First Property Group plc (AIM: FPO), the property fund manager and investor with operations in the United Kingdom and Central Europe, today announces its preliminary results for the twelve months ended 31 March 2020.
Highlights:
· Sale of Chałubińskiego 8 (CH8), the Group’s largest directly owned property for €44 million;
· Significant cash reserves: £23.6 million as at 23 June 2020;
· Have not drawn on any government support for COVID-19;
· Final dividend maintained at 1.22 pence per share;
· Well positioned to weather the crisis and make judicial investments as the UK emerges from it;
· Retained No.1 investment performance ranking versus MSCI CEE Benchmark;
· Weighted average unexpired fund management contract term: 5 years, 0 months (2019: 5 years, 9 months).
Financial Summary:
Unaudited year to 31 March 2020 | Audited year to 31 March 2019 | Percentage change | |
Income Statement: | |||
Statutory profit before tax | £5.52m | £8.31m | -33.6% |
*PROFORMA: £7.25m | -23.9% | ||
Diluted earnings per share | 4.29p | 4.85p | -11.5% |
Total dividend per share | 1.67p | 1.66p | +0.6% |
Average £/€ rate | 0.873 | 0.881 | – |
*Recalculated to enable a like for like comparison with FY2020 by treating the deconsolidated entity Fprop Opportunities plc (FOP) as an associate rather than a subsidiary (See Note 4 Reconciliation and Note 3 Segmental Analysis).
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Balance Sheet at year end: | |||
Net debt | *£57.20m | £56.94m | +0.5% |
Gearing ratio at market value** | 50.94% | 50.44% | – |
Gearing ratio at book value*** | 57.32% | 59.09% | – |
Net assets per share | 43.53p | 41.46p | +5.0% |
Adjusted net assets per share (EPRA basis) | 55.00p | 57.48p | -4.3% |
Cash balances | ****£7.34m | £9.74m | -24.6% |
£/€ rate | 0.885 | 0.862 | |
*Prior to completion of sale of CH8 which completed in April 2020. | |||
**Group debt divided by gross assets at market value. | |||
***Group debt divided by gross assets at book value. | |||
****Excludes cash following completion of sale of CH8. | |||
Commenting on the results, Ben Habib, Chief Executive of First Property Group, said:
“It is a difficult time to be reporting our results against the backdrop of a pandemic and the World in the throes of an economic crisis. Notwithstanding this, I am pleased to report that the Group is in as strong a position as it has ever been, with cash resources amounting to some £23.6 million.
We have had no need to draw on any of the support measures offered by the government in the wake of COVID-19 and are well positioned to take advantage of investment opportunities that will undoubtedly emerge. We shall aim to do so in conjunction with our clients so as to further our fund management business.
I am hopeful that we will emerge from the crisis in an even stronger position than we entered it.”
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