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UK-based property fund manager First Property Group reported a 12.2% year-on-year increase in profit before tax for the financial year, supported by higher rental income, gains from property sales and lower operating costs. The company's diluted earnings per share rose 10.4% to 1.81 pence, while profit before tax reached GBP 3.40 million. Following the improved performance, the company proposed a final dividend of 0.25 pence per share, marking the return of shareholder payouts. Management said market conditions remain challenging but sees attractive investment opportunities and maintains a positive outlook.
First Property Group reported stronger financial performance for the financial year, with profit before tax rising 12.2% year-on-year to GBP 3.40 million.
The improvement was driven by increased rental income from Blue Tower, the group's directly owned office property in Warsaw, as well as gains from property disposals and lower overhead costs.
Diluted earnings per share increased 10.4% to 1.81 pence, reflecting the company's improved profitability during the year.
A key contributor to earnings growth was higher rental income generated from Blue Tower, which remains one of the group's major directly owned assets. The company also benefited from cost-saving measures implemented in the previous year, resulting in lower operating expenses.
Profit before tax was further supported by a gain of GBP 1.18 million from the sale of two directly owned properties located in the UK and Romania.
The company ended the year with net debt of GBP 6.04 million.
Following the improved results, First Property Group proposed a final dividend of 0.25 pence per share, reinstating shareholder payouts after a period without dividend distributions.
Management said economic and market conditions continue to be challenging across the real estate sector. However, it noted that the current environment is also creating investment opportunities and maintained a positive outlook despite ongoing market pressures.
The company operates as a property fund manager and investor, with assets and investments primarily focused on the UK and Central and Eastern European markets.
Source Reuters
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