First Property grows AUM by 8%

First Property Group has gown its total assets under management by 8% to £353m.

In full year results this morning, the fund manager and investor also announced an 18.6% increase in revenues to £21.96m.

First Property added that 94.8% of this revenue was now recurring compared with 81.8% last year.

However, profit before tax dipped 9% to £7.35m, which the company blamed adverse currency movements.

The UK now accounts for 44% of the group’s assets under management compared with 33% a year ago, while most of the rest are in Poland.  

“The markets in which we operate are generally buoyant and offer interesting investment opportunities which we hope to capitalise on in due course,” said Ben Habib, chief executive of First Property.

“In the financial year just ended the group benefitted from a full year of contributions from the investments made by it and fprop pportunities in the previous financial year, all of which have yielded income at or above our expectations at the time of their purchase and are, without exception, valued at levels exceeding their acquisition prices.”

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