First Property Group results fail to impress

The share price of AIM-listed property fund manager First Property Group (LON:FPO) has dropped by 7.84% to 47p (as of 12:25 BST) after reported a 10.8% fall in profits before taxation for the year ended 31st March. This fall was primarily due to the loss of income caused by 10,000 square metres of office space becoming vacant, but two thirds of this has now been re-let.

Chief executive Ben Habib commented: “The year just ended was another one of substantial operational and financial progress.

“The growth of our fund management division continued apace with third party assets under management increasing by some 35% to £611 million.

“Both our divisions are trading well. The markets in which we operate are generally buoyant and offering interesting investment opportunities on which we expect to continue to capitalise“.