First Property Group has issued a trading update that indicates the last year was 'transformational' for the AIM-listed company. It was set up in 2000 to provide property services that now include asset management and trading as well as online sales and marketing and facilities maintenance. First Property's asset management arm, reaching across the UK, Central and Eastern Europe has booked the most growth, particularly in Poland, where the recent credit crunch has had little impact on the property market.
First Property Group has issued a trading update that indicates the last year was 'transformational' for the AIM-listed company. It was set up in 2000 to provide property services that now include asset management and trading as well as online sales and marketing and facilities maintenance. First Property's asset management arm, reaching across the UK, Central and Eastern Europe has booked the most growth, particularly in Poland, where the recent credit crunch has had little impact on the property market.
At the end of September, the company’s property portfolio was valued at EUR 341 mln, up 58% from the end of last year. Given the EUR 71.7 mln investment go-ahead from the Universities Superannuation Scheme back in 2005 - which was doubled this year - First's portfolio will eventually rise to EUR 573 mln. The update further reveals a pre-tax profit up to March this year of EUR 1.7 mln, while earnings per share stood at EUR 1.18.
These figures have led the company to expect results for the year to March 2008 to be 'significantly ahead of current market expectations'.
