- Pre-tax profit of £1.2mn reverses loss of £0.6mn
- Open offer raised £3mn in September 2024
- Net asset value (NAV) of £47.7mn (31.8p)
- Net debt of £18.6mn
- 51 per cent discount to NAV
European property investor and fund manager First Property (FPO:15.5p) swung back into profit, buoyed by trading profits (£0.94mn) earned on an associate investment in Poland.
First Property holds stakes in nine of the 11 funds it manages, which have a combined market value of £20.9mn (14.1p) and contributed first-half pre-tax profit (before central overheads) of £1.3mn in the six months to 30 September 2024. The group also benefited from the one-off advance payment of fund management fees (£0.26mn) in respect of properties sold prior to the end of a fund’s life in January 2026. These gains were partly offset by £0.46mn of non-cash write-downs of investments in two associate companies in Poland.