Last checked at 18 Apr 2016 07:00
Date: | 18 April 2016 |
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, 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 £352 million, of which some £156 million was held by the Group and FOP. This represents an increase of £69 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 & Chief Investment Officer) George Digby (Group Finance Director) Jeremy Barkes (Director, Business Development) | www.fprop.com |
Arden Partners | Tel: 020 7614 5900 |
Chris Hardie/ Ben Cryer | |
Redleaf Communications | Tel: 020 7382 4747 |
Henry Columbine/ Rebecca Sanders-Hewett/ Susie Hudson | firstproperty@redleafpr.com |
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.