First Property Group PLC – Interim Results

First Property Group PLC – Interim Results

First Property Group plc (AIM: FPO), the award winning property fund manager and investor with operations in the United Kingdom and Central Europe, today announces its interim results for the six months to 30 September 2019.

 

Financial Highlights:

 

·      Profit before tax up 8.0% to £2.98 million (2018 proforma: £2.76 million);

·      Diluted earnings per share up 22.5% to 2.07 pence (2018: 1.69 pence);

·      Adjusted NAV up 3.8% to 59.65 pence per share (31 March 2019: 57.48 pence per share);

·      Interim dividend up 2.3% to 0.45 pence per share (2018: 0.44 pence per share).

 

Operational Highlights:

 

·      Total assets under management £698 million (31 March 2019: £706 million);

·      Third party assets under management £602 million (31 March 2019: £611 million);

·      Weighted average unexpired fund management contract term: 5.2 years (31 March 2019: 5.8 years);

·      Approved by the Financial Conduct Authority (FCA) as full-scope Alternative Investment Fund Manager (AIFM) enabling the Group to raise and manage third party funds in excess of €500 million.

 

Financial Summary:

 

Unaudited

Six months to 30 Sept 2019

Unaudited

Six months to 30 Sept 2018 PROFORMA*

Unaudited

Six months to

30 Sept 2018

Percentage change

Audited

Year to

31 March 2019

Income Statement:

Revenue

£8.08m

£7.36m*

£11.16m

+9.8%*

£20.44m

Statutory profit before tax 

£2.98m

£2.76m*

£3.82m

+8.0%*

£8.31m

Diluted earnings per share

2.07p

1.69p

+22.5%

4.85p

Dividend per share

0.45p

0.44p

+2.3%

1.66p

Average £/€ rate

0.889

0.886

0.881

* Recalculated on a Proforma basis in order to enable like for like comparison with the current period, by treating the deconsolidated entity Fprop Opportunities plc (FOP) as an associate rather than a subsidiary. (See Note 2 Reconciliation and Note 3 Segmental Analysis in the notes to the accounts).

 

Percentage change vs. 31 March 2019

Balance Sheet at period end:

Adjusted net assets per share (EPRA basis)

59.65p

62.21p

+3.8%

57.48p

Cash Balances

£8.55m

£10.01m**

-12.2%

£9.74m

Period end £/€ rate

0.885

0.891

0.862

Properties at market value

£96.3m

£178.3m**

+1.8%

£94.6m

LTV of properties at market value

70.1%

67.8%

70.4%

Associates and Investments at market value

£30.3m

£20.1m

+2.7%

£29.5m

Group gearing ratio

49.9%

62.7%

50.4%

 

**Prior to deconsolidation of Fprop Opportunities plc (FOP), which held £2.03 million of cash.

 

Total assets under management:

£698m

£730m

£706m

United Kingdom

57.5%

58.0%

58.9%

Poland

40.2%

39.9%

38.9%

Romania

2.3%

2.1%

2.2%

 

 

Commenting on the results, Ben Habib, Chief Executive of First Property Group, said:

 

“I am pleased to be reporting on another satisfactory six months for the Group.

“Our profit before tax increased by 8% to £2.98 million, mainly due to an increased contribution from our fund management division and Chałubińskiego 8 (CH8), one of the two office towers in Warsaw owned by the Group. In view of this profit growth and the sustainability of the Group’s earnings, the directors have once again recommended an increased interim dividend. 

The occupational market for properties under our management remains generally healthy. New investment opportunities are harder to find at present but they always exist. As ever, I look forward to the future with confidence.”

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