LONDON (ShareCast) - Property investor and developer Helical Bar delivered an impressive set of results for the year to end-March, proclaiming it had hit its maiden century of profits and was well placed to deliver further outperformance.

The FTSE SmallCap listed group hoisted net asset value (NAV) 19%, ahead of forecasts, as it ran up a record £101.7m profit before tax, from an unusually low £5m in 2013. Adjusted diluted earnings per share were 47.4p.

This was driven in large part by Helical’s successes at 200 Aldersgate and Brickfields next to White City, but also from a strong performance from the London office portfolio.

Chairman Nigel McNair Scott reiterated previous comments that the group was "on the cusp of returning to delivering outperformance" and said these results were "the vindication of that belief".

Chief Executive Michael Slade added that, barring an inevitable "few blips along the way", management was positive on prospects for the market place.

"We continue to focus on London offices and high yielding regional property for the investment portfolio whilst building out the London development programme. We remain highly focused, highly incentivised and confident in our prospects over the next two to three years."

London development schemes include The Bower, Old Street, Barts Square, Maple House, Clifton Street, Creechurch Place and Hammersmith Town Hall.

Broker Oriel said: "Management listens to the market; its ability to read market trends and buy ahead of its competition means that we believe it has positioned the portfolio well to take advantage of the London office rental growth that is forecast by most agents/commentators over the next couple of years. Whilst we recognise the shares are close to their high point for the year, we see a positive outlook for NAV growth and would 'add' on weakness."

Shares in Helical were up 1.5% to 380.88p at 15:15 on Thursday.

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