By Iain Gilbert
Date: Friday 08 Jun 2018
LONDON (ShareCast) - (Sharecast News) - AIM-listed property fund manager First Property Group saw pre-tax profits hit a record high during the year ended 31 March, thanks to an improved performance from its fund management division and a stronger euro.
Pre-tax profits grew 0.98% to £9.23m as First Property's total assets under management moved ahead 31% to £626m, £454m of which was managed on behalf of third-party clients, a 45% increase year-on-year.
First Property's fund management unit, which generates revenues by charging third parties fees for property investment, saw revenues grow 42% to £2.92m.
Net assets expanded 21.8% to £52.92m as a result of the improved performance from its fund management division and a 4.8% strengthening of the euro against sterling.
Despite noting that it had suffered "a significant vacancy" in group property, First Property upped its final dividend by 2.6% to 1.18p per share.
Ben Habib, chief executive of First Property, said, "Both divisions are trading well and although we have had a significant vacancy in a Group property, Chalubinskiego 8 (previously known as Oxford Tower) in February 2018, we have already re-leased some 26% of this space and are experiencing healthy interest in the remaining space which we expect to re-let in due course."
"The growth of our fund management division continued apace with third-party assets under management increasing by some 45%," Habib added.
As of 1420 BST, First Property shares had lost 4.86% to 50.90p.
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Currency | UK Pounds |
Share Price | 18.00p |
Change Today | -1.00p |
% Change | -5.26 % |
52 Week High | 28.00p |
52 Week Low | 15.50p |
Volume | 94,979 |
Shares Issued | 110.88m |
Market Cap | £19.96m |
RiskGrade | 151 |
Value |
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Price Trend |
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Income |
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Growth |
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Latest | Previous | |
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2nd Interim | Interim | |
Ex-Div | 16-Mar-23 | 08-Dec-22 |
Paid | 05-Apr-23 | 30-Dec-22 |
Amount | 0.25p | 0.25p |
Time | Volume / Share Price |
15:16 | 14,117 @ 17.75p |
08:49 | 25,000 @ 18.58p |
08:41 | 25,000 @ 18.00p |
08:40 | 25,000 @ 18.00p |
08:04 | 2,862 @ 17.00p |
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