First Property Group plc (AIM: FPO), the property fund manager and investor with operations in the United Kingdom and Central Europe, is pleased to announce that its profit before tax for the year to 31 March 2018 is expected to be in line with market expectations.
Funds under management at the year-end amounted to £625 million (2017: £477 million), an increase of 31% from the prior year. Of this some £454 million was held for clients (2017: £313 million), an increase of 45% from the prior year. Almost all of this increase resulted from new property investments in the United Kingdom.
The Group’s Preliminary results for the year to 31 March 2018 are scheduled to be announced on 8 June 2018.
Ben Habib, Group Chief Executive, First Property said: “The Group is trading well across the board. The growth of our fund management division continues unabated; third party assets under management have increased by some 45% over the last year and are set to continue to grow. Meanwhile the contribution from Group Properties provides a reliable and substantial flow of profits.
“The markets in which we operate are generally buoyant and offering interesting investment opportunities on which we hope to capitalise.”