Financial year-end trading statement

RNS Number : 7026X

First Property Group PLC

01 May 2019

 

Date:	1 May 2019
On behalf of:	First Property Group plc ("First Property", "the Company" or the "Group")
:

First Property Group plc

Financial year-end trading statement

First Property Group plc (AIM: FPO), the award winning property fund manager and investor with operations in the UK and Central Europe, is pleased to report that its profit before tax for the year to 31 March is likely to significantly exceed market expectations of £6.8 million.

Funds under management at the year-end amounted to £705 million (2018: £626 million), an increase of 12.6% from the prior year. Of this some £611 million was held for clients (2018: £454 million), an increase of 34.6% from the prior year.

Ben Habib, Group Chief Executive, First Property said:

"The Group is trading well across the board. The markets in which we operate are generally buoyant and offering interesting investment opportunities on which we hope to capitalise."

-Ends-

For further information please contact:

First Property Group plc	Tel: [phone]
Ben Habib (Chief Executive Officer) George Digby (Group Finance Director) Jeremy Barkes (Director, Business Development)	www.fprop.com [e-mail]
Arden Partners (NOMAD & Broker)	Tel: + 44 (20) 7614 5900
John Llewellyn-Lloyd Ben Cryer
Newgate Communications (PR)	Tel: [phone]
Robin Tozer / Tom Carnegie	[e-mail]

Notes to Investors and Editors:

First Property Group plc is an award-winning property fund manager and investor with operations in the United Kingdom and Central Europe. It has grown its adjusted net assets, together with dividends paid, by some 28% on an annualised basis since 2006.

Its focus is on higher yielding commercial property with sustainable cash flows. The company is flexible and takes an active approach to asset management. Its earnings are derived from:

·      Fund management - via its FCA regulated and AIFMD approved subsidiary, First Property Asset Management Ltd (FPAM), which earns fees from investing for third parties in property. FPAM currently manages twelve funds which are invested across the United Kingdom, Poland and Romania.

·      Group Properties - principal investments by the Group, to earn a return on its own capital, usually in partnership with third parties. Investments comprise nine directly held properties in Poland and Romania and non-controlling interests in nine of the twelve funds managed by FPAM.

Listed on AIM the Company has offices in London, Warsaw and Bucharest. Around one third of the shares in the Company are owned by management and their families. Further information about the Company and its products can be found at: www.fprop.com.

 

END

 

 

TSTGMGGKNMKGLZG