First Property Group PLC Financial year-end trading statement (4455V)
April 18 2016 - 02:00AM
UK Regulatory
TIDMFPO
RNS Number : 4455V
First Property Group PLC
18 April 2016
Date: 18 April 2016
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 2016 are expected to be in line
with market expectations.
Funds under management at the year-end amounted to some GBP352
million, of which some GBP156 million was held by the Group and
FOP. This represents an increase of GBP69 million (24%) from the
interim stage.
The Group's Preliminary results for the year to 31 March 2016
are scheduled to be announced on 9 June 2016.
Commenting on the trading update, Ben Habib, CEO of First
Property Group plc, said:
"The Group is trading well across the board and the number and
value of assets under management is increasing.
"In the financial year just ended the Group has benefitted from
a full year of contributions from the substantial investments made
by the Group and FOP in the previous year. These investments have
all yielded income at or above our expectations at the time of
their purchase and are, without exception, valued at levels
exceeding their acquisition prices.
"The markets in which we operate are generally buoyant and
offering interesting investment opportunities which we hope to
capitalise on."
-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 Development)
Arden Partners Tel: 020 7614
5900
Chris Hardie/ Ben Cryer
Redleaf Communications Tel: 020 7382
4747
Henry Columbine/ Rebecca firstproperty@redleafpr.com
Sanders-Hewett/ Susie Hudson
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:
o Management fees are levied by reference to the value of
properties under management;
o Performance fees are levied where appropriate, usually payable
upon realisation of profits above an agreed hurdle.
-- Group Properties - principal investments by the Group, to
earn a return on its own capital, usually in partnership with third
parties.
FPAM funds rank No.1 versus MSCI's Investment Property Databank
(IPD) Central & Eastern Europe (CEE) Benchmark for the ten
years from the commencement of its operations in Poland in 2005 to
31 December 2015, and for the annualised periods from 2005 to the
end of each of the years between 31 December 2008 and 31 December
2015.
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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