REG - First Property Group - Trading Update

First PropertyAnnouncement

12/11/2024 07:00

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RNS Number : 7885L  First Property Group PLC  12 November 2024

 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.

 

- ENDS -

 

For further information please contact:

 

 First Property Group plc                                      Tel: +44 (20) 7340 0270
 Ben Habib (Chief Executive Officer)                           investor.relations@fprop.com (mailto:investor.relations@fprop.com)

 Laura James (Group Finance Director)

 Jeremy Barkes (Director, Business Development)

 Jill Aubrey (Director, Compliance & Company Secretary)

 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 (http://www.fprop.com) . To receive RNS alerts by email please
subscribe here
(https://sirius.brighterir.com/public/fprop/news_alerts/email_alerts/register)
.

 

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