First Property Group PLC has released its unaudited preliminary results for the twelve months ended 31 March 2024. The company reported a statutory loss before tax of £4.41 million, a decrease from the previous year's profit before tax of £2.49 million. Cash at 31 March 2024 stood at £4.63 million, down from £7.65 million in the previous year. The net debt at 31 March 2024 was £22.99 million, compared to £22.01 million in the prior year.
The third-party Assets Under Management (AUM) at 31 March 2024 were £222 million, a decrease from £400 million in the previous year. The total AUM at 31 March 2024 were £274 million, down from £454 million in the prior year. The weighted average unexpired fund management contract term at 31 March 2024 was 1 year, 9 months, a decrease from 2 years, 9 months in the previous year.
The financial position at the year-end showed a decrease in investment properties at book value and market value, associates and investments at book value and market value, as well as cash balances. The gearing ratio at book value and market value saw slight changes, while net assets at book value and market value decreased. The adjusted net assets per share on an EPRA basis also decreased.
Ben Habib, Chief Executive of First Property Group plc, commented on the results, acknowledging the challenging time for investing in commercial property. He mentioned the impact of higher interest rates in the US, weaker economies, and a burdensome regulatory environment. However, he expressed optimism, stating, "Nevertheless, we are managing the situation and once US interest rates begin to ease we would expect a recovery in the UK and Europe."
The company will be holding a briefing for analysts and shareholders to discuss the results. First Property Group plc is an award-winning property fund manager and investor with operations in the United Kingdom and Central Europe, focusing on higher yielding commercial property with sustainable cash flows.