First Property Group PLC Financial year-end trading statement (3977J)
April 07 2015 - 2:01AM
UK Regulatory
TIDMFPO
RNS Number : 3977J
First Property Group PLC
07 April 2015
Date: 7 April 2015
On behalf First Property Group plc ("First
of: Property", "the Company" or the "Group")
Embargoed: 0700hrs
First Property Group plc
Financial year-end trading statement
First Property Group plc (AIM: FPO), the property fund manager
and investor, is pleased to announce that its trading and profit
before tax for the year to 31 March 2015 is expected to be in line
with market expectations.
Cash at the year-end was some GBP12 million, the majority of
which is available for investment and of which some GBP3 million is
held by Fprop Opportunities plc.
Commenting on the trading update, Ben Habib, CEO of First
Property Group plc, said:
"The financial year just ended has been transformational for the
Group with a very significant increase in the underlying
sustainable earnings of the Group. These earnings, which are mainly
derived from new investments we have made, should comfortably
exceed the lost fee income resulting from the expiry, in August
this year, of the fund management contract with USS.
"Our balance sheet remains strong, with a cash balance of GBP12
million, enabling us to make additional investments if and when
opportunities arise."
-Ends-
For further information please contact:
First Property Group plc Tel: 020 7340 0270
Ben Habib (Chief Executive www.fprop.com
& Chief Investment Officer)
George Digby (Group Finance
Director)
Jeremy Barkes (Director, Business investor.relations@fprop.com
Development)
Arden Partners Tel: 020 7614 5900
Chris Hardie (Director Corporate
Finance)
Michael McNeilly (Corporate
Finance)
Redleaf Polhill Tel: 020 7382 4763
George Parrett / Henry Columbine firstproperty@redleafpr.com
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
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 in the UK and
Central Europe (principally Poland);
-- Group Properties - principal investments by the Group, currently comprising:
o 6x directly owned properties in Poland and Romania;
o 5x properties in Poland held by Fprop Opportunities plc (FOP),
an FPAM managed fund in which the Group is a 76.2% shareholder;
o Shares in 4x funds managed by FPAM.
The investment performance of the Group's funds under management
in Poland and in Central Europe is ranked No.1 versus the
Investment Property Databank (IPD) universe for Central &
Eastern Europe (CEE) over the eight years to 31 December 2013,
having previously ranked No.1 versus the IPD CEE universe over the
three, four, five, six and seven years to 31 December 2008, 2009,
2010, 2011 and 2012 respectively.
First Property Asset Management Limited is authorised and
regulated by the Financial Conduct Authority. Further information
about the Company and its products can be found at:
www.fprop.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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