First Property Group sees profit before tax rise 9.4%

Fund manager and investor First Property Group has seen profit before tax rise by 9.4%, according to interim results published today.

The group recorded profit before tax of £5.93m in the six months to the end of September, compared to £5.42m over the same period in 2014.

However, excluding a fair value adjustment, the impact of a weaker euro versus sterling resulted in profit before tax being £512,000 lower.

The company’s net assets valuation rose 20%, from £26.62m at the end of September 2014 to £32.06m this year.

Shareholders saw their interim dividend increase by 10% to 0.385 pence per share.

Ben Habib, chief executive at First Property Group, said: “I am very pleased by the continued good progress made by the group. We are now reaping the rewards of the investments made by Fprop Opportunities and ourselves over the last two years, which contributed some £5.2 million to group profit before tax in the first half.

“We intend to continue to invest in high income generating property, most likely in Poland and ideally in partnerships with third parties. We are currently working on several such opportunities. The visibility of our earnings into 2016 and beyond is good and I look to the future with confidence.”

 

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