First Property says profit to recover, books PS4 million from sales

First Property Group PLC on Wednesday said it expects its profit recovery to continue this year, after delivering results ahead of expectations in its last financial year and boosting cash through recent property sales.

The property fund manager and investor in UK and Central Europe reported profit before tax of £3.0 million for the year ended March 31, above market expectations. Chair Alasdair Locke told the annual general meeting that the group expects profits to be sustained in the current financial year.

He said the company has exchanged contracts for the sale of two properties in recent months, one in the UK and one in Romania, for a combined £4.1 million. After costs, the sales are set to lift free cash by £4.0 million and deliver around £1.2 million profit before tax.

Total funds under management at August 31 stood at £220 million, unchanged from March 31. Third-party funds under management rose to £172 million from £164 million, with about 35% invested in the UK.

First Property will report results for the six months to September 30 on November 27.

Shares in First Property were up 5.3% at 16.05 pence each in London on Wednesday afternoon.

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