| Date: | 12 November 2024 |
| On behalf of: | First Property Group plc ("First Property", the "Company" or the "Group") |
| Embargoed: | 07:00 hours |
First Property Group plc
Trading update
First Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to provide a trading update for the six month period to 30 September 2024.
Notwithstanding continued volatile property markets, the Group had a good first half of its current financial year. First Property has benefitted from a number of one-off events, including profits earned from the trading of properties by one of the funds which the Group manages and in which it holds an associated investment. In addition, the Group has benefited from the early receipt of fees in lieu of the remainder of the management agreement it has with one of the funds managed by the Group where the disposal of properties has been made ahead of schedule.
Consequently, the Board now anticipates that for the Group's profit before tax (on an unadjusted basis) for the year ending 31 March 2025 will exceed market expectations, with the Group's revenues being in line with expectations. The Group's performance for the year ending 31 March 2025 may be subject to the impact of any non-cash adjustments required to be made to property valuations.
As previously announced the Group will be announcing its interim results for the six months ended 30 September 2024 on 21 November 2024.
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For further information please contact:
| First Property Group plc | Tel: +44 (20) 7340 0270 |
| Ben Habib (Chief Executive Officer) Laura James (Group Finance Director) Jeremy Barkes (Director, Business Development) Jill Aubrey (Director, Compliance & Company Secretary) |
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| Allenby Capital (NOMAD & Broker) | Tel: + 44 (20) 3328 5656 |
| Nick Naylor / Daniel Dearden-Williams (Corporate Finance) Amrit Nahal / Tony Quirke (Sales and Corporate Broking) | |
Notes to Investors and Editors:
First Property Group plc is a property fund manager and investor with operations in the United Kingdom and Central Europe. 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 six directly held properties in Poland, one in Romania, and non-controlling interests in nine of the twelve funds managed by FPAM.
Quoted on AIM, the Company has offices in London and Warsaw. Further information about the Company and its properties can be found at: www.fprop.com. To receive RNS alerts by email please subscribe here.
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