7th Apr 2015 06:51
LONDON (Alliance News) - First Property Group PLC Tuesday said it expects results for its recently completed financial year to be in line with market expectations.
The property fund manager and investor said that trading and pretax profit for the year ended March 31 are both expected to be in line with what the market has been forecasting.
In addition, the group said it had some GBP12 million in cash at the end of the financial year, giving it the capacity to make new investments.
Chief Executive Ben Habib said the group's new investments should help it to "comfortably exceed" the fee income lost from the upcoming expiry of a fund management contract with USS Fprop Managed Portfolio in August.
"The financial year just ended has been transformational for the group with a very significant increase in the underlying sustainable earnings of the group," Habib said.
By Samuel Agini; [email protected]; @samuelagini
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