First Property Group PLC Trading Update (6988S)
08 Novembro 2023 - 4:00AM
UK Regulatory
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RNS Number : 6988S
First Property Group PLC
08 November 2023
Date: 8 November 2023
On behalf of: First Property Group plc ("First Property",
the "Company" or the "Group")
Embargoed: 07:00 hours
First Property Group plc
Trading update
First Property Group plc (AIM: FPO), the property fund manager
and investor, is pleased to report underlying trading profits for
the financial year to 31 March 2024 remain in line with market
forecasts.
Nearly one third of the vacant office space in Warsaw and
Gdynia, which the Group acquired in 2021 and 2022, and which
totalled some 20,000 square metres, has been leased. Tenant demand
remains steady in both cities. The rapid increase in interest rates
from near zero in 2021 has naturally impacted property values. The
Group has been shielded from much of this by its accounting policy
of holding properties at the lower of cost or value.
The cost of the Group's share in Fprop Opportunities plc
("FOP"), a fund invested in five commercial properties in Poland,
was rebased in October 2018 when the Group's share in it fell below
50%, resulting in it being deconsolidated from the Group's accounts
and accounted for as an associate at the then prevailing property
values. In the six months to 30 September 2023 the five properties
owned by FOP decreased in value by GBP2.2 million, of which the
Group's share amounted to GBP816,000. As a result, the Group
expects to report an overall loss in the first six months of the
current financial year.
At their current aggregate value of GBP61.5 million, the
properties held by FOP yield income of some 8.5% per annum. The
properties are 97% leased by net lettable area. The vast majority
of rent payable is subject to annual increases linked to inflation
and, as rents increase, the Board expects this value reduction at
least partially to reverse.
The Group plans to announce its financial results for the six
months to 30 September 2023 on Thursday, 23 November. A meeting for
analysts and investors will be held at 11 a.m. on the same day via
the Investor Meet Company (IMC) platform. Those wishing to attend
should add to meet First Property Group Plc via
https://www.investormeetcompany.com/first-property-group-plc/register-investor
. Once registered, automatic invitations to this presentation and
to future online meetings held on the platform will be sent.
Questions can be submitted prior to the event via the IMC platform
or to investor.relations@fprop.com . In addition, questions can be
submitted at any time during the live presentation via the "Ask a
Question" function. The accompanying investor presentation will
simultaneously be available online at
http://www.fprop.com/media-news/presentations/ .
ENDS
For further information please contact:
First Property Group plc Tel: +44 (20) 7340
0270
Ben Habib (Chief Executive Officer) investor.relations@fprop.com
Laura James (Group Finance Director)
Jeremy Barkes (Director, Business
Development)
Jill Aubrey (Director, Compliance
& Company Secretary)
Allenby Capital (NOMAD & Broker) Tel: + 44 (20) 3328
5656
Nick Naylor / Daniel Dearden-Williams
(Corporate Finance)
Amrit Nahal / Tony Quirke (Sales and
Corporate Broking)
Notes to Investors and Editors :
First Property Group plc is an award-winning property fund
manager and investor with operations in the United Kingdom and
Central Europe. Its focus is on higher yielding commercial property
with sustainable cash flows. The Company is flexible and takes an
active approach to asset management. 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. FPAM
currently manages twelve funds which are invested across the United
Kingdom, Poland and Romania.
-- Group properties - principal investments by the Group to earn
a return on its own capital, usually in partnership with third
parties. Investments comprise six directly held properties in
Poland, one in Romania, and non-controlling interests in nine of
the twelve funds managed by FPAM.
Quoted on AIM, the Company has offices in London and Warsaw.
Around one third of the Company's shares are owned by management,
directors, and their families. Further information about the
Company and its properties can be found at: www.fprop.com . To
receive RNS alerts by email please subscribe here .
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END
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November 08, 2023 02:00 ET (07:00 GMT)
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