First Property Group PLC Financial year-end trading statement (9960B)
April 10 2017 - 02:00AM
UK Regulatory
TIDMFPO
RNS Number : 9960B
First Property Group PLC
10 April 2017
Date: 10 April 2017
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 2017, prior to the profit on
sale of the Romanian property announced on 28 March, are expected
to be in line with market expectations.
Funds under management at the year-end amounted to GBP475
million (2016: GBP353 million), of which some GBP313 million (65%)
were client funds, an increase of 60% from the prior year.
The Group's Preliminary results for the year to 31 March 2017
are scheduled to be announced on 8 June 2017.
Ben Habib, CEO of First Property Group plc, said:
"The Group is trading well across the board. Our fund management
division has entered a new growth phase, with third party assets
under management increasing by some 60% over the last year, and set
to continue to grow. Meanwhile the contribution from Group
Properties provides a reliable and substantial flow of profits
(amounting to a pre-tax income return on equity invested exceeding
20% per annum at current market values, and substantially higher at
book cost).
"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: 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 an award winning property fund
manager and investor with operations in the United Kingdom and
Central Europe. Around one third of the shares in the Company are
owned by management and their families.
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 ten funds which are invested across the United Kingdom,
Poland and Romania. FPAM funds rank No.1 versus MSCI's IPD Central
& Eastern Europe (CEE) universe 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.
-- Group Properties - principal investments by the Group, to
earn a return on its own capital, usually in partnership with third
parties. Investments include ten directly held properties in Poland
and Romania (including five held by Fprop Opportunities plc [FOP],
in which the Group is currently the majority shareholder), and
interests in six other funds managed by FPAM.
Listed on AIM the Company has offices in London and Warsaw.
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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