First Property Regulatory News (FPO)

1 Apr 2008 07:00

First Property Group PLC01 April 2008 Date: 01 April 2008 On behalf of: First Property Group plc ("First Property" or the "Group") Embargoed for: 0700hrs First Property Group plc Pre-close update First Property Group plc (AIM: FPO), the AIM-listed property services groupspecialising in commercial property fund management, today issues a tradingupdate ahead of entering its closed period for the year ended 31 March 2008. The Group's core commercial property fund management activities are continuingto progress extremely well, particularly in its core market of Poland. Aspreviously indicated by the Group, the property markets in Central and EasternEurope have been relatively unaffected by the credit crunch, and the Groupbelieves that this continues to be the case. Total assets under managementcurrently amount to approximately £270 million (30 September 2007 - £240million) and the Group continues to see good property opportunities onattractive terms. First Property Services Limited, the Group's facilities maintenance and buildingservices subsidiary, which was established in 2006, has also continued todevelop satisfactorily and has made a useful contribution to the overallresults. The benefit of the successful investments made by First Property on behalf ofthe funds it manages, in particular the fund managed on behalf of theUniversities Superannuation Scheme ("USS"), will be reflected in the level ofperformance fees earned by the Group. The Directors estimate that these will beapproximately £3.0 million (net) for the year, based on the funds' performanceover the past three years. The precise level of performance fees is subject toaudit. As a result of this, and generally stronger than expected results in the Group's businesses, the Directors now expect the profit before taxation for the yearto be materially ahead of market expectations, and in the region of £6.0 million(31 March 2007 - £1.2 million). First Property expects to be issuing its preliminary results statement in earlyJune. Ben Habib, chief executive of First Property Group, said: "We are delighted with our progress in the current year, which has substantiallyexceeded market expectations. Our selected markets provide a favourable tradingenvironment, with good macro-economic and property market conditions. We remainvigilant in case the continued credit crunch begins to affect our markets but asyet there is no sign of this. I look forward to further significant progress aswe enter a new financial year." Enquiries to: Ben Habib, Chief Executive www.fprop.comFirst Property Group plc Tel: 020 7731 2844 Chris Hardie, Corporate Finance Director chris.hardie@arden-partners.comArden Partners Tel: 020 7398 1639 Emma Kane / Adam Leviton al@redleafpr.comRedleaf Communications Ltd Tel: 020 7822 0200 Notes to Editors: • First Property Group plc was established in March 2000 by ChiefExecutive Ben Habib, to provide a number of property services which includeproperty fund management, property trading, and facilities management. • The Company listed its shares on the Alternative Investment Market(AIM) in December 2000. • First Property Group plc is a property services group which consists ofthe following core services: - Property Fund Management - established in August 2002 and provided by a whollyowned subsidiary, First Property Asset Management Ltd (FPAM), now withoperations in the UK, Central and Eastern Europe; - Property Trading - established in August 2001 also provided by FPAM, now withoperations in the UK, Central and Eastern Europe; - Facilities Management - acquired 60% of First Property Services Ltd inFebruary 2006, with operations in the UK and clients including: Credit Suisse,Canary Wharf, the BBC, Coutts Bank and Exxon Mobil. • 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