loans to third parties	(6,103)	(2,997)
Net proceeds from sale of investment property and available for sale assets	-	158,875
Investments in joint ventures and subsidiaries	(27,329)	(116,042)
Proceeds from disposal of interest in joint ventures	-	71,027
Dividends from joint ventures	295	582
Sale of plant and equipment	1	66
Purchase of leasehold improvements, plant and equipment	(43)	(335)
Net cash (used by)/generated from investing activities	(36,279)	105,981
Cash flows from financing activities
Borrowings drawn	60,000	37,000
Borrowings repaid	(60,000)	(92,000)
Lease liability payments	(339)	(529)
Purchase of own shares	(803)	-
Equity dividends paid	(6,120)	(4,026)
Net cash used by financing activities	(7,262)	(59,555)
Net (decrease)/increase in cash and cash equivalents	(43,543)	47,866
Cash and cash equivalents at start of year	76,499	28,633
Cash and cash equivalents at end of year	32,956	76,499

	H2 Mar 26£000 calc.	H1 Sep 25£000 source	H2 Mar 25£000 calc.	H1 Sep 24£000 source
Profit before tax	3,874	1,785	23,298	4,651
Depreciation	256	254	482	844
Revaluation loss/(gain) on Investment properties	5,712	1,762	(885)	(1,757)
Letting cost amortisation	115	106	103	70
Gain on sale of Investment properties	-	-	714	(10,090)
Loss/(profit) on sale of plant and equipment	(1)	9	(12)	(36)
Net financing costs	2,531	2,524	3,649	3,824
Change in value of derivative financial instruments	(129)	2,943	(1,604)	4,893
Share based payment charge	532	413	700	396
Share of results of joint ventures	(8,192)	(3,401)	(21,968)	1,143
Profit on disposal of 5 Hanover Square lease	-	-	(125)	-
Cash inflows from operations before changes in working capital	4,276	6,395	4,352	3,938
Change in trade and other receivables	(3,537)	(3,423)	633	1,709
Change in land, developments and trading properties	471	(360)	(111)	-
Change in trade and other payables	4,131	(2,469)	(2,768)	495
Cash inflows generated from operations	5,341	143	2,106	6,142
Finance costs	(3,449)	(3,342)	(4,289)	(4,148)
Finance income	688	625	706	923
Total adjustment for	(2,769)	(2,717)	(3,583)	(3,225)
N et cash (used by)/ generated from operating activities	2,572	(2,574)	(1,477)	2,917
Additions to Investment property	(1,002)	(2,031)	(1,308)	(3,782)
Net purchase of other investments	(30)	(37)	(84)	(21)
Loans to third parties	(3,710)	(2,393)	(2,997)	-
Net proceeds from sale of Investment property and available for sale assets	-	-	6,846	152,029
Investments in joint ventures and subsidiaries	(18,655)	(8,674)	(46,300)	(69,742)
Proceeds from disposal of interest in joint ventures	-	-	71,027	-
Dividends from joint ventures	99	196	101	481
Sale of plant and equipment	1	-	14	52
Purchase of leasehold improvements, plant and equipment	(10)	(33)	(217)	(118)
Net cash (used by)/generated from investing activities	(23,307)	(12,972)	27,082	78,899
Borrowings drawn	45,000	15,000	37,000	-
Borrowings repaid	(20,000)	(40,000)	(50,000)	(42,000)
Lease liability payments	(183)	(156)	(123)	(406)
Purchase of own shares	422	(1,225)	-	-
Equity dividends paid	(1,836)	(4,284)	(2,113)	(1,913)
Net cash used by financing activities	23,403	(30,665)	(15,236)	(44,319)
Net (decrease)/increase in cash and cash equivalents	2,668	(46,211)	10,369	37,497
Cash and cash equivalents at start of Period	–	76,499	–	28,633
Cash and cash equivalents at end of Period	–	30,288	–	66,130
At 31 March 2024	–	291	–	411,661
Total comprehensive income	–	-	–	27,949
Revaluation surplus	–	-	–	(2,642)
Realised on disposals	–	-	–	(83,859)
Performance Share Plan	–	-	–	896
Share settle bonus	–	-	–	200
Dividends paid	–	-	–	(4,026)
Total transactions with owners	–	-	–	(2,930)
At 31 March 2025	–	291	–	350,179
Total comprehensive income	–	-	–	1,785
Revaluation deficit	–	-	–	1,762
Performance Share Plan	–	-	–	413
Share settled bonus	(422)	-	421	(421)
Purchase of own shares	–	-	–	-
Dividends paid	–	-	–	(4,284)
Total transactions with owners	–	-	–	(4,292)
At 30 September 2025	–	291	–	349,434
At 31 March 2024	–	291	–	411,661
Total comprehensive income	–	-	–	4,651
Revaluation surplus	–	-	–	(1,757)
Realised on disposals	–	-	–	(84,538)
Performance Share Plan	–	-	–	396
Dividends paid	–	-	–	(1,913)
Total transactions with owners	–	-	–	(1,517)
At 30 September 2024	–	291	–	328,500

	FY Mar 26	FY Mar 25
Revenue to operating profit
Revenue	33.3	32.0
Operating profit	13.5	38.7
Share-based payments	0.9	1.1
Operating profit to net income
Profit before tax	5.7	27.9
Tax	0.0	0.0
Net income (owners)	5.7	27.9
Per share
EPS basic	4.6p	22.8p
EPS diluted	4.6p	22.7p

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue to operating profit
Revenue	16.8	16.5	15.0	16.9
Operating profit	6.3	7.3	25.3	13.4
Share-based payments	0.5	0.4	0.7	0.4
Operating profit to net income
Profit before tax	3.9	1.8	23.3	4.7
Net income (owners)	3.9	1.8	23.3	4.7
Per share
EPS basic	3.1p	1.5p	19.0p	3.8p
EPS diluted	3.1p	1.5p	18.9p	3.8p

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	(0.0)	1.4
Tax paid	(0.0)	0.0
Investing activities
Capex (PP&E)	(0.0)	(0.3)
Financing activities
Lease principal paid	(0.3)	(0.5)
Dividends paid	(6.1)	(4.0)
Share buybacks	(0.8)	0.0

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Operating activities
Cash from operations	2.6	(2.6)	(1.5)	2.9
Investing activities
Capex (PP&E)	(0.0)	(0.0)	(0.2)	(0.1)
Financing activities
Lease principal paid	(0.2)	(0.2)	(0.1)	(0.4)
Dividends paid	(1.8)	(4.3)	(2.1)	(1.9)
Share buybacks	0.4	(1.2)	–	–

	31 Mar 26	31 Mar 25
Non-current assets
Property, plant & equipment	1.6	2.1
Investment property	368.7	373.3
Associates & JVs	179.8	141.5
Other investments	0.7	0.7
Non-current assets	571.9	535.2
Current assets
Inventories	0.0	0.1
Trade receivables	20.7	13.1
Cash	33.0	76.5
Current assets	53.7	89.7
Total assets	625.6	624.9
Current liabilities
Trade payables	24.9	23.3
Lease liabilities, current	0.4	0.3
Current liabilities	25.3	23.6
Non-current liabilities
Borrowings, non-current	173.8	173.7
Lease liabilities, non-current	1.1	1.5
Non-current liabilities	174.9	175.2
Total liabilities	200.2	198.8
Equity
Total equity	425.4	426.1
Net cash and other figures
Net asset value	–	426.1

	31 Mar 26	30 Sep 25	31 Mar 25	30 Sep 24
Non-current assets
Property, plant & equipment	1.6	1.9	2.1	2.8
Investment property	368.7	373.5	373.3	371.9
Associates & JVs	179.8	153.4	141.5	142.0
Other investments	0.7	0.7	0.7	0.6
Non-current assets	571.9	–	535.2	–
Current assets
Inventories	0.0	0.5	0.1	0.0
Trade receivables	20.7	16.5	13.1	15.5
Cash	33.0	30.3	76.5	66.1
Current assets	53.7	–	89.7	–
Total assets	625.6	593.9	624.9	619.7
Current liabilities
Trade payables	24.9	20.9	23.3	25.0
Lease liabilities, current	0.4	0.4	0.3	0.9
Current liabilities	25.3	–	23.6	–
Non-current liabilities
Borrowings, non-current	173.8	148.5	173.7	186.6
Lease liabilities, non-current	1.1	1.3	1.5	3.0
Non-current liabilities	174.9	–	175.2	–
Total liabilities	200.2	171.1	198.8	215.5
Equity
Total equity	425.4	422.8	426.1	404.2
Net cash and other figures
Net asset value	–	422.8	426.1	–

Read automatically from each results announcement. Check the source before relying on a figure.

Company filings. Not investment advice.