FPO First Property Group Plc

First Property Group plc

Financial Year End Trading Update and Notice of Results and Investor Presentation

First Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to report that its underlying trading profits for the financial year to 31 March 2024 are expected to be in line with market forecasts. 

Included in the results will be a reduction in the carrying value of the Group's net assets due to: i) the write down in value of the Group's share in Fprop Opportunities plc ("FOP"), as reported on 8 November 2023; and ii) a reduction in the market value by the Group's directly owned office block in Gdynia, Poland.

The Group owes deferred consideration of €12 million in respect of the Gdynia property, which is due for payment on 12 June 2024 (the "Liability"). It is around 30% leased (up from 2% leased at purchase) and at that level of leasing makes a small operating loss of around €30,000 on an annualised basis.

The Group is in discussions to restructure the deferred consideration and is hopeful of a positive outcome. However, in view of the due date of the liability, the directors have resolved to impair the value of the property by £3.7 million to match its value against the value of the Liability. As a result of this impairment, £3.7 million will be debited from the profit and loss account for the year ended 31 March 2024 and will result in the Group reporting an overall loss in the financial year, subject to audit. This deduction is not as a result of a deterioration in the underlying trading performance of the Group and comprises a non-cash item.

The Group plans to announce its preliminary financial results for the 12 months to 31 March 2024 on Wednesday, 26 June. A meeting for analysts and investors will be held at 11 a.m. on the same day via the Investor Meet Company (IMC) platform. Those wishing to attend should add to meet First Property Group Plc via https://www.investormeetcompany.com/first-property-group-plc/register-investor. Once registered, automatic invitations to this presentation and to future online meetings held on the platform will be sent. Questions can be submitted prior to the event via the IMC platform up to 25 June 2024, 09.00 BST, or at any time during the live presentation or to investor.relations@fprop.com. The accompanying investor presentation will simultaneously be available online at http://www.fprop.com/media-news/presentations/.

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Notes to Investors and Editors:

First Property Group plc is an award-winning property fund manager and investor with operations in the United Kingdom and Central Europe. Its focus is on higher yielding commercial property with sustainable cash flows. The Company is flexible and takes an active approach to asset management. Its earnings are derived from:

Quoted on AIM, the Company has offices in London and Warsaw. Further information about the Company and its properties can be found at: www.fprop.com. To receive RNS alerts by email please subscribe here.