Property developer Helical Bar swings back into full year profit

HELICAL Bar swung to a first-half pretax profit, while its underlying net asset value slipped lower, and said it expected to sell more non-core assets in the coming months.

The company, led by property veteran Michael Slade, posted a pre-tax profit of £4.1m for the six months, up from a loss of £3.2m.

“The group has taken great strides towards implementing its strategy of recycling capital with the acquisition of over £250m of investment property since January 2010, doubling our annual gross rental... to over £30m,” Slade said yesterday.