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    Helical Bar PLC - Half Yearly Report - Part 1

    28 Nov 2013 7:01 am by RNS
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    RNS Number : 1310U
    Helical Bar PLC
    28 November 2013 
     
    H E L I C A L   B A R   P L C 
     
    ("Helical"/"Company"/"Group") 
     
    28 November 2013 
     
    Half Year Results 
     
    For the Six Months to 30 September 2013 
     
    HELICAL DELIVERS RECORD PROFITS 
     
    Financial highlights: 
     
    Excellent financial performance and strong shareholder returns 
     
    ·      Record profit before tax of £68.9m (2012: £5.2m). 
     
    -       Total Property Return of £88.5m (2012: £17.4m). 
     
    -       Group's share of net rental income up 16% to £14.1m (2012: £12.2m). 
     
    -       Development profits of £63.5m (2012: £4.7m), including our share in
    joint ventures. 
     
    -       Net gain on sale and revaluation of investment properties of £10.9m
    (2012: £0.5m), including our share in joint ventures. 
     
    ·      Adjusted diluted EPRA earnings per share of 40.5p (2012: 5.2p). 
     
    ·      Diluted EPRA net asset value per share up 6.8% to 282p (31 March 2013:
    264p). 
     
    ·      Total Shareholder Return of 27% in the six months to 30 September
    2013. 
     
    ·      Interim dividend payable of 2.00p per share (2012: 1.85p), up 8%. 
     
    Improved capital returns 
     
    ·      Investment portfolio valuations on a like-for-like basis increased by
    3.5% (2.3% including sales and purchases) during the period. 
     
    ·      Group's share of property portfolio £684m (31 March 2013: £626m),
    growing to £770m including purchases contracted but not completed at 30
    September 2013. 
     
    Strong financial position 
     
    ·      Ratio of net borrowings to value of property portfolio of 40% (31 March
    2013: 46%), increasing to 47% on completion of purchases contracted at 30
    September 2013. 
     
    ·      Average maturity of the Group's share of debt of 3.6 years (31 March
    2013: 2.6 years) at an average cost of 4.5% (31 March: 3.9%). 
     
    ·      The Group's share of cash and undrawn bank facilities of over £196m, of
    which £86m is committed to contracted purchases. 
     
    Operational highlights: 
     
    Development portfolio delivering super profits and well positioned for future
    growth 
     
    ·      Exceptional development profits totalling £62m received at 200
    Aldersgate, London EC1 and Brickfields, White City, London W12. 
     
    ·      113,000 sq ft foodstore led scheme at Leisure Plaza, Milton Keynes
    pre-let to Morrisons and pre-sold to Aviva. 
     
    ·      Resolution to grant planning obtained at: 
     
    - 207-211 Old Street, London EC1, a 396,000 sq ft refurbishment. 
     
    - King Street, Hammersmith, London W6, a town centre regeneration scheme in
    joint venture with Grainger. 
     
    - Cortonwood, South Yorkshire, for a 98,000 sq ft extension to an existing
    retail scheme. 
     
    ·      1 Mitre Square, London EC3 acquired and demolition of existing
    buildings completed, ready for development to start on securing a pre-letting
    or obtaining a financial partner. 
     
    Growing investment portfolio 
     
    ·      £69m of new purchases (New Loom House, London E1; Maple House, London
    EC1; Huddersfield Retail Park) with a further £86m completing post half year
    (Quartz portfolio; Enterprise House, London W2; Artillery Lane, London E1). 
     
    ·      Contracts exchanged on the forward purchase of Clifton Street, London
    EC2 post half year. Completion due in summer 2015 for £21m. 
     
    ·      Capital recycling through £13.1m of sales (Asda, Clydebank and Iceland,
    Corby). 
     
    Asset management enhancing returns 
     
    ·      Like-for-like rents up £494,000. Increase driven by new lettings of
    £881,000 and rental increases of £60,000 offset by losses at lease end or
    expiry of £447,000. 
     
    ·      41 new leases signed in the period with 71.6% of tenants retained at
    lease end or expiry (excluding Landlord breaks exercised for redevelopment). 
     
    ·      Including purchases post half year, Helical's share of gross rent from
    the investment portfolio has increased to £39.8m (FY 2013: £28.7m). 
     
    Commenting on the results, Michael Slade, Chief Executive said: 
     
    "We have had an outstanding first half of the year and we look forward to
    announcing further improvements in our full year results to 31 March 2014. We
    are long both in central London offices and in high yielding secondary
    regional assets, the former to provide capital growth and the other to
    generate income and cash flow. This has been our aim and strategy for the last
    three years and I firmly believe we are reaping the rewards as London
    continues to grow and investors move up the risk curve and into the regions." 
     
    For further information, please contact: 
     
    Helical Bar plc          020 7629 0113 
     
    Michael Slade (Chief Executive) 
     
    Tim Murphy (Finance Director) 
     
    Address:                    11-15 Farm Street, London W1J 5RS 
     
    Fax:                           020 7408 1666 
     
    Website:                    www.helical.co.uk 
     
    FTI Consulting          020 7831 3113 
     
    Stephanie Highett/Dido Laurimore/Nina Legge 
     
    FINANCIAL HIGHLIGHTS 
     
                                                      Notes                                 Half Year To 30 September 2013  Half Year To 30 September 2012  Year  To31 March 2013  
     See-through Income Statement                     1                                     £m                              £m                              £m                     
     Net rental income                                                                      14.1                            12.2                            24.5                   
     Development property profits                                                           63.5                            4.7                             7.0                    
     Gain on revaluation of investment properties                                           10.9                            0.7                             6.8                    
     Loss on sale of investment properties                                                  -                               (0.2)                           (2.4)                  
     Total property return                                                                  88.5                            17.4                            35.9                   
                                                                                                                                                                                   
     Profit before tax                                                                      68.9                            5.2                             5.0                    
     EPRA earnings                                                                          40.9                            5.2                             2.8                    
     Earnings Per Share and Dividends                 2                                     pence                           pence                           pence                  
     Basic earnings per share                                                               47.4                            3.5                             5.0                    
     Diluted earnings per share                                                             46.4                            3.5                             5.0                    
     Adjusted diluted EPRA earnings per share         3                                     40.5                            5.2                             8.2                    
     EPRA earnings per share                                                                34.2                            4.4                             2.4                    
     Dividends per share paid in period                                                     3.70                            3.40                            5.25                   
                                                             Pro-forma8At30 September 2013  At30 September2013              At30 September2012              At31 March2013         
     See-through Balance Sheet                        4      £m                             £m                              £m                              £m                     
     See-through property portfolio                          770.1                          684.1                           581.6                           626.4                  
     See-through net borrowings                              360.1                          274.1                           266.2                           286.3                  
     Net assets                                              305.5                          305.5                           254.1                           253.8                  
                                                                         
                                                                                                              
     Net assets per share, gearing and loan to value                                                                                                                               
                                                                                                                                                                                   
     Diluted EPRA net asset value per share           5      282p                           282p                            252p                            264p                   
     See-through loan to value                        6      47%                            40%                             46%                             46%                    
     See-through net gearing                          7      118%                           90%                             105%                            113%                   
     
     
    Notes 
     
    1.   Includes Group's share of income and gains of its subsidiaries and joint
    ventures. See note 24. 
     
    2.   Calculated in accordance with IAS 33 and guidance issued by the European
    Public Real Estate Association ("EPRA"). 
     
    3.   Diluted EPRA earnings per share adjusted for performance related awards. 
     
    4.   Includes Group's share of assets and liabilities of its subsidiaries and
    joint ventures. See note 24. 
     
    5.   Calculated in accordance with guidance issued by EPRA. 
     
    6.   See-through loan to value is the ratio of see-through net borrowings to
    see-through property portfolio. See note 25. 
     
    7.   See-through net gearing is the ratio of see-through net borrowings to net
    assets. See note 25. 
     
    8.   Includes £86m of purchases since 30 September 2013. 
     
    CHIEF EXECUTIVE'S STATEMENT 
     
    The first half of the financial year has been dominated by the culmination and
    outstanding success of the projects at White City, London W12 and 200
    Aldersgate, London EC1, both of which exemplify the 'Helical model' of
    applying limited equity to create substantial performance. These projects have
    resulted in a net cash receipt by the Group of £65m, an extraordinary return
    on a £1.5m total investment. 
     
    In our joint venture with Aviva, who acquired the 10 acres south of the A40 at
    White City, we worked with the Local Authority and other landowners, creating
    a vision for the Mayor's Opportunity Area initiative which ultimately resulted
    in a resolution to grant planning permission for a 1.5m sq ft mixed use
    development on the site. This site was sold to Imperial College in September
    2013, crystallising a substantial profit payment. It was a complicated and
    long term project which required skill and perseverance to deliver the vision
    and thereby generate a good return for shareholders. 
     
    The second significant transaction involved Helical working with Deutsche
    Pfandbriefbank to lead the refurbishment and letting of 200 Aldersgate,
    comprising 365,000 sq ft of offices and retail. In the summer we completed the
    final letting which enabled the building to be sold which then triggered a
    substantial profit share payment for the Group as a result of the successful
    execution of the business plan. 
     
    The investment team has invested the proceeds of our recent £80m retail bond
    in income producing London offices at Paddington and Whitechapel but also in
    regional offices and secondary retail; £69m in the first half and £86m post
    the half year end. The aim is to pursue more investments in London and
    additional high yielding investments outside London. These should produce
    growth and further improve cash flow to support the Group in its strategy of
    carrying out office and mixed use developments in central London. 
     
    Helical now turns its attention to the current development portfolio. In joint
    venture with Grainger, Helical recently received a resolution to grant
    planning consent for a mixed use development scheme adjoining Hammersmith Town
    Hall, comprising replacement offices for the council, 196 apartments, a
    cinema, retail, restaurant and café space. Furthermore, work has now started
    on site for the 220,000 sq ft development of the new Scottish Power
    headquarters building in Glasgow, pre-sold to M&G Real Estate. 
     
    Helical will also remain focused on opportunities within the City of London
    and the 'Tech Belt'. This portfolio comprises a 450,000 sq ft mixed use
    development at Barts Square London EC1 in partnership with Baupost; a 396,000
    sq ft office refurbishment at 207-211 Old Street, London EC1, in partnership
    with Crosstree Real Estate Partners; the new development of 273,000 sq ft at
    Mitre Square, London EC3 and the refurbishment and extension at Maple House,
    City Road, London EC1 (61,000 sq ft). In addition, we have agreed to forward
    purchase a 43,000 sq ft office development in Clifton Street, London EC2, when
    it is completed in 2015. 
     
    Our retirement village portfolio is also proceeding apace, assisted by the
    recent growth in house prices, and I am pleased with the progress made by
    Helical Retail in planning negotiations for a number of foodstores around the
    Midlands and Southern England during the period. 
     
    We have had an outstanding first half of the year and we look forward to
    announcing further improvements in our full year results to 31 March 2014. We
    are long both in central London offices and in high yielding secondary
    regional assets, the former to provide capital growth and the other to
    generate income and cash flow. This has been our aim and strategy for the last
    three years and I firmly believe we are reaping the rewards as London
    continues to grow and investors move up the risk curve and into the regions. 
     
    It remains for me to thank all the members of the team for their outstanding
    efforts and also to express my thanks to the members of our Board, our
    bankers, the many professionals who have advised us so well and to you our
    shareholders. 
     
    Michael Slade 
     
    Chief Executive 
     
    28th November 2013 
     
    Financial Review 
     
    Review of the Half Year 
     
    The half year to 30 September 2013 produced record pre-tax profits for Helical
    of £68.9m (2012: £5.2m). 
     
    See-through net rents from the Group's share of the property portfolio
    increased by 16% from £12.2m to £14.1m, comprising £11.1m (2012: £9.8m) from
    wholly owned assets and £3.0m (2012: £2.4m) from assets held in joint
    venture. 
     
    The sales of 200 Aldersgate Street, London EC1 and Brickfields, White City,
    London W12, generated net cash receipts for the Group of £64.8m. Of the £62.0m
    net profit arising from these two transactions, £1.0m had been recognised in
    the year to 31 March 2013 with the balance of £61.0m reflected in the Income
    Statement for the half year. Our retail scheme at Leisure Plaza, Milton Keynes
    contributed a further £2.5m and, with continued development profits from the
    retirement village scheme at Bramshott Place, Liphook offset by the running
    costs of our Polish development operations, the Group's share of net
    development profits increased from £4.7m to £63.5m. 
     
    The investment portfolio, including assets held in joint venture, rose 3.5% on
    a like-for-like basis (2012: 0.2%) and 2.3% after sales and purchases (2012:
    0.1%), reflected as a gain on revaluation of £10.9m (2012: £0.7m). 
     
    Administration costs, before performance related awards, remained at £4.1m
    (2012: £4.1m). The results of the Group for the half year have increased
    expectations that awards issued by the long term performance share plan will
    vest in the next few years and that cash and deferred shares payable in
    accordance with the Group's bonus schemes will vest. Accordingly, based on
    these results, a total charge of £6.6m plus national insurance has been made
    in these accounts to provide for the future vesting of these awards. 
     
    See-through net finance costs, excluding the interest payable on the retail
    bond, reduced from £5.7m to £5.4m reflecting a reduction in bank borrowings as
    the net proceeds from the bond were initially deployed to repay bank debt.
    With interest accrued on the retail bond payable half yearly in December and
    June, the see-through net finance costs increased to £6.7m (2012: £5.7m). 
     
    The increase in medium and long term interest rates since the year end
    contributed to a £4.9m gain (2012: loss of £0.7m) on the fair value of the
    Group's derivative financial investments. Exchange rate movements on the
    Group's share of the assets and liabilities relating to its Polish
    developments generated a loss of £0.2m (2012: £0.7m). The held for sale
    investment of £4.8m accounted for in the Group's investment in joint ventures
    has been written down to nil to reflect current market conditions. 
     
    The net result for the half year was a pre-tax profit of £68.9m compared to a
    profit of £5.2m 
    in the corresponding period last year. This profit resulted in
    an adjusted diluted EPRA earnings per share of 40.5p (2012: 5.2p). The
    Directors have declared an interim dividend of 2.00p (2012: 1.85p) an increase
    of 8.1%. This dividend will be paid on 27 December 2013 to shareholders on the
    register on 6 December 2013. 
     
    EPRA earnings of £40.9m added 34.2p to the EPRA net assets per share which,
    when added to the gain on sale and revaluation of the investment portfolio and
    the fair value movement on derivative financial instruments, less the
    reduction in the surplus on the Directors' valuation of trading and
    development stock, increased diluted EPRA net assets per share to 286p.
    However, the dividend paid in the half year of 3.70p reduced this to 282p, a
    6.8% increase on 31 March 2013 (264p) and an 11.9% increase on 30 September
    2012 (252p). 
     
    Debt and Bank Facilities 
     
    Since 31 March 2013, Helical has raised £80m through the issue of a retail
    bond with a 6.0% coupon repayable in 2020, consolidated three existing loan
    facilities totalling £49m into a new £75m revolving credit facility providing
    £26.0m of additional borrowing capacity and arranged a £25.0m facility to
    build out our retirement village at Great Alne, Warwickshire. 
     
    The Group has used the net proceeds of the retail bond plus the net
    development receipts from 200 Aldersgate and Brickfields to repay c. £40m of
    bank debt in revolving credit facilities, which may be re-drawn in the future,
    and to fund the purchases of Huddersfield Retail Park and new London
    investment assets at New Loom House, E1 and Maple House, EC1 and, subsequent
    to the half year, Enterprise House, Paddington, W2, Artillery Lane, E1 and the
    Quartz portfolio, ten properties located throughout the country. 
     
    At 30 September 2013, the Group had £229m of investment facilities of which
    £164m was drawn down, leaving £65m available to fund future acquisitions. The
    Group's development facilities, principally for its retirement village
    programme, totalled £85m of which £56m was drawn down. In addition, the Group
    had unutilised short term facilities of £10m. The retail bond was fully drawn
    down at £80.0m. In the Group's joint ventures, Helical's share of investment
    and development facilities of £72m were fully drawn down. 
     
    Cash balances within the Helical Group at 31 March 2013 were £63m with its
    share of cash in its joint ventures of £30m. 
     
    At 30 September 2013 the Group had see-through net borrowings of £274.1m (31
    March 2013: £286.3m) and gross property values of £684.1m (31 March 2013:
    £626.4m). These net borrowings and property values include the Group's share
    of the properties and borrowings held in joint ventures. The ratio of net
    borrowings to the value of the property portfolio (including the surplus on
    Directors' valuation of stock) i.e. loan to value ratio, was 40% (31 March
    2013: 46%). Net debt to equity gearing at 30 September 2013 was 90% (31 March
    2013: 113%).  Since 30 September 2013, the Group has exchanged or completed
    contracts to purchase a further £86m of investment properties. If these
    acquisitions had completed before 30 September 2013, the loan to value ratio
    at that date would have been 47% with gearing of 118%. 
     
    At 30 September 2013, the average maturity of the Group's investment
    facilities was 3.1 years (31 March 2013: 3.6 years) on which an average rate
    of interest of 3.9% was payable. The Group's development facilities had an
    average maturity of 2.5 years (31 March 2013: 1.9 years) on which an average
    rate of interest of 3.9% was payable. The Group's debt facilities, including
    the retail bond but excluding its share of debt in joint ventures, had an
    average maturity of 4.0 years on which an average rate of interest of 4.6% was
    payable. In the Group's joint ventures, the investment and development
    facilities had an average maturity of 1.8 years (31 March 2013: 2.4 years) on
    which an average rate of interest of 4.3% was payable (31 March 2013: 4.2%).
    Overall, the Group's debt facilities, including the retail bond and in joint
    ventures, had an average maturity of 3.6 years (31 March 2013: 2.6 years) on
    which interest was payable at an average rate of 4.5% (31 March 2013: 3.9%). 
     
    The Group is protected from future interest rate rises through a combination
    of interest rate swaps and caps, as well as the £80m fixed rate 6% retail
    bond. At 30 September, the Group had £174m of interest rate swaps (including
    in joint ventures) at an average of 4.44% (31 March 2013: £163m at 4.47%) and
    £152m of interest rate caps at an average of 4.13% (31 March 2013: £102m at
    4.19%). 
     
    Tim Murphy 
     
    Finance Director 
     
    28th November 2013 
     
    HELICAL AT A GLANCE 
     
    Pro-forma figures include those acquisitions completing after 30 September
    where the contracts are unconditional including Enterprise House, Paddington,
    Artillery Lane, E1 and the Quartz Portfolio. 
     
                                                                                                     
     Total Portfolio(Helical share of book value)    March2012  March2013  September2013  Pro-forma  
     Investment                                      £374m      £407m      £484m          £576m      
     Trading and Development                         £144m      £169m      £174m          £174m      
     Total Portfolio                                 £518m      £576m      £658m          £750m      
                                                                                                           
     
     
     Investment Portfolio(Helical share)    March 2012  March2013  September 2013  Pro-forma  
     London Office                          £113m       £146m      £210m           £253m      
                                            30.2%       35.9%      43.4%           43.9%      
     Retail                                 £228m       £228m      £240m           £258m      
                                            61.1%       56.0%      49.6%           44.9%      
     Industrial                             £20m        £12m       £13m            £21m       
                                            5.3%        2.9%       2.7%            3.6%       
     Provincial Office                      £8m         £15m       £15m            £38m       
                                            2.1%        3.7%       3.1%            6.6%       
     Other                                  £5m         £6m        £6m             £6m        
                                            1.3%        1.5%       1.2%            1.0%       
     Total                                  £374m       £407m      £484m           £576m      
                                            100.0%      100.0%     100.0%          100.0%     
     
     
    The investment portfolio currently comprises 77% of Helical's portfolio by
    book value (74% at 30 September 2013). 
     
     Development and Trading Portfolio(Helical share of book value)    March2012  March2013  September 2013  Pro-forma  
     Office                                                            £13m       £16m       £22m            £22m       
                                                                       9.0%       9.5%       12.6%           12.6%      
     Retail                                                            £14m       £22m       £23m            £23m       
                                                                       9.7%       13.0%      13.2%           13.2%      
     Industrial                                                        £6m        £1m        £1m             £1m        
                                                                       4.2%       0.6%       0.6%            0.6%       
     Mixed Use                                                         £5m        £5m        £3m             £3m        
                                                                       3.5%       3.0%       1.7%            1.7%       
     Change of Use                                                     £4m        £5m        £5m             £5m        
                                                                       2.8%       3.0%       2.9%            2.9%       
     Retirement Villages                                               £60m       £55m       £60m            £60m       
                                                                       41.6%      32.5%      34.5%           34.5%      
     Poland                                                            £42m       £65m       £60m            £60m       
                                                                       29.2%      38.4%      34.5%           34.5%      
     Total                                                             £144m      £169m      £174m           £174m      
                                                                       100%       100%       100%            100%       
     
     
    The development portfolio comprises 23% of Helical's portfolio by book value
    (26% at 30 September 2013). 
     
     Development and Trading Portfolio(Helical share)    Book value  Fair valuation  Surplus  % of development portfolio (fair value)  
     Office                                              £21.9m      £26.4m          £4.5m    13.2%                                    
     Retail                                              £23.5m      £25.4m          £1.9m    12.7%                                    
     Industrial                                          £1.4m       £1.4m           -        0.7%                                     
     Mixed Use                                           £2.8m       £2.8m           -        1.4%                                     
     Change of Use                                       £4.7m       £6.8m           £2.1m    3.4%                                     
     Retirement Villages                                 £59.6m      £76.3m          £16.7m   38.3%                                    
     Poland                                              £60.5m      £60.5m          -        30.3%                                    
     Total                                               £174.4m     £199.6m         £25.2m   100.0%                                   
     
     
    There is a £25.2m Director's surplus over book value in the development
    portfolio. This has significantly reduced from March 2013 (£49.9m) since the
    sales of Brickfields and 200 Aldersgate. 
     
    DEVELOPMENT PORTFOLIO OVERVIEW 
     
     200 Aldersgate, London EC1   Sale        Lettings completed and building sold  
     Brickfields, White City W12  Sale        Sold                                  
     Mitre Square, London EC3     Demolition  Demolition completed                  
     
     
    Sale 
     
    Sold 
     
    Mitre Square, London EC3 
     
    Demolition 
     
    Demolition completed 
     
    Key Changes to Development Properties 
     
    Completed Developments 
     
    200 Aldersgate Street, London EC1 
     
    Helical was appointed asset and development manager by Deutsche Pfandbriefbank
    in May 2010. Our brief was to refurbish and let this office building which had
    been vacant since 2005 when the previous tenant, Clifford Chance, relocated to
    Canary Wharf. We re-clad part of the building and carried out major
    refurbishment works to the extensive common parts creating a "vertical
    village" comprising a variety of floor-plates to suit a range of different
    occupiers, as well as exceptional tenant facilities, including a concierge
    cycle store service, an on-site gym and a café and business lounge.
    Refurbishment works were completed and the building re-launched in January
    2011.The building now comprises 348,000 sq ft of offices, 16,673 sq ft of
    retail and 39,601 sq ft of basement space. The refurbishment works were
    completed within budget in December 2010. Having let 96% of the space in the
    building, the asset was marketed in the late summer and has now been sold to
    Ashby Capital LLP. 
     
    Brickfields, White City, London W12 
     
    Following receipt of a resolution to grant planning consent for a 1.5m sq ft
    residential led mixed use scheme, the site was sold to neighbouring landowner
    Imperial College. Completion occurred on 2 September 2013 and we have received
    the profit payment due under our joint venture agreement with Aviva
    Investors. 
     
    Current Developments 
     
    Mitre Square, London EC3 
     
    Mitre Square is a landmark City office scheme in the heart of the insurance
    sector in London. We have completed the purchase of 1 Mitre Square and we have
    extended our conditional purchase agreement with the City for the adjoining
    site. Demolition has now been completed to facilitate the construction of a
    new building comprising 273,000 sq ft NIA. It is anticipated that construction
    will commence once a financial partner has been signed up. The finished
    development will have a capital value of circa £250m. 
     
    Scottish Power Headquarters 
     
    Helical and local development partner, Dawn Developments Limited, were
    appointed as development managers by Scottish Power for the construction of
    their new headquarters at St Vincent Street, Glasgow, pre-sold by Scottish
    Power to M&G Real Estate. The completed building will comprise 220,000 sq ft
    of prime office space in the heart of the city's commercial district. Planning
    permission has been granted and a formal start on site was made in October
    2013.  As part of the deal Helical is purchasing, for c. £5.8m, three existing
    Scottish Power sites in Glasgow which are surplus to their requirements. 
     
    Park Handlowy Mlyn, Wroclaw 
     
    Wroclaw is a large city in West Poland, some 100km from the German border and
    470km south of Warsaw. This 9,600 sq m (103,000 sq ft) out of town retail
    development was completed in December 2008 and is fully let to a number of
    domestic and international retailers. During the period, leases to Komfort,
    Kakadu, Deichmann and Media Expert were extended for a further five years and
    Sports Direct agreed a 10 year lease. 
     
    Helical Retail 
     
    Parkgate, Shirley 
     
    We have made good progress at Parkgate, Shirley, where the 80,000 sq ft
    foodstore was pre-sold to Asda, and 78,000 sq ft of retail and leisure units
    will be completed and open for trading in April 2014. We have exchanged
    contracts on 40% of the retail space with tenants including Pizza Express,
    Prezzo, 99p Store and others. There is an additional 20% in solicitors' hands
    and active discussions on a further 30%. 
     
    Cortonwood Shopping Park 
     
    Planning consent was granted recently, after an appeal, for a 98,000 sq ft
    open A1 retail extension to the existing Cortonwood Retail Park. Construction
    is expected to commence in early 2015, and the park is expected to be open in
    time for Christmas 2015. 
     
    Retirement Villages 
     
    We have now started construction of our three retirement villages in Faygate
    near Horsham, Exeter and Great Alne, near Stratford upon Avon. Sales are
    progressing well, at prices higher than those used in our appraisals prior to
    commencing on site. 
     
    Bramshott Place, Liphook, Hampshire 
     
    Construction of this 151 unit village completed in December 2012. We have
    completed or exchanged on the sale of 130 units (compared to 115 at the year
    end) and have a further eight under offer. 
     
    Durrants Village, Faygate, Horsham, West Sussex 
     
    We started the first phase (43 units) of this 171 unit village in May 2012. We
    have exchanged the sale of two units with a further 16 reserved plus 19
    'up-field' reservations in future phases. The first completions are expected
    in January 2014. 
     
    Millbrook Village, Exeter 
     
    We have started on site at this 164 unit village since the half year end and
    have also launched the marketing, with 15 units reserved in the first phase. 
     
    Maudslay Park, Great Alne, Warwickshire 
     
    We have recently started the construction of the show homes and marketing
    suite and marketing, and the full construction programme will start in the New
    Year for this 132 unit scheme. 
     
    Joint Ventures 
     
     Barts Square, London EC1   Pre-development   Pre-development issues being cleared prior to start on site in January 2015  
     Europa Centralna, Gliwice  Lettings          Now 85% let                                                                  
     Hammersmith Town Hall, W6  Planning consent  Planning consent granted November 2013                                       
     
     
    Lettings 
     
    Now 85% let 
     
    Hammersmith Town Hall, W6 
     
    Planning consent 
     
    Planning consent granted November 2013 
     
    Investment Properties 
     
    Barts Square, London EC1 
     
    In joint venture with The Baupost Group LLC (Baupost 66.7%, Helical 33.3%) we
    own the freehold interest in land and buildings at Bartholomew Close, Little
    Britain and Montague Street, a 3.2 acre site adjacent to the new Barts
    Hospital and just south of Smithfield Market. The current buildings comprise
    420,000 sq ft let to the NHS at circa £3.5m per annum on a number of short
    term leases that expire between 2014 and 2016. In November 2012, a resolution
    to grant planning permission was obtained and planning consent has now been
    issued following signature of the S106 Agreement. The scheme will bring much
    needed regeneration to this area of the City and will retain some of the
    existing buildings and complement them with a sympathetic redevelopment of the
    site. It will comprise circa 225,000 sq ft NIA of office space in two
    buildings and 215 high quality residential apartments in 17 buildings with
    retail and restaurant space at ground floor level. Significant public realm
    improvements are planned, which will be incorporated into the wider Smithfield
    Area Strategy being worked up by the City. We estimate a total development
    value of circa £470m. Detailed design of phase one (97 residential 
    units) is
    underway to enable a start on site as soon as vacant possession is granted in
    January 2015. 
     
    207-211 Old Street, London EC1 
     
    This 3.12 acre asset was acquired in November 2012 for £60.8m in joint venture
    with Crosstree Real Estate Partners LLP (Helical interest 33.3%). The site is
    in the heart of "Tech City", an area of London which is a hub for technology,
    media and telecommunications companies and is benefitting from substantial
    investment in infrastructure. 
     
    Since acquisition, plans have been developed to substantially increase the
    amount of space, refurbish existing areas and significantly upgrade the public
    realm. A resolution to grant planning consent was made by the Planning
    Committee of London Borough of Islington on 5 September 2013. The planning
    consent will be issued when the Section 106 Agreement is signed. 
     
    Construction work on the first phase, comprising 127,000 sq ft of refurbished
    office space at 211 Old Street and a new office building of 21,208 sq ft, as
    well as substantial onsite public realm improvements with ground floor
    restaurant and retails uses, is due to commence in January 2014. The
    construction will be financed with bank debt and terms have been agreed with a
    debt provider. 
     
    We continue to manage our ongoing tenant relationships in the remaining
    buildings to ensure a rental income surplus. 
     
    Clyde Shopping Centre, Clydebank 
     
    This asset, which comprises 627,000 sq ft of town centre shopping centre and a
    foodstore, was acquired in 2010 in joint venture with a private investor. The
    Group has a 60% interest in the centre and undertakes all of the asset
    management activities. Construction works have started on site to create a new
    unit for Pure Gym. Occupation is expected in March 2014 further enhancing the
    leisure offering in this centre. We have completed the refurbishment of the
    southern end of the scheme (Sylvania Way South) and the toilets and baby
    change facilities. 
     
    Development Properties 
     
    Europa Centralna, Poland 
     
    This retail park and shopping centre was built in a 50:50 joint venture with
    clients of Standard Life. The scheme is now over 85% let to Tesco, Castorama,
    H & M, Media Saturn, Sports Direct, Jula and others. Construction was
    completed in February 2013 and the scheme opened on 1 March 2013. The sale of
    50% of the scheme in 2011 includes a provision that we will sell the remaining
    ownership stake two years after the date of completion of the development to
    our existing joint venture partners. 
     
    King Street, Hammersmith, London W6 
     
    Following the renegotiation of our development agreement with the London
    Borough of Hammersmith and Fulham, we have continued to work with our partners
    Grainger plc on the proposed regeneration of the west end of King Street,
    Hammersmith. A resolution to grant planning consent was obtained on 12
    November 2013 for 196 new homes, 40,000 sq ft of new council offices, together
    with a three screen boutique cinema and restaurant/retail space. Discussions
    are underway on the S106 Agreement with a view to securing planning permission
    shortly. 
     
    Leisure Plaza, Milton Keynes 
     
    Leisure Plaza is a 50:50 joint venture with Abbeygate Developments. The site
    has consent for an 80,000 sq ft supermarket, 33,000 sq ft of Open A1 retail
    and the refurbishment of the existing ice rink. The supermarket has been
    pre-let to Morrisons on a long lease and pre-sold to Aviva Investors' Lime
    Property Fund for circa £40m, a headline yield of 4.25%. The joint venture has
    realised a profit of circa £1.6m on the sale of the land to the fund, and
    should make a further profit of circa £7m over the course of the development
    (the store is due to be completed in August 2014). We have recognised £2.5m of
    our share of this profit during the half year. 
     
    INVESTMENT PORTFOLIO OVERVIEW 
     
    Our £484m (£576m post half year) portfolio provides income to cover all
    operational and finance costs and dividends. 
     
    Within the portfolio there are properties which we intend to keep for the
    longer term, typically the larger properties which demonstrate continued
    rental growth and asset management potential. These include Shepherds
    Building, London, the Morgans Quarter in Cardiff and New Loom House, London,
    together with properties which have a specific medium term asset management
    plan and will be sold when we judge the time to be right. 
     
    We acquire a broad spread of properties which provide access to a variety of
    asset classes and tenants. We look to have a combination of higher yielding
    assets, for example our shopping centres, providing core income and assets
    which have significant repositioning opportunity, for example New Loom House. 
     
    The investment portfolio now comprises 74% of our assets (77% post half year)
    and has grown steadily since 2010. We intend to continue growing this
    portfolio whilst selectively selling some assets over time. 
     
    Acquisitions 
     
    We concluded £68.8m of acquisitions in the reporting period and have exchanged
    or completed on a further £86.2m of acquisitions since the period end. We have
    also exchanged contracts on the forward purchase of Clifton Street in
    Shoreditch, for £21m, for which payment is due on practical completion
    scheduled for summer 2015. These acquisitions provide a good blend of income,
    potential capital growth and an exposure to multiple markets. 
     
    The acquisitions inside London have been concluded at an average yield of 4.1%
    (5.1% excluding Maple House which is empty) and at a capital value psf of
    £386. Outside London, the yield is 7.9%, demonstrating our strategy of
    acquiring yield outside London and the potential for capital growth inside
    London. 
     
    New Loom House, London E1 
     
    We completed the acquisition of this multi-let office building in Whitechapel,
    on the eastern edge of the City, for £34.2m in July, an initial yield of 4.8%.
    The building is a multi-let, listed Victorian 'warehouse' style office
    providing 112,000 sq ft of office and storage space over five floors. There
    are 67 lettable units of 1,000- 5,500 sq ft each, which currently generate
    £1.785m of rent pa. Ten units (14,217 sq ft) are currently vacant although two
    of these are under offer (3,208 sq ft) and we have agreed terms to let a
    further 3,549 sq ft which is being vacated in January. We have let 6,869 sq ft
    since acquisition, all at rents in the low £20's psf in what is currently an
    unrefurbished building. 
     
    The average rent passing on the office space is circa £18.50 psf and we would
    expect this to increase close to £30 psf once we have carried out a
    refurbishment of the entrance and common parts and of individual units as and
    when they become vacant. This refurbishment will re-position the building so
    that it appeals to occupiers from the creative industries prevalent in the
    increasingly popular 'Tech Belt' that runs from Old Street through Shoreditch
    and down to Whitechapel, and will include a bar/café on the ground floor,
    potentially restaurants and other leisure uses such as a gym as well as
    showers and bike storage areas. We are working up the plans and costings for
    this with a view to carrying out the works in late 2014/early 2015. 
     
    These works, together with the changes to the surrounding area driven by
    significant local residential development (notably the Goodmans Fields
    development which is next door) and the delivery of Crossrail, give us
    confidence that there should be considerable rental growth in the building
    over time. 
     
    Huddersfield Retail Park 
     
    We completed the purchase in August of this multi-let, open A1 retail park for
    £17 million, a net initial yield of 7.2%. There are two terraces (96,977 sq ft
    in total) of three units each, fully let to retailers including Matalan,
    Dunelm, Aldi and B&M on long leases (the weighted average unexpired lease term
    is 12 years without breaks, 10 years including breaks). Five of the six units
    were let between 2009 and 2012 and so the rents are low (an average of circa
    £13 psf), offering opportunities for future rental growth (there are fixed
    increases in some leases) and the yield is high by historic standards. The 13%
    cash on cash return provides some balance to the lower yielding central London
    acquisitions. 
     
    Maple House, London EC1 
     
    Maple House is an existing office building fronting City Road, Epworth Street
    and Tabernacle Street with close proximity to Old Street roundabout. Helical
    acquired the building in June 2013 and is proposing an extensive refurbishment
    to reposition the building to provide modern, appealing space for the 'Tech
    Belt' occupier market. Approximately 10,000 sq ft of additional floor space is
    being added together with a new reception area within a landscape courtyard to
    the rear of the building. Completion is expected in Spring 2015. 
     
    Acquisitions since the period end include:- 
     
    Enterprise House, Paddington, London W2 
     
    We acquired this 45,000 sq ft office building with a 20 year sale and
    leaseback to Network Rail for £30.75m, representing a net initial yield of
    5.65%. The property has since been valued at £35.75m and will show a 9.5% cash
    on cash return once we put debt in place. There is a minimum fixed uplift in
    2018 to £45.00 psf (current £40.70 psf). We hope that at the next rent review,
    which will coincide with Crossrail opening, rents will be in excess of this
    level. 
     
    Quartz Portfolio 
     
    This mixed sector portfolio is to be acquired for £48.6m, a net initial yield
    of 8.2%. The portfolio has an average weighted unexpired lease term of 12
    years to the earlier of break or expiry. Once funded, the portfolio will
    provide a cash on cash return in excess of 15%. 
     
    Properties within the portfolio include a Homebase in Cardiff let for 15
    years, an office in Reading let to Thames Water for a further nine years, an
    office in Crawley let for a further nine years and an industrial unit in
    Cannock let to a food packaging company for a further 15 years as well as a
    number of smaller assets. 
     
    Completion is due in December 2013 and some assets may be sold prior to
    completion. 
     
    Artillery Lane, London E1 
     
    The purchase of this property, located very close to Liverpool Street, is due
    to complete in December 2013 off market for £6.8m. Average passing rents are
    £20.00 psf. We plan to comprehensively refurbish the property including the
    provision of new M&E and a new reception. We may look to create an additional
    floor on the top of the building and convert the ground floor and basement to
    A3 use. 
     
    Sales 
     
    We have concluded the sale of an Asda supermarket in Clydebank for 5.15% NIY
    (£12.1m) (Helical share 60%) and an Iceland supermarket in Corby for £1.0m. 
     
    Asset Management 
     
    During the half year, contracted income increased by £0.49m. There were 88
    tenancies which underwent a lease event within the portfolio in the period. 
     
    We had limited exposure to administrations during the period with two
    Internacionale units being the only ones affected. Both continue to trade and
    pay full rent although we have now concluded a new letting on the
    Internacionale in Corby to Heron Frozen Foods at a rent of £60,000
    (Internacionale £47,500) as a result of which we will be terminating their
    lease here. 
     
     Rent lost at break/expiry              -£0.45m  
     Net rent lost through administrations  £0.00m   
     Rent review                            £0.06m   
     Lease renewals and new lettings        £0.88m   
     Total change                           £0.49m   
     
     
    Leases which have been terminated by Helical for redevelopment and
    refurbishment purposes (Old Street) have been excluded. 
     
    The rental gains were equally split between the retail portfolio and London
    office portfolio, both contributing in excess of £0.2m of rental gains. 
     
    Investment Portfolio Statistics 
     
    The following refers to Helical's share of the investment portfolio prior to
    acquisitions after the half year. 
     
                         % of investment portfolio  Valuation increase/decrease (like-for-like)  Valuation increase/decrease (inc. sales and purchases  Initial yield  Reversionary yield  Average unexpired lease term  Vacancy rate (floor area)  ERV change since March 2013  Capital value psf  
                                                                                                                                                                                                                                                                                                    
     London office       43.4%                      7.4%                                         4.3%                                                   5.0%           7.4%                3.0                           7.8%                       1.4%                         £260               
     Retail              49.6%                      1.2%                                         0.8%                                                   7.3%           7.9%                6.9                           4.9%                       (0.8%)                       £132               
     Industrial          2.7%                       3.0%                                         3.0%                                                   9.2%           9.8%                2.6                           13.2%                      (0.8%)                       £65                
     Provincial offices  3.1%                       0.0%                                         0.0%                                                   8.3%           8.5%                16.1                          0.0%                       0.0%                         £209               
     Other               1.2%                       0.0%                                         0.0%                                                   -              -                   -                             0.0%                       0.0%                         -                  
     Total               100.0%                     3.5%                                         2.3%                                                   6.6%           7.8%                5.7                           6.1%                       (0.1%)                       £174               
     
     
    Note: Vacancy has increased from 5.7% in March 2013 to 6.0% in September 2013,
    largely due to the acquisition of properties with vacancy in London, notably
    New Loom House with 14.1% vacancy. 
     
    Asset Management Overview: Cash on Cash Returns 
     
    Our high yielding assets continue to deliver strong cash on cash returns: 
     
     Centre              Free Cash Post Interest  Cash on Cash  
     Basildon            £0.6m                    19.1%         
     Clydebank           £3.3m                    13.0%         
     Corby               £3.4m                    15.8%         
     Newmarket           £0.83m                   14.1%         
     Sutton in Ashfield  £0.92m                   23.9%         
     
     
    Across the portfolio, rent collection was 99% within two weeks of the quarter
    day. 
     
    We have a strong rental income stream and a diverse tenant base. Prior to our
    post period acquisitions, our top 10 tenants accounted for 21.1% of our rent
    roll. 
     
    The rent roll from the investment portfolio has increased from £28.7 in March
    2013 to £33.4m in September 2013 (Helical's share). This will increase by a
    further £6.4m once the post period acquisitions are complete. 
     
    Top tenants in the portfolio are: 
     
     Rank   Tenant                          Tenant industry  Rent (Helical)  % Rent Roll  
     1      Endemol UK Ltd                  Media            £1,523,203      4.56%        
     2      Barts and the London NHS Trust  Government       £1,208,254      3.62%        
     3      TK Maxx                         Retail           £1,160,000      3.47%        
     4      Quotient Bioscience Ltd         Biotech          £664,792        1.99%        
     5      Argos                           Retail           £454,125        1.36%        
     6      Fox International               Media            £445,053        1.33%        
     7      Wickes Building Supplies        Retail           £430,139        1.29%        
     8      Metropolis London Music         Media            £400,000        1.20%        
     9      Urban UK                        Retail           £400,000        1.20%        
     10     Dunelm                          Retail           £364,281        1.09%        
     Total                                                   £7,049,847      21.11%       
     
     
    Lease expiries or tenant breaks 
     
     Year                2014     2015     2016     2017     2018     
     % of rent roll      10.9%    13.7%    11.6%    15.9%    7.1%     
     Average rent/lease  £32,200  £34,800  £63,700  £63,700  £36,400  
     
     
    Key Changes to Investment Properties 
     
    Corby Town Centre 
     
    Lettings continue at the centre. We have recently submitted plans for an
    extension to the scheme which will include a new eight screen cinema, four
    restaurants, a gym, new car parking and extensive landscaping. Net income has
    increased by £104,000 during the six months. 
     
    The Morgan Quarter, Cardiff 
     
    We are close to agreeing the outstanding rent reviews on The Hayes with Molton
    Brown and White Stuff at figures consistent with the Jack Wills letting and
    previous rent reviews. These will show an increase of circa £80,000pa in
    aggregate and rental growth of 34% between 2008 and 2013. Two lettings on the
    recently pedestrianised St Mary's Street have set encouraging new rental
    levels, circa 33% above previous levels, and letting activity continues in the
    two listed Arcades. We are also progressing the Creative Quarter, a projec
    t to
    bring approximately 18,000 sq ft of redundant upper parts back into office
    use. We have already agreed terms to let phase one of this at rents above
    appraisal levels (circa £17.50 psf). 
     
    Broadway House, London W6 
     
    The office is now fully let having concluded a recent letting to Drugdev at
    £33.50 psf. We have received planning permission to create an extra 3,500 sq
    ft office floor on top of the building which we will implement in Q4 2014. 
     
    Shepherds Building, London W14 
     
    The circa £1.5m refurbishment of the reception, bar/café and common parts will
    complete in January 2014, following which we hope to achieve rents in the
    mid-£30's compared to the current average rent in the building of circa £24
    psf. At present, there are only two small units vacant (1,067 sq ft) out of a
    total of 151,000 sq ft. 
     
    Independent review report to the members of Helical Bar plc 
     
    Introduction 
     
    We have reviewed the condensed set of unaudited financial statements in the
    Half Year Statement of Helical Bar plc for the six months to 30 September 2013
    which comprises the consolidated income statement, the consolidated statement
    of comprehensive income, the consolidated balance sheet, the consolidated cash
    flow statement, the consolidated statement of changes in equity, and the
    related notes. We have read the other information contained in the Half Year
    Statement: Financial Highlights, Chief Executive's Statement, Financial
    Review, 'Helical at a Glance', Development Portfolio Overview and Investment
    Portfolio Overview, and have 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's members, as a body, 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'. Our review work has been undertaken so that we might state to
    the Company's members those matters we are required to state to them in an
    independent 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 and the Company's members as a body, for our review work, for
    this report, or for the conclusion we have formed. 
     
    Directors' responsibilities 
     
    The Half Year Statement is the responsibility of, and has been approved by,
    the directors. The directors are responsible for preparing the Half Year
    Statement in accordance with the Disclosure and Transparency Rules of the
    United Kingdom's Financial Conduct Authority. 
     
    As disclosed in note 1, the annual financial statements of the Group are
    prepared in accordance with International Financial Reporting Standards as
    adopted by the European Union. The condensed set of financial statements
    included in this Half Year Statement 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 a conclusion on the condensed set of
    financial statements in the Half Year Statement 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'. 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 Year
    Statement for the six months to 30 September 2013 is not prepared, in all
    material respects, in accordance with International Accounting Standard 34,
    'Interim Financial Reporting', 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 
     
    28th November 2013 
     
    Unaudited Consolidated Income Statement 
     
    For the Half Year to 30 September 2013 
     
                                                                                Notes  Half Year To 30 September2013£000  Half Year To 30 September2012£000  Year To31 March2013 £000  
     Revenue                                                                    3      87,874                             44,225                             65,439                    
     Net rental income                                                          4      11,075                             9,794                              19,578                    
     Development property profit                                                       60,940                             4,739                              6,956                     
     Trading property loss                                                             -                                  (6)                                (1)                       
     Share of results of joint ventures                                         12     6,063                              1,219                              3,854                     
     Other operating income/(expense)                                                  105                                2                                  (547)                     
     Gross profit before gain on sale and revaluation of investment properties         78,183                             15,748                             29,840                    
     Net gain on sale and revaluation of investment properties                  5      3,921                              557                                1,335                     
     Impairment of available-for-sale investments                                      (771)                              -                                  -                         
     Gross profit                                                                      81,333                             16,305                             31,175                    
     Administrative expenses                                                    6      (11,613)                           (4,957)                            (14,920)                  
     Operating profit                                                                  69,720                             11,348                             16,255                    
     Finance costs                                                          
    
    - More to follow, for following part double click  ID:nRSb1310Ub 

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    HELICAL BAR LSE 328.25 (c) -0.68% 62,564

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