Helical

Website: Helical
Index: FTSE Small Cap
EPIC: HLCL
Supersector: Real Estate
Sector: Real Estate Investment and Services
Subsector: Real Estate Holding and Development
Market Cap: £232.4M
Payout Frequency: Semi-Annual

Next Helical Dividend

Helical next goes ex-dividend on 25/06/2026. This will be the Final dividend for 2026.

The dividend per share amount is 1.0000p (GBP) and the payment date is 03/08/2026.

Key dividend details (Helical PLC)

Additional distributions and timetable

Further shareholder return from 100 New Bridge Street sale profits: £17m (~13.9p per share)
Structure: £12m (9.8p) B Share capital return + £5m (4.1p) share buyback
Approvals: GM on 16/07/2026; capital return expected to be paid in August 2026
Proposed total shareholder return for FY26: 16.4p per share (2.5p PID dividend + 13.9p capital/buyback)

Context versus policy

Policy: pay out PID from the income surplus of the investment portfolio and distribute a share of realised development profits.
FY26 approach: ordinary cash return focused on PID of 2.5p, with realised development profits returned primarily via capital (B Shares) and buybacks rather than an ordinary/special dividend.

Dividend sustainability and outlook

Cover: EPRA EPS 4.5p and IFRS EPS 4.6p comfortably cover the 2.5p PID (~1.8x), aided by £4.9m development profits.
Earnings mix: Recurring net rental income fell to £15.4m after disposals; income is expected to improve in FY27 with leasing progress at The Bower and completions at Brettenham House (Q3 2026) and 10 King William Street (Q4 2026).
Balance sheet support: Pro-forma see-through LTV falls to 20.7% after the 100 New Bridge Street sale and the proposed returns; 100% of drawn debt hedged; average cost of secured investment debt 3.8%.
Trajectory: The ordinary PID looks set to remain tied to the income surplus and therefore modest near term; upside to total cash returns likely to continue to come from episodic development realisations (returned via capital/B shares/buybacks).
Capital allocation: Majority of sale proceeds first used to de-lever, with a disciplined return (£17m) while retaining capacity to fund pipeline opportunities.

Structural changes and items impacting future dividends

B Share capital return and a share consolidation (to maintain price comparability) planned alongside the GM/AGM; plus a £5m share buyback. These actions are accretive to per-share metrics and reflect a shift to returning development profits via capital rather than ordinary dividends.
Completion and forward sale of 100 New Bridge Street (£333m; Helical share £166.5m) strengthens the balance sheet and funds returns.
Ongoing PfL joint venture pipeline (Delta Paddington, 10 King William Street, Southwark PBSA, 63 Charterhouse Street) underpins potential future realisations but tilts the model toward total-return rather than steady income.

Risks and flags relevant to dividend stability

Short WAULT and vacancy: Portfolio WAULT to expiry 2.3 years; vacancy on completed assets 18.5% (improving to 11.3% on agreed lettings), exposing near-term income to leasing execution.
Development and letting risk: Two major office completions due within eight months; returns and earnings pace depend on successful lease-up in a tight Grade A market.
Earnings volatility: Material portion of total returns derives from development profits; ordinary PID growth likely to be non-linear.
Financing and cost: Development debt cost remains elevated (weighted avg 7.7%), though fully hedged and with step-downs on letting.
JV net asset covenant: PfL JV requires maintaining net assets headroom (indicative threshold >£400m as pipeline scales), which could influence the scale/timing of future returns.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
04/12/2025	14/01/2026	Interim	1.5000p	GBX
25/06/2026	03/08/2026	Final	1.0000p	GBX

Total (Annual Dividends Per Share): 2.50p

Dividend Yield = Annual Dividends Per Share (2.50p) ÷ Share Price (192.4p) = 1.3%

Ex Dividend Date	Payment Date	Type	Amount	Currency
25/06/2026	03/08/2026	Final	1.0000p	GBX
04/12/2025	14/01/2026	Interim	1.5000p	GBX
26/06/2025	04/08/2025	Final	3.50p	GBX
05/12/2024	15/01/2025	Interim	1.50p	GBX
27/06/2024	02/08/2024	Final	1.78p	GBX
30/11/2023	12/01/2024	Interim	3.05p	GBX
22/06/2023	28/07/2023	Final	8.70p	GBX
01/12/2022	13/01/2023	Interim	3.05p	GBX
23/06/2022	29/07/2022	Final	8.25p	GBX
02/12/2021	31/12/2021	Interim	2.90p	GBX
24/06/2021	26/07/2021	Final	7.40p	GBX
03/12/2020	31/12/2020	Interim	2.70p	GBX
25/06/2020	27/07/2020	Final	6.00p	GBX
28/11/2019	31/12/2019	Interim	2.70p	GBX
13/06/2019	19/07/2019	Final	7.50p	GBX
29/11/2018	31/12/2018	Interim	2.60p	GBX
14/06/2018	20/07/2018	Final	7.00p	GBX
23/11/2017	22/12/2017	Interim	2.50p	GBX
22/06/2017	21/07/2017	Final	6.20p	GBX
01/12/2016	30/12/2016	Interim	2.40p	GBX
30/06/2016	29/07/2016	Final	0.72p	GBX
10/03/2016	04/04/2016	2nd Interim	5.15p	GBX
03/12/2015	30/12/2015	Interim	2.30p	GBX
02/07/2015	31/07/2015	Final	5.15p	GBX
11/12/2014	30/12/2014	Interim	2.10p	GBX
02/07/2014	30/07/2014	Final	4.75p	GBX
04/12/2013	27/12/2013	Interim	2.00p	GBX
03/07/2013	26/07/2013	Final	3.70p	GBX
28/11/2012	28/12/2012	Interim	1.85p	GBX

Year	Interim	Final	Currency	Total	Change
2024	1.500	1.780	GBX	3.280	-72.080
2023	3.050	8.700	GBX	11.750	3.980
2022	3.050	8.250	GBX	11.300	9.700
2021	2.900	7.400	GBX	10.300	18.390
2020	2.700	6.000	GBX	8.700	-14.700
2019	2.700	7.500	GBX	10.200	6.250
2018	2.600	7.000	GBX	9.600	10.340
2017	2.500	6.200	GBX	8.700	5.190
2016	2.400	0.720	GBX	8.270	11.000
2015	2.300	5.150	GBX	7.450	8.750
2014	2.100	4.750	GBX	6.850	20.170
2013	2.000	3.700	GBX	5.700	208.100
2012	1.850		GBX	1.850

Number of Shares:

Payment	Paid	Amount
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