First Property Group announces preliminary results for the year ended 31 March 2006 (UK)

Property asset manager First Property Group plc (AIM: FPO) has announced preliminary results for the year ended 31 March 2006. Financial highlights are: turnover grew 47% to approx. €13 million (£8,312,000, 2005: £5,650,000); profit on ordinary activities before taxation and goodwill amortisation increased 22% to approx. €1,8 million (1,167,000, 2005: £955,000); recommended total final dividend per share increased 20% to 0.15p (2005: 0.125p); net assets appreciated 7.5% to €10,8 million (£7,005,000, 2005: £6,515,000).

Corporate Highlights

  • Assets under management increased 143% to approx. €79 million (£51 million, 2005: £21 million)
  • First Property Asset Management now has six funds each earning a rate of return for its shareholders in excess of 9% per annum
  • Universities Superannuation Scheme asset management mandate secured in August 2005 to invest approx. €77 million (£50 million, £200 million once geared) in the UK, Central and Eastern Europe
  • Strong pipeline of opportunities to acquire Central European properties
  • Acquisition of First Property Services in February 2006, which has since performed ahead of budget and won several significant contracts
  • Further good rate of growth in assets under management expected

Commenting on the results, Ben Habib, Chief Executive, said, First Property is currently experiencing a number of changes, which are resulting in a much strengthened Group. While our underwriting and trading division is likely to return less income this year, we are experiencing strong growth in our asset management business which we expect to provide more transparent and sustainable revenue streams going forward.

The next 12 to 18 months promise to be exciting for First Property and we are confident that we have established a strong platform from which to grow.

Source: First Property Group

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