18th Apr 2016 08:32
LONDON (Alliance News) - First Property Group PLC said Monday it expects its full-year trading and pretax profit to be in line with market expectations, in a year in which it benefited from a full year of contributions from the investments made previously.
The property fund manager and investor, which operates in the UK and Central Europe, said it is trading well across the board, with the value of assets under management increasing, and said it expects to post in-line results for the year ended March 31.
First Property said funds under management at the year-end amounted to around GBP352.0 million, of which GBP156.0 million was held by the group. First Property said this represents an increase of GBP69.0 million, or 24%, from the interim stage.
"In the financial year just ended the group has benefited from a full year of contributions from the substantial investments made by First Property Group 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," said Chief Executive Ben Habib said.
"The markets in which we operate are generally buoyant and offering interesting investment opportunities which we hope to capitalise on," Habib added.
First Property will post its full-year results on June 9.
Shares in First Property were flat at 50.00 pence on Monday.
By Hannah Boland; [email protected]; @Hannaheboland
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