Interim Management Statement

Helical Bar PLC
24 January 2008

24 January 2008



                    Helical Bar plc ('Helical' / 'Company')


     Interim Management Statement for the third quarter to 31 December 2007

                   Helical to re-enter the investment market


Commenting on the Company's activity in the third quarter, Mike Slade, Chief
Executive, said:

'We have had an active third quarter.  Notwithstanding the challenging current
market conditions, we are well placed to generate value for our shareholders
through the application of our skills and active and entrepreneurial approach to
the management of our assets.

'Whilst remaining cautious, we see an opportunity opening up to buy investment
stock at appropriate yields for the first time since 2005. It has been
frustrating to see prices rise to ever more unsustainable levels and we are
delighted at the prospect of finally being able to find value again in this
important area of our business.'


Market update

The commercial property market has undergone an extremely sharp correction with
a rapid rise in yields leading to values falling faster during November and
December than at any time measured by the IPD benchmark since inception in 1986.
Nonetheless, whilst economic clouds on the horizon require us to take a
cautious view of occupational markets, we see an opportunity opening up to buy
investment stock at appropriate yields for the first time since 2005.

The opportunity will, however, be balanced by the inevitable impact on our
existing investment portfolio of the well-publicised rising yields in the
market.  Whilst not immune from these general trends, we have positioned our
business to mitigate the impact of this:


.   Our gearing is approximately half our historic average, giving us
    plenty of firepower for new acquisitions.

.   Our investment portfolio is currently a much smaller proportion of our 
    overall business than usual as we have switched into a variety of activities
    where profits are less likely to be undermined by rising yields in the UK.

.   In addition, the considerable effort we have made over the last two years 
    to identify and focus our portfolio on change of use deals, retirement
    village developments, student accommodation, industrial developments for 
    owner occupation, retail warehouse development in Poland and property 
    outsourcing all create latent potential within our portfolio.


This latent potential is likely to be released over the next three years,
whereas we anticipate that the industry-wide valuation falls will mostly happen
this year.



Key activities over the last three months

Planning pipeline

•   High Wycombe - We have signed a Joint Venture agreement with National Grid 
    for a three acre town centre site in High Wycombe.  The proposal is to 
    develop a mixed use scheme comprising 100,000sqft retail and leisure space
    and 125 residential units.

•   Milton Keynes - We have been granted planning consent for 28,000sqft
    of trade counter space at Winterhill.

•   Vauxhall, London, SW6 - In partnership with National Grid (UK) Pension Fund, 
    we are making progress in gaining an allocation of space for a large 
    residential-led mixed-use development on a Thameside industrial estate.

•   Fieldgate Street, London - Our planning application for 12,000sqft of retail 
    and 340 student residential units will be submitted before the end of
    February.

•   Culwell Street, Wolverhampton - A planning application has been submitted 
    for 200,000sqft of student accommodation.

•   Great Alne - Our planning appeal for 175 retirement units at Great Alne has 
    been refused.  The detail of the Inspector's decision leaves several options 
    open to us and we are examining the various alternatives.

•   Cambridge, Horsham, Exeter - We will be submitting planning applications on
    these three sites by the end of March for a total of almost 500 retirement
    village units.

•   White City - Discussions continue with the planning authority and adjoining 
    owners for a major mixed use regeneration scheme.


Developments

•   Southall - Construction of phase I (165,000sqft) of our 250,000sqft
    scheme for industrial units for freehold sale has started.  54,000sqft is in
    solicitors' hands to be sold.

•   Bramshott Place, Liphook - Construction has commenced for the first
    phase of 45 retirement village units.

•   Clareville House, London, W1 - Strong interest has been expressed in
    this 23,000sqft restaurant/night-club and 35,000sqft office scheme in
    partnership with National Grid (UK) Pension Fund.

•   Poland - Negotiations are under way to pre-fund all of our 115,000sqm out 
    of town retail portfolio at Opole, Gliwice and Wroclaw with construction 
    to commence in the summer.

•   Milton Keynes - In joint venture with Abbeygate Limited, we are in
    negotiations to construct up to 100,000sqft of offices to be mainly pre-let
    to the lawyers Shoosmiths.

•   Helical Governetz - We have added a joint venture with UK Coal at Waverley, 
    Sheffield to our proposed schemes at Keele and Newport, for dedicated
    Government campuses.


Other investments

•   Our 50% held company the Asset Factor continues to expand.  Its
    joint venture with Nelson Bakewell NB Entrust is trading profitably and
    continues to increase the size of its facilities management portfolio.  It 
    has also opened a new joint venture, Asset Space Ltd, to exploit the 
    opportunities for advertising and alternative revenue generation from 
    commercial property.





For further information, please contact:

Helical Bar plc                                         020 7629 0113
Michael Slade (Chief Executive)
Mike Brown (Deputy Chief Executive)
Nigel McNair Scott (Finance Director)



Address:    11-15 Farm Street, London W1J 5RS
Fax:        [phone]
Website:    www.helical.co.uk


Financial Dynamics                                      020 7831 3113
Stephanie Highett/Dido Laurimore/Laurence Jones










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