First Property Group PLC has released a financial year-end trading update and announced its preliminary financial results for the 12 months ending 31 March 2024. The company anticipates its underlying trading profits to be in line with market forecasts. However, the results will include a reduction in the carrying value of the Group's net assets due to the write-down in value of the Group's share in Fprop Opportunities plc and a reduction in the market value of 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 property is around 30% leased and at that level of leasing makes a small operating loss of around €30,000 on an annualized 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, the Group will report an overall loss in the financial year, subject to audit.

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. 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 [email protected]. The accompanying investor presentation will simultaneously be available online.

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 fund management via its FCA regulated and AIFMD approved subsidiary, First Property Asset Management Ltd, which earns fees from investing for third parties in property.