Helical Bar said today it had made an ‘encouraging’ start to its financial year but that it ‘cannot be immune’ to negative market conditions.

In its interim management statement for the first quarter to 30 June, the listed property company said: ‘The deterioration in the commercial and residential property markets has continued over the last three months, with resulting ongoing falls in values. As a property company holding assets in a declining market, Helical cannot be immune from the negative impact of this process.’

But the company added: ‘The binding commitments entered into by the company during the first quarter should deliver a higher level of development profits than secured during the whole of the last financial year provided completions occur as anticipated later in this financial year.

‘This should continue to underpin Helical's relative outperformance of the property sector.’

Key activity for the company in the quarter included: Winning planning consent for 350 student residential units and 14,000 sq ft of retail at its Fieldgate Street property in London; the sale with National Grid UK Pension Fund of a 4.5 acre industrial scheme at Nine Elms in London for £80m to a Middle Eastern and the sale of sites and properties at Stockport and Hailsham to undisclosed buyers for £2.6m.

Mike Slade, chief executive of Helical Bar, said: 'We have delivered good progress in the year to date by continuing to apply our skills to a wide portfolio of activities. In particular, we continue to focus on our model of unlocking value in special situations to deliver relative outperformance in challenging market conditions.'