First Property Group PLC Trading Statement (9437K)
April 16 2018 - 1:25AM
UK Regulatory
TIDMFPO
RNS Number : 9437K
First Property Group PLC
16 April 2018
On behalf of: First Property Group plc ("First 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 with operations in the United Kingdom and Central
Europe, is pleased to announce that its profit before tax for the
year to 31 March 2018 is expected to be in line with market
expectations.
Funds under management at the year-end amounted to GBP625
million (2017: GBP477 million), an increase of 31% from the prior
year. Of this some GBP454 million was held for clients (2017:
GBP313 million), an increase of 45% from the prior year. Almost all
of this increase resulted from new property investments in the
United Kingdom.
The Group's Preliminary results for the year to 31 March 2018
are scheduled to be announced on 8 June 2018.
Ben Habib, Group Chief Executive, First Property said:
"The Group is trading well across the board. The growth of our
fund management division continues unabated; third party assets
under management have increased by some 45% over the last year and
are set to continue to grow. Meanwhile the contribution from Group
Properties provides a reliable and substantial flow of profits.
"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: +44 (20) 7340
0270
Ben Habib (Chief Executive Officer) www.fprop.com
George Digby (Group Finance Director) investor.relations@fprop.com
Jeremy Barkes (Director, Business
Development)
Arden Partners (NOMAD & Broker) Tel: +44 (20) 7614
5900
Chris Hardie (Director, Corporate
Finance)
Ben Cryer (Corporate Finance)
Redleaf Communications (PR) Tel: +44 (20) 3757
6865
Robin Tozer / Lizzie Cowell firstproperty@redleafpr.com
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 eleven 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 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 nine other funds managed by FPAM.
Listed on AIM the Company has offices in London, Warsaw and
Bucharest. 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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