(Alliance News) - First Property Group PLC on Thursday increased its dividend following profit growth in the first half of its current financial year.
The property fund manager reported pretax profit of GBP3.0 million for the six months to the end of September, up 8.0% from GBP2.8 million delivered a year prior, as revenue grew by 9.8% to GBP8.1 million from GBP7.4 million.
First Property noted that the growth was boosted by an increased contribution from its fund management division and Chalubinskiego 8, one of the two office towers in Warsaw, Poland owned by the company.
Total assets under management rose to GBP698 million over the first half from GBP706 million as at the end of March.
First Property declared an interim payout of 0.45 pence a share, up 2.3% from 0.44p paid a year ago.
Looking ahead, Chief Executive Ben Habib said: "The occupational market for properties under our management remains generally healthy. New investment opportunities are harder to find at present but they always exist. As ever, I look forward to the future with confidence."
First Property shares were trading 2.7% lower in London on Thursday afternoon at 40.62p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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First Property (FPO)