HELICAL BAR chief executive Mike Slade gave an upbeat outlook on the property market yesterday and declared “it is time to start building” as the developer reported a solid rise in first half profits.
The group reported a better-than-expected rise in net asset value per share, up 0.8 per cent to 252p, driven by £4.7m of development profits from the sale of its Fulham Wharf scheme and profits from its Liphook retirement village.
Profit before tax rose 27 per cent to £5.2m compared with £4.1m the previous year.
The industry veteran, who secured planning consent on Wednesday for a giant redevelopment project on the former St Bartholomew’s hospital site in the City, said kick-starting the scheme was a sign of confidence that demand will return to the market.
“Now is the time to start building and it is all about this belief going forward,” he said.
The group submitted plans during the period to build 1,150 homes as part of a giant 12-acre residential-led development in White City, west London and expects to receive consent before the end of the year.
Helical increased its interim dividend for the first time in five years by six per cent to 1.85p per share.