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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
First Property Group Plc | LSE:FPO | London | Ordinary Share | GB0004109889 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.75 | 12.00 | 13.50 | 12.75 | 12.75 | 12.75 | 31,053 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Agents & Mgrs | 7.85M | -4.58M | -0.0413 | -3.09 | 14.14M |
TIDMFPO
RNS Number : 6798A
First Property Group PLC
09 June 2016
Date: 9 June 2016 On Behalf of: First Property Group plc ("First Property", "the Company" or "the Group") Embargoed: 0700hrs
First Property Group plc
Preliminary Results for the twelve months to 31 March 2016
First Property Group plc (AIM: FPO), the property fund manager and investor, today announces its preliminary results for the twelve months ended 31 March 2016.
Financial Summary:
Unaudited Audited Percentage year to year change 31 March to 2016 31 March 2015 ------------------------------ ----------- ----------- ----------- Income Statement: ------------------------------ ----------- ----------- ----------- Revenue GBP21.96m GBP18.52m +18.6% Statutory profit before tax GBP7.35m GBP8.08m -9.0% Non-recurring income GBP1.29m GBP3.99m Diluted earnings per share 4.28p 6.93p -38.2% Total dividend per share 1.50p 1.35p +11.1% Average EUR/ GBP rate 1.363 1.285 -6.1% ------------------------------ ----------- ----------- ----------- Balance Sheet at year-end: ------------------------------ ----------- ----------- ----------- Net assets GBP34.09m GBP31.02m +9.9% Net assets per share 27.75p 26.30p +5.5% Adjusted net assets per share* 43.01p 35.75p +20.3% Cash balances GBP8.98m GBP12.24m -26.6% Period-end EUR/ GBP rate 1.261 1.382 +8.8% ------------------------------ ----------- ----------- ----------- Group Direct Property Portfolio at year-end: (excludes the Group's non-controlling interests in six other FPAM managed funds) --------------------------------------------------------------------- Book value GBP134.53m GBP126.90m +6.0% Market value GBP156.92m GBP142.04m +10.5% Gross debt (non-recourse to Group) GBP114.82m GBP107.78m +6.5% LTV% 73.17% 75.88% Total Assets Under Management: GBP353m GBP327m +8.0% ------------------------------ ----------- ----------- ----------- Poland 51% 65% United Kingdom 44% 33% Romania 5% 2% ------------------------------ ----------- ----------- ----------- * Calculated according to EPRA triple net valuation methodology, which includes adjustments for fair values of i) financial instruments, ii) debt, and iii) deferred taxes.
Highlights:
-- Total assets under management grew by 8% to GBP353 million, despite major fund expiry; -- UK PPP fund life extended by five years to February 2022;
-- Two new investment companies established which invested EUR24.08 million in a shopping centre in Swinoujście, in Poland and EUR10.31 million in nine Lidl supermarkets in Romania respectively;
-- Good cash generation - Group cash balances decreased by GBP3.26 million but would have increased by some 15.4% to GBP14.13 million had the loan of EUR6.5 million (GBP5.15 million) made to Fprop Romanian Supermarkets Ltd been included. This loan was repaid after the year-end;
-- Improved earnings visibility - 94.8% of revenue now of a recurring nature (2015: 81.8%);
-- Total annualised fund management fees of GBP1.68 million at the year-end (2015: GBP1.35 million), with a weighted average unexpired fund management contract term of 6 years, 6 months (2015: 2 years, 10 months);
-- Final dividend increased to 1.115 pence per share (2015: 1 penny per share), an increase of 11.5%, which together with the interim dividend of 0.385 pence per share (2015: 0.35 pence per share) equates to a dividend for the year of 1.50 pence per share (2015: 1.35 pence per share);
-- The impact of a weaker Euro versus Sterling during the year resulted in profit before tax being some GBP671,000 lower than if translated at last year's rate;
-- Funds under management once again ranked No.1 versus MSCI's Investment Property Databank (IPD) Central & Eastern Europe (CEE) Benchmark, now for the ten years from 2005 to 31 December 2015, and for the annualised periods from 2005 to the end of each of the years between 31 December 2008 and 31 December 2015.
Commenting on the results, Ben Habib, Chief Executive of First Property Group, said:
The Group is trading well across the board and the number and value of assets under management is increasing.
In the financial year just ended the Group benefitted from a full year of contributions from the investments made by it and Fprop Opportunities plc in the previous financial year, all of which have yielded income at or above our expectations at the time of their purchase and are, without exception, valued at levels exceeding their acquisition prices. The recurring nature of these earnings should enable us to build on the impressive increase in adjusted net assets, which together with dividend payments has averaged 21% per annum since 1 April 2008, the onset of the credit crunch.
The markets in which we operate are generally buoyant and offer interesting investment opportunities which we hope to capitalise on in due course.
A briefing for analysts will be held at 10.30hrs today at the Group's headquarters, 32 St James's Street, London, SW1A 1HD. A conference call facility will also be available on +44 (20) 3364 5721, passcode: 811985. A copy of the accompanying investor presentation can be accessed simultaneously at http://www.fprop.com/plc-results/81/88/. A recorded copy of the call will subsequently be posted on the Company website, www.fprop.com.
For further information please contact:
First Property Group plc Tel: +44 (20) 7340 0270 Ben Habib (Chief Executive www.fprop.com Officer) investor.relations@fprop.com George Digby (Group Finance Director) Jeremy Barkes (Director, Business Development) Arden Partners (NOMAD & Tel: +44 (20) 7614 Broker) 5900 Chris Hardie (Director, Corporate Finance) Ben Cryer (Corporate Finance) Redleaf Communications Tel:+ 44 (20) 7382 (PR) 4747 Henry Columbine / Rebecca firstproperty@redleafpr.com Sanders-Hewett / Susie Hudson
Notes to investors and editors:
First Property Group plc is a property fund manager and investor with operations in the United Kingdom and Central Europe. Its earnings are derived from:
-- Fund management - via its FCA regulated and AIFMD approved subsidiary, First Property Asset Management Ltd (FPAM), which earns fees from investing on behalf of third parties in property;
o Management fees are levied by reference to the value of properties under management;
o Performance fees are levied where appropriate, usually payable upon realisation of profits above an agreed hurdle.
-- Group Properties - principal investments by the Group to earn a return on its own capital, usually in partnership with third parties.
FPAM funds rank No.1 versus MSCI's Investment Property Databank (IPD) Central & Eastern Europe (CEE) Benchmark for the ten years from the commencement of its operations in Poland in 2005 to 31 December 2015, and for the annualised periods from 2005 to the end of each of the years between 31 December 2008 and 31 December 2015.
First Property Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Further information about the Company and its products can be found at: www.fprop.com.
CHIEF EXECUTIVE'S STATEMENT
Financial Results
I am pleased to report final results for the twelve months ended 31 March 2016.
Revenue earned by the Group increased to GBP21.96 million (2015: GBP18.52 million) yielding a profit before tax of GBP7.35 million (2015: GBP8.08 million). The decrease in profit before tax is principally attributable to the reduction in the contribution made by Fprop PDR which has now wound down its activities. This reduction was, to a material extent, offset by the increased contribution made by Group Properties.
Diluted earnings per share were 4.28 pence (2015: 6.93 pence), the decrease being principally due to a one off deferred tax credit of GBP992,000 relating to acquisitions in 2015.
The Group ended the period with reported net assets of GBP34.09 million (2015: GBP31.02 million). It is the accounting policy of the Group to carry its direct properties and interests in associates at the lower of cost or market value. The net assets of the Group when adjusted to their market value less any deferred tax liabilities, stood at GBP51.03 million (2015: GBP42.41 million). The increase in net assets is attributable mainly to higher property values and a stronger Euro versus Sterling at the year-end.
Group cash balances stood at GBP8.98 million (2015: GBP12.24 million) at the year-end but would have been some GBP14.13million had the loan of EUR6.5 million (GBP5.15 million) made to Fprop Romanian Supermarkets Ltd been included. This loan was repaid after the year-end. Of the cash balances at year-end, GBP4.76 million (2015: GBP3.26 million) was held by Fprop Opportunities plc (FOP, 76.2% owned by the Group) and GBP635,000 (2015: GBP573,000) was held by Corp Sp. z o.o. (the property management company for Blue Tower in Warsaw, 90% owned by the Group).
Dividend
The Directors have resolved to recommend increasing the final dividend to 1.115 pence per share (2015: 1 penny per share), an increase of 11.5%, which together with the interim dividend of 0.385 pence per share (2015: 0.35 pence per share) equates to a dividend for the year of 1.50 pence per share (2015: 1.35 pence per share).
The proposed final dividend will be paid on 30 September 2016 to shareholders on the register at 2 September 2016, and is subject to shareholder approval at the forth coming annual general meeting.
REVIEW OF OPERATIONS
Key Points
The year just ended marked a period of financial consolidation for the Group during which the visibility of its earnings has increased, with some 94.8% (2015: 81.8%) of revenue now of a recurring nature. This increase in the level of recurring earnings is primarily the result of a full year of contributions from the investments made by the Group and Fprop Opportunities plc (FOP).
The average EUR/ GBP rate during the year was 6.1% lower at EUR1.363 (2015: EUR1.285). This resulted in Group profit before tax being GBP671,000 lower than if translated at last year's rate.
PROPERTY FUND MANAGEMENT (First Property Asset Management Ltd or FPAM)
As at 31 March 2016 aggregate assets under management, calculated by reference to independent third party valuations, stood at GBP353 million (2015: GBP327 million), including some GBP156 million (2015: GBP142 million) of properties owned directly by the Group. Of these, 51% (2015: 65%) were located in Poland, 44% (2015: 33%) in the UK, and 5% (2015: 2%) in Romania.
The reconciliation of movement in funds under management during the year is shown below:
Funds managed Group Properties Totals for third parties (including (including funds FOP) in which the Group is a minority shareholder) ---------------- ----------------------------------- ------------------- ----------------- UK CEE Total No. All No. AUM No. GBPm. GBPm. GBPm. of CEE of GBPm. of prop's GBPm. prop's prop's ---------------- ------- ------- ------- -------- -------- --------- ------- -------- As at 1 April 2015 108.3 76.8 185.1 44 142.0 11 327.1 55 ---------------- ------- ------- ------- -------- -------- --------- ------- -------- Purchases 49.1 - 49.1 10 - - 49.1 10 Sales (3.6) - (3.6) (1) - - (3.6) (1) New fund mandates - 26.9 26.9 10 - - 26.9 10 Expiring fund mandate - (62.9) (62.9) (13) - - (62.9) (13) Property Depreciation - - - - (1.5) - (1.5) - Property Revaluation 0.9 (0.6) 0.3 - 2.8 - 3.1 - FX Revaluation - 1.3 1.3 - 13.6 - 14.9 - As at 31 March 2016 154.7 41.5 196.2 50 156.9 11 353.1 61 ---------------- ------- ------- ------- -------- -------- --------- ------- --------
Fund management fees are levied monthly by FPAM by reference to the value of funds under management excluding cash and cash commitments, with the exception of Fprop PDR (which levies performance fees on realised profits only).
Revenue earned by this division amounted to GBP2.90 million (2015: GBP6.14 million), resulting in a profit before unallocated central overheads and tax of GBP1.38 million (2015: GBP4.44 million) and representing 14% (2015: 40%) of Group profit before unallocated central overheads and tax.
The decline in revenue was principally the result of lower fees earned from the following funds:
1. Fprop PDR - from which we earned performance fees of GBP0.9 million (2015: GBP3.37 million). We have sold all eight investments made by this fund and we do not expect to earn further fees from it.
2. USS Fprop Managed Property Portfolio - from which we earned fees of GBP301,000 (2015: GBP1.54 million) prior to the expiry of the fund management contract in August 2015.
At the year-end FPAM's fund management fee income, excluding performance fees, was being earned at an annualised rate of GBP1.68 million (2015: GBP1.35 million), with a weighted average unexpired fund management contract term of 6 years, 6 months (2015: 2 years, 10 months).
First Property Asset Management Ltd (FPAM) now manages nine (2015: eight) closed-end funds and joint venture investments. A brief synopsis of the value of assets and maturity of each of these vehicles is set out below:
Fund Country Fund Assets % of total Assets of investment expiry under assets under management under management at market management at market value value at 31 at 31 March March 2016 2015 ---------------- ---------------- ---------- ------------- ------------ ------------ GBPm. GBPm. ---------------- ---------------- ---------- ------------- ------------ ------------ Sam Property UK Rolling * * * Company Ltd (SAM) Regional Property Trading Ltd (RPT) Poland Aug 2020 6.83 1.9% 6.21 5(th) Property Trading Ltd (5PT) Poland Dec 2017 7.77 2.2% 7.68 UK Pension Property Portfolio LP (UK PPP) UK Feb 2022 94.93 27.0% 94.35 - Fprop (commitment PDR LP UK May 2018 of GBP42m) - 3.61 SIPS Property 59.80 Nominee (commitment Ltd UK Jan 2025 of GBP125m) 16.9% 10.33 NEW - Fprop Romanian Supermarkets Ltd Romania Jan 2026 8.17 2.3% - NEW - Fprop Galeria Corso Ltd Poland Mar 2026 18.68 5.3% - EXPIRING - USS Contract Poland Aug 2015 - - 62.9 ---------------- ---------------- ---------- ------------- ------------ ------------ Sub Total 196.18 55.6% 185.08 ---------------------------------------------- ------------- ------------ ------------ Fprop Opportunities plc (FOP) Poland Oct 2020 61.46 17.4% 54.44 Group properties (excluding Poland FOP) & Romania n/a 95.47 27.0% 87.6 ---------------- ---------------- ---------- ------------- ------------ ------------ Sub Total 156.93 44.4% 142.04 ---------------------------------------------- ------------- ------------ ------------ Total 353.11 100% 327.12 ---------------------------------------------- ------------- ------------ ------------
* Not subject to recent revaluation
Independent Fund Performance Analysis:
Our investments in Poland and Romania once again ranked No.1 against MSCI's Investment Property Databank (IPD) Central & Eastern Europe (CEE) Benchmark, now for the ten years from the commencement of our operations in Poland in 2005 to 31 December 2015, and for the annualised periods from 2005 to the end of each of the years between 31 December 2008 and 31 December 2015.
We were also:
-- awarded "Best fund manager" by Alternative Investment Awards and by Acquisition International; and
-- shortlisted for awards by Pensions Age, Property Week and Property Investor Europe.
GROUP PROPERTIES
Group Properties comprise eleven commercial properties held directly by the Group (including five held by FOP (in which the Group is a 76.2% shareholder), and non-controlling interests in six of the nine funds and joint ventures managed by FPAM, as set out in the tables below. It is the Group's policy to carry its direct properties and interest in associates at the lower of cost or market value for accounting purposes and to recognise dividends when received.
1. Directly held Properties at 31 March 2016: Property No. Book Market Contribution Contribution / Country of properties value value to Group to Group profit profit before before tax - tax - year to year to 31 March 31 March 2016 2015 ----------------- --------------- ------- ------- ------------- ------------- GBPm. GBPm. GBPm. GBPm. Poland 3 74.6 86.9 5.7 2.7 Romania 3 5.5 8.5 0.9 0.6 FOP (Poland - consolidated undertaking). 5 54.4 61.5 3.3 1.5 ----------------- --------------- ------- ------- ------------- ------------- Total 11 134.5 156.9 9.9 4.8 ----------------- --------------- ------- ------- ------------- ------------- 2. Non-controlling interests in funds and joint ventures managed by FPAM at 31 March 2016: Fund % owned Book Current Group's Group's by value market share share First of First value of pre-tax of pre-tax Property Property's of holdings profits profits Group share earned earned in by fund by fund fund 31 March 31 March 2016 2015 --------------- ---------- ------------ ------------- ------------ ------------ GBP'000 GBP'000 GBP'000 GBP'000 --------------- ---------- ------------ ------------- ------------ ------------ Interest in associates 5(th) Property Trading Ltd (5PT) 37.8% 563 923 121 153 Regional Property Trading Ltd (RPT) 28.6% 159 219 20 32 Fprop Romanian Supermarkets Ltd 24.1% 737 802 12 Nil Fprop Galeria Corso Ltd 28.2% 1,585 1,607 17 Nil --------------- ---------- ------------ ------------- ------------ ------------ Share of results in associates 3,044 3,551 170 185 --------------------------- ------------ ------------- ------------ ------------ Investments UK Pension Property Portfolio LP (UK PPP) 0.9% 900 900 60 64 Fprop PDR LP 4.9% 13 13 163 630 ------------ ----- ---- ---- ---- ---- Sub Total 913 913 223 694 ------------------- ---- ---- ---- ---- Total 3,957 4,464 393 879 ------- ------ ------ ---- ----
Revenue from Group Properties, including FOP, amounted to GBP19.06 million (2015: GBP12.38 million), generating a profit before unallocated central overheads and tax of GBP8.85 million (2015: GBP6.57 million) and representing 87% (2015: 60%) of Group profit before unallocated central overheads and tax. The increase in revenue and profit before tax prior to the deduction of unallocated central overhead costs was primarily attributable to a full year of income from investments made by the Group and FOP.
The contribution to Group earnings by the eleven directly held properties is detailed below:
Year to Year to 31 March 2016 31 March 2015 EURm. EURm. --------------------- --------------- --------------- Net operating income (NOI) 19.74 11.08 Interest expense on bank loans / finance leases (3.59) (2.70) --------------------- --------------- --------------- NOI after interest expense 16.15 8.38 Current tax (1.25) (0.56) Debt amortisation (7.11) (4.14) Capital expenditure (1.94) (0.71) --------------------- --------------- --------------- Free cash 5.85 2.97 --------------------- --------------- --------------- Market value of properties EUR197.92 EUR196.33 Average yield 9.97% 5.64%* on market value Bank loans/ finance leases outstanding EUR144.82 EUR148.97 Loan to value (LTV) 73.17% 75.88% Weighted average 4 yrs, 1 mth 4 yrs, 9mths unexpired lease term (WAULT) Vacancy rate 2.4% 4.1% --------------------- --------------- ---------------
* reflects partial contributions to NOI from the six acquisitions not held for the full year.
The loans secured against these properties are each held in separate non-recourse special purpose vehicles.
In order to mitigate potential interest rate rises we have fixed the interest rate on a proportion of the loans. A one percentage point increase from current market interest rates would increase the annual interest bill by GBP663,000 per annum. The current weighted average borrowing cost is 2.96% (2015: 3.10%)
The income return from our six minority shareholdings in funds managed by FPAM contributed GBP393,000 to Group profit before tax prior to the deduction of unallocated central overheads, representing 3.8% of the contribution by Group Properties. This should increase as we benefit from a full period contribution from the two new investments in Fprop Romanian Supermarkets Ltd and Fprop Galeria Corso Ltd, which were established in the second half of the year.
Commercial property markets outlook
Poland:
GDP is forecast to grow by 3.9% in 2016 and 3.5% in 2017, maintaining its status as one of Europe's fastest growing economies. Inflation is beginning to trend upwards and is expected to turn positive later this year. Government debt as a percentage of GDP remains relatively low at some 52%.
The election of a new populist government in October 2015 has, however, resulted in increased fiscal risks which have led to increased volatility in the price of Polish government bonds and the Zloty and the downgrading of the country's credit rating by S&P from A- to BBB+.
Rent levels for office property in Warsaw and other main cities have generally softened over the past couple of years, as the pace of new development has increased. Capital values for prime property have increased but for good secondary property, of the sort we favour, values remain largely unchanged from their credit crunch lows, yielding some 2% per annum more than equivalent property in Western Europe. Transaction volumes in 2016 are expected to exceed the EUR4 billion recorded in 2015, which was the second highest year on record in Poland and the highest since the onset of the credit crunch.
Romania:
GDP is forecast to grow by 4.2% in 2016 and 3.7% in 2017, as the economy recovers from the credit crunch. Average net wages grew by some 20% in 2015 and private consumption is accelerating, aided by cuts in VAT from 24% to 20%, and from 24% to 9% on food sales. Inflation is not expected to turn positive until 2017. Government debt as a percentage of GDP is low at 38%, the fifth lowest in the EU. Anti-corruption measures are being implemented with zeal - in 2015 the former Prime Minister Victor Ponta was forced to resign, five other ministers were indicted, as were twenty one members of the combined Houses of Parliament, and the Bucharest Mayor.
Such an economic and political backdrop should provide a favourable environment for property investment.
Occupier demand for commercial property is improving as the economy recovers and rent levels are broadly stable, subject to location. Transaction data in the investment market is thin but rising. Generally the mismatch between buyer and seller expectations which has been prevalent through the credit crunch still persists. However the banking market is improving and commercial property investment volumes in 2016 are expected to exceed those of 2015.
United Kingdom:
GDP growth slowed to 2.1% per annum in the first quarter and is forecast to grow at just over 2% per annum for the next few years, a figure which could be higher but for the continued scale of fiscal tightening required to eliminate the budget deficit. Occupier demand for commercial property continues to gradually improve, particularly in the South East. Yields for well let investment property are at post credit crunch lows and we are of the view that in general there is little room for further yield compression, but rather that future gains are more likely to come from rental growth. Transaction levels for investment property have declined in recent months. Attractive investment opportunities are hard to find and tend to require active management in order to add value.
Current Trading and Prospects
The Group is trading well across the board and the number and value of assets under management is increasing.
In the financial year just ended the Group benefitted from a full year of contributions from the investments made by it and Fprop Opportunities plc in the previous financial year, all of which have yielded income at or above our expectations at the time of their purchase and are, without exception, valued at levels exceeding their acquisition prices. The recurring nature of these earnings should enable us to build on the impressive increase in adjusted net assets, which together with dividend payments has averaged 21% per annum since 1 April 2008, the onset of the credit crunch.
The markets in which we operate are generally buoyant and offering interesting investment opportunities which we hope to capitalise on in due course.
Ben Habib
Chief Executive
9 June 2016
CONSOLIDATED INCOME STATEMENT
for the year ended 31 March 2016
Notes Year ended Year ended 31 March 31 March 2016 (unaudited) 2015 Total (audited) results Total results GBP'000 GBP'000 -------------------------------- ------ ------------------- --------------------- Revenue - existing operations 21,955 14,325 - business acquisitions - 4,198 -------------------------------- ------ ------------------- --------------------- 21,955 18,523 -------------------------------- ------ ------------------- --------------------- Cost of sales (4,255) (3,156) -------------------------------- ------ ------------------- --------------------- Gross profit 17,700 15,367 Recognition of negative goodwill on refinancing of subsidiary - 1,123 Recognition of negative goodwill on acquisition of subsidiaries - 716 Fair value adjustment to investment properties 462 (876) Operating expenses (8,404) (6,925) -------------------------------- ------ ------------------- --------------------- Operating profit 9,758 9,405 -------------------------------- ------ ------------------- --------------------- Share of results in associates 170 185 Distribution income 223 694 Interest income 4 126 145 Interest expense 4 (2,931) (2,346) -------------------------------- ------ ------------------- --------------------- Profit before tax 7,346 8,083 Tax (charge)/ credit 5 (1,687) 328 -------------------------------- ------ ------------------- --------------------- Profit for the year 5,659 8,411 -------------------------------- ------ ------------------- --------------------- Attributable to: Owners of the parent 5,008 8,172 Non-controlling interest 651 239 -------------------------------- ------ ------------------- --------------------- 5,659 8,411 -------------------------------- ------ ------------------- --------------------- Earnings per share: Basic 6 4.37p 7.21p Diluted 6 4.28p 6.93p -------------------------------- ------ ------------------- ---------------------
All operations are continuing.
CONSOLIDATED SEPARATE STATEMENT
OF OTHER COMPREHENSIVE INCOME
for the year ended 31 March 2016
Year ended Year ended 31 March 31 March 2016 2015 (unaudited) (audited) Total Total results results GBP'000 GBP'000 ----------------------------------- --- ------------- ----------- Profit for the year 5,659 8,411 ---------------------------------------- ------------- ----------- Other comprehensive income Exchange differences on retranslation of foreign subsidiaries (1,346) 272 Revaluation of available-for-sale financial assets 11 37 Taxation - - ----------------------------------- --- ------------- ----------- Total comprehensive income for the year 4,324 8,720 Total comprehensive income for the year attributable to: Owners of the parent 3,486 8,505 Non-controlling interest 838 215 4,324 8,720 --------------------------------------- ------------- -----------
CONSOLIDATED BALANCE SHEET
As at 31 March 2016
Notes As at As at 31 March 31 March 2016 2015 (unaudited) (audited) GBP'000 GBP'000 Non-current assets Goodwill 7 153 153 Investment properties 8 120,718 114,262 Property, plant and equipment 186 43 Interest in associates 9(a) 3,044 671 Other financial assets 9(b) 914 1,531 Other receivables 11 186 283 Deferred tax assets 3,016 3,803 ------------------------------- ------ ------------- ----------- Total non-current assets 128,217 120,746 ------------------------------- ------ ------------- ----------- Current assets Inventories - land and buildings 10 13,894 12,639 Current tax assets 56 236 Trade and other receivables 11 10,128 5,744 Cash and cash equivalents 8,975 12,240 ------------------------------- ------ ------------- ----------- Total current assets 33,053 30,859 ------------------------------- ------ ------------- ----------- Current liabilities Trade and other payables 12 (7,938) (8,134) Financial liabilities 13 (7,668) (11,788) Current tax liabilities (200) (108) ------------------------------- ------ ------------- ----------- Total current liabilities (15,806) (20,030) ------------------------------- ------ ------------- ----------- Net current assets 17,247 10,829 ------------------------------- ------ ------------- ----------- Total assets less current liabilities 145,464 131,575 ------------------------------- ------ ------------- ----------- Non-current liabilities: Financial liabilities 13 (108,992) (97,925) Deferred tax liabilities (2,382) (2,631) Net assets 34,090 31,019 ------------------------------- ------ ------------- ----------- Equity Called up share capital 1,166 1,149 Share premium 5,773 5,505 Foreign exchange translation reserve (2,151) (618)
Revaluation reserve (38) (49) Share-based payment reserve 203 203 Retained earnings 27,231 23,735 ------------------------------- ------ ------------- ----------- Equity attributable to the owners of the parent 32,184 29,925 Non-controlling interest 1,906 1,094 ------------------------------- ------ ------------- ----------- Total equity 34,090 31,019 ------------------------------- ------ ------------- ----------- Net assets per share 6 27.75p 26.30p ------------------------------- ------ ------------- -----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2016
Group Share Share Share-based Foreign Purchase Investment Retained Non-controlling Total capital premium payment exchange of own revaluation earnings interest reserve translation shares reserve reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------------------- -------- -------- ------------ ------------ --------- ------------ --------- ---------------- -------- At 1 April 2015 1,149 5,505 203 (618) (173) (49) 23,908 1,094 31,019 Profit for the period - - - - - - 5,659 - 5,659 Fair value (or revaluation) gains on available-for-sale financial assets to profit or loss - - - - - 11 - - 11 Movement on foreign exchange - - - (1,533) - - - 187 (1,346) Sale of treasury shares - 10 - - 70 - - - 80 New shares issued 17 258 - - - - - - 275 Non-controlling interest - - - - - - (651) 651 - Dividends paid - - - - - - (1,582) (26) (1,608) -------------------- -------- -------- ------------ ------------ --------- ------------ --------- ---------------- -------- At 31 March 2016 1,166 5,773 203 (2,151) (103) (38) 27,334 1,906 34,090 -------------------- -------- -------- ------------ ------------ --------- ------------ --------- ---------------- -------- At 1 April 2014 1,149 5,498 203 (914) (310) (86) 17,027 895 23,462 Profit for the period - - - - - - 8,411 - 8,411 Fair value (or revaluation) gains on available-for-sale financial assets to profit or loss - - - - - 37 - - 37 Movement on foreign exchange - - - 296 - - - (24) 272 Sale of treasury shares - 7 - - 137 - - - 144 Non-controlling interest - - - - - - (239) 239 - Dividends paid - - - - - - (1,291) (16) (1,307) -------------------- -------- -------- ------------ ------------ --------- ------------ --------- ---------------- -------- At 31 March 2015 1,149 5,505 203 (618) (173) (49) 23,908 1,094 31,019 -------------------- -------- -------- ------------ ------------ --------- ------------ --------- ---------------- --------
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2016
2016 2015 Notes Group Group GBP'000 GBP'000 ----------------------------------- ------ --------- --------- Cash flows from operating activities ----------------------------------- ------ --------- --------- Operating profit 9,758 9,405 Adjustments for: Depreciation of investment property and property plant & equipment 1,704 384 Fair value adjustment on investment properties (462) 876 Negative goodwill - (1,839) (Increase)/decrease in inventories (291) (258) Decrease/(increase) in trade and other receivables 903 (486) Increase/(decrease) in trade and other payables (356) 577 Other non-cash adjustments 460 84 Cash generated from operations 11,716 8,743 Taxes paid (922) (826) ----------------------------------- ------ --------- --------- Net cash flow from operating activities 10,794 7,917 ----------------------------------- ------ --------- --------- Cash flow from/ (used in) investing activities ----------------------------------- ------ --------- --------- Purchase of investments 9(b) - (353) Capital expenditure on investment properties 8 (1,216) (383) Proceeds from partial disposal of available-for-sale assets 9(b) 628 565 Purchase of property, plant & equipment (197) (14) Cash paid on control/ acquisitions of new subsidiaries - (4,638) Cash and cash equivalents received on control/ acquisitions of new subsidiaries - 3,055 Investment in shares of new associates 9(a) (2,293) - Interest received 4 126 145 Dividends from associates 9(a) 90 189 Distributions received 223 694 Net cash flow from/ (used in) investing activities (2,639) (740) ----------------------------------- ------ --------- --------- Cash flow from/ (used in) financing activities Net repayment of shareholder loan in subsidiary (95) (293) Proceeds from bank loan 8,993 3,547 Repayment of bank loans (9,341) (4,574) Short term loan to an (4,729) - associate Repayment of finance lease (2,446) (1,202) Sale of shares held in treasury 80 144 Proceeds from the issue 275 - of share capital Interest paid (2,825) (2,266) Dividends paid (1,582) (1,291) Dividends paid to non-controlling interest (26) (16) ----------------------------------- ------ --------- --------- Net cash flow from/ (used in) financing activities (11,696) (5,951) ----------------------------------- ------ --------- --------- Net (decrease)/ increase in cash and cash equivalents (3,541) 1,226 ----------------------------------- ------ --------- --------- Cash and cash equivalents at the beginning of the year 12,240 11,279 ----------------------------------- ------ --------- --------- Currency translation gains/ (losses) on cash and cash equivalents 276 (265) ----------------------------------- ------ --------- --------- Cash and cash equivalents at the year-end 8,975 12,240 ----------------------------------- ------ --------- --------- 1. Basis of preparation
These preliminary financial statements have not been audited and are derived from the statutory accounts within the meaning of section 434 of the Companies Act 2006. They have been prepared in accordance with the Group's accounting policies that will be applied in the Group's annual financial statements for the year ended 31 March 2016. These are consistent with the policies applied for the year ended 31 March 2015. These accounting policies are drawn up in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and as adopted by the European Union (EU). Whilst the financial information included in this preliminary statement has been prepared in accordance with IFRS, this announcement does not itself contain sufficient information to fully comply with IFRS. The comparative figures for the financial year ended 31 March 2015 are not the statutory accounts for the financial year but are derived from those accounts prepared under IFRS which have been reported on by the Group's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified, did not include references to any matter to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
These preliminary financial statements were approved by the Board of Directors on 8 June 2016.
2. Revenue
Revenue from continuing operations consists of revenue arising in the United Kingdom 10% (2015: 20%), Poland 82% (2015: 74%) and Romania 8% (2015: 6%). All revenue relates solely to the Group's principal activities.
3. Segment reporting 2016 Property Group Group Unallocated Total fund properties fund central management and other properties overheads co-investments "FOP" GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------------------- ------------ ---------------- ------------ ------------ ---------- Total revenue 2,895 12,894 6,166 - 21,955 -------------------- ------------ ---------------- ------------ ------------ ---------- Depreciation and amortisation (31) (1,535) (138) - (1,704) -------------------- ------------ ---------------- ------------ ------------ ---------- Operating profit 1,384 7,316 3,962 (2,904) 9,758 -------------------- ------------ ---------------- ------------ ------------ ---------- Share of results in associates - 170 - - 170 -------------------- ------------ ---------------- ------------ ------------ ---------- Distribution income - 223 - - 223 -------------------- ------------ ---------------- ------------ ------------ ---------- Interest income - 101 5 20 126 -------------------- ------------ ---------------- ------------ ------------ ---------- Interest payable - (1,424) (1,507) - (2,931) -------------------- ------------ ---------------- ------------ ------------ ---------- Profit/ (loss) before tax 1,384 6,386 2,460 (2,884) 7,346 -------------------- ------------ ---------------- ------------ ------------ ---------- Analysed as: -------------------- ------------ ---------------- ------------ ------------ ---------- Before performance fees and related items 783 8,268 2,321 (899) 10,473 -------------------- ------------ ---------------- ------------ ------------ ---------- Fair value adjustment to investment properties - - 462 - 462 -------------------- ------------ ---------------- ------------ ------------ ---------- Depreciation - (1,450) - - (1,450) -------------------- ------------ ---------------- ------------ ------------ ---------- Provision (49) (17) (17) (663) (746) -------------------- ------------ ---------------- ------------ ------------ ---------- Performance and related fees 1,131 - - - 1,131 -------------------- ------------ ---------------- ------------ ------------ ---------- Staff incentives (481) (169) (164) (1,610) (2,424) -------------------- ------------ ---------------- ------------ ------------ ---------- Realised foreign currency loss - (246) (142) 288 (100) -------------------- ------------ ---------------- ------------ ------------ ---------- Total 1,384 6,386 2,460 (2,884) 7,346 -------------------- ------------ ---------------- ------------ ------------ ---------- Assets - Group 497 88,670 62,283 6,776 158,226 -------------------- ------------ ---------------- ------------ ------------ ---------- Share of net assets of associates - 3,352 - (308) 3,044 -------------------- ------------ ---------------- ------------ ------------ ---------- Liabilities (249) (76,454) (48,132) (2,345) (127,180) -------------------- ------------ ---------------- ------------ ------------ ---------- Net assets 248 15,568 14,151 4,123 34,090 -------------------- ------------ ---------------- ------------ ------------ ---------- Additions to non-current assets -------------------- ------------ ---------------- ------------ ------------ ---------- Property, plant and equipment 197 - - - 197 -------------------- ------------ ---------------- ------------ ------------ ---------- Investment properties - 968 248 - 1,216 -------------------- ------------ ---------------- ------------ ------------ ---------- Inventories - 291 - - 291 -------------------- ------------ ---------------- ------------ ------------ ---------- Investments - - - - - -------------------- ------------ ---------------- ------------ ------------ ---------- Interest in associates - 2,293 - - 2,293 -------------------- ------------ ---------------- ------------ ------------ ----------
Segment reporting 2015-
Property Group Group Unallocated Total fund properties fund central management and other properties overheads co-investments "FOP" GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------------------- ------------ ---------------- ------------ ------------ ---------- External revenue - Existing operations - Sale of inventory 6,140 2,968 5,217 - 14,325 - Business - - - - - acquisitions - 3,479 719 - 4,198 -------------------- ------------ ---------------- ------------ ------------ ---------- Total 6,140 6,447 5,936 - 18,523 -------------------- ------------ ---------------- ------------ ------------ ---------- Depreciation and amortisation (18) (360) (6) - (384) -------------------- ------------ ---------------- ------------ ------------ ---------- Operating profit 4,435 5,454 2,454 (2,938) 9,405 -------------------- ------------ ---------------- ------------ ------------ ---------- Share of results in associates - 185 - - 185 -------------------- ------------ ---------------- ------------ ------------ ---------- Distribution income - 694 - - 694 -------------------- ------------ ---------------- ------------ ------------ ---------- Interest income - 36 89 20 145 -------------------- ------------ ---------------- ------------ ------------ ---------- Interest payable - (730) (1,616) - (2,346) -------------------- ------------ ---------------- ------------ ------------ ---------- Profit/ (loss) before tax 4,435 5,639 927 (2,918) 8,083 -------------------- ------------ ---------------- ------------ ------------ ---------- Analysed as:
-------------------- ------------ ---------------- ------------ ------------ ---------- Before performance fees and related items 1,605 4,489 2,272 (963) 7,403 -------------------- ------------ ---------------- ------------ ------------ ---------- Negative goodwill on refinancing of subsidiary - 1,123 - - 1,123 -------------------- ------------ ---------------- ------------ ------------ ---------- Negative goodwill on acquisition of subsidiaries - 716 - - 716 -------------------- ------------ ---------------- ------------ ------------ ---------- Fair value adjustment to investment properties - - (876) - (876) -------------------- ------------ ---------------- ------------ ------------ ---------- Depreciation - (357) - - (357) -------------------- ------------ ---------------- ------------ ------------ ---------- Performance fees 3,365 - - - 3,365 -------------------- ------------ ---------------- ------------ ------------ ---------- Staff incentives (535) (194) (184) (1,955) (2,868) -------------------- ------------ ---------------- ------------ ------------ ---------- Realised foreign currency loss - (138) (285) - (423) -------------------- ------------ ---------------- ------------ ------------ ---------- Total 4,435 5,639 927 (2,918) 8,083 -------------------- ------------ ---------------- ------------ ------------ ---------- Assets - Group 1,633 84,478 58,522 6,301 150,934 -------------------- ------------ ---------------- ------------ ------------ ---------- Share of net assets of associates - 979 - (308) 671 -------------------- ------------ ---------------- ------------ ------------ ---------- Liabilities (289) (72,437) (45,666) (2,194) (120,586) -------------------- ------------ ---------------- ------------ ------------ ---------- Net assets 1,344 13,020 12,856 3,799 31,019 -------------------- ------------ ---------------- ------------ ------------ ---------- Additions to non-current assets -------------------- ------------ ---------------- ------------ ------------ ---------- Property, plant and equipment 8 - - - 8 -------------------- ------------ ---------------- ------------ ------------ ---------- Investment properties - 66,909 8,864 - 75,773 -------------------- ------------ ---------------- ------------ ------------ ---------- Inventories - 258 - - 258 -------------------- ------------ ---------------- ------------ ------------ ---------- Investments - 353 - - 353 -------------------- ------------ ---------------- ------------ ------------ ---------- Interest in - - - - - associates -------------------- ------------ ---------------- ------------ ------------ ---------- 4. Interest income 2016 2015 Group Group GBP'000 GBP'000 --------------------------------- --------- --------- Interest income - bank deposits 36 63 Interest income - other 90 82 Total interest income 126 145 --------------------------------- --------- --------- 2016 2015 Group Group GBP'000 GBP'000 ----------------------------- --------- --------- Interest expense - property loans (2,254) (1,730) Interest expense - bank and other (106) (80) Finance charges on finance leases (571) (536) ----------------------------- --------- --------- Total interest expense (2,931) (2,346) ----------------------------- --------- --------- 5. Tax expense 2016 2015 GBP'000 GBP'000 ---------------------------- --------- --------- Analysis of tax charge for the year Current tax (1,203) (525) Deferred tax (484) 853 Total tax charge for the year (1,687) 328 ---------------------------- --------- ---------
The tax charge includes actual current and deferred tax for continuing operations.
As in prior years, brought forward and current UK tax losses have not been recognised as a deferred tax asset due to insufficient foreseeable taxable income being earned in the UK. As a result of this treatment the effective tax rate for the Group has increased to 23% (2015: -4.1%), which is higher than both the main stream corporation tax rates of 19% in Poland and 16% in Romania.
The deferred tax credit in the prior year was largely attributable to three acquisitions made during that year, amounting to GBP992,000. This was created as a result of the nil value paid for the deferred tax asset on acquisition. The deferred tax asset has been restricted to two years worth of profits.
6. Earnings/ NAV per share 2016 2015 Basic earnings per share 4.37p 7.21p Diluted earnings per share 4.28p 6.93p GBP'000 GBP'000 Basic earnings 5,008 8,172 Diluted earnings assuming full dilution 5,016 8,187
The following numbers of shares have been used to calculate both the basic and diluted earnings per share:
2016 2015 Number Number --------------------------------- ------------ ------------ Weighted average number of Ordinary shares in issue (used for basic earnings per share calculation) 114,543,523 113,348,847 --------------------------------- ------------ ------------ Number of share options 2,700,000 4,850,000 --------------------------------- ------------ ------------ Total number of Ordinary shares used in the diluted earnings per share calculation 117,243,523 118,198,847 --------------------------------- ------------ ------------
The following earnings have been used to calculate both the basic and diluted earnings per share:
2016 2015 GBP'000 GBP'000 ---------------------------------- --------- --------- Basic earnings per share Basic earnings 5,008 8,172 ---------------------------------- --------- --------- Diluted earnings per share Basic earnings 5,008 8,172 Notional interest on share options assumed to be exercised 8 15 ---------------------------------- --------- --------- Diluted earnings 5,016 8,187 ---------------------------------- --------- --------- 2016 2015 Net assets per share 27.75p 26.30p Adjusted net assets per share 43.01p 35.75p ------------------------------- ------- ------- The following numbers have been used to calculate both the net assets and adjusted net assets per share: Net assets per share Number Number --------------------------------- ------------ ------------ Number of shares in issue at year-end 115,967,111 113,792,541 Net assets per share GBP'000 GBP'000 --------------------------------- ------------ ------------ Net assets excluding non controlling interest 32,184 29,925 Number Number Adjusted net assets per share Number of shares in issue at year-end 115,967,111 113,792,541 Number of share options assumed to be exercised 2,700,000 4,850,000 --------------------------------- ------------ ------------ Total 118,667,111 118,642,541 --------------------------------- ------------ ------------ GBP'000 GBP'000 Adjusted net assets per share Net assets excluding non controlling interest 32,184 29,925 Investment properties at fair value net of deferred tax 16,338 11,018 Inventories at fair value net of deferred tax 1,795 1,248 Other items 716 222 ------------------------------- -------- -------- Total 51,033 42,413 ------------------------------- -------- -------- 7. Goodwill 2016 2015 Group Group GBP'000 GBP'000
------------- --------- --------- At 1 April 153 153 Additions - - At 31 March 153 153 ------------- --------- ---------
The Directors have carried out an annual impairment test and concluded that no impairment write down is necessary because the estimated recoverable amount was higher than the value stated.
8. Investment properties 2016 2015 Group Group GBP'000 GBP'000 ------------------------------ --------- --------- Investment properties At 1 April 114,262 48,759 Business acquisitions - 75,390 Capital expenditure 1,216 383 Depreciation (1,654) (357) Fair value adjustment 462 (876) Foreign exchange translation 6,432 (9,037) ------------------------------ --------- --------- At 31 March 120,718 114,262 ------------------------------ --------- ---------
Investment properties owned by the Group, and indirectly via FOP are stated at cost less depreciation and accumulated impairment losses. The properties were valued by CBRE, Polish Properties and BNP Paribas at the Group's financial year-end at EUR177.73 million (2015: EUR176.73 million), the Sterling equivalent at closing foreign exchange rates being GBP140.91 million (2015: GBP127.86 million). On acquisition of the Gdynia Podolska property the Directors took the decision to depreciate the property over the lease term. In the Director's opinion the property's estimated residual value at the end of the period of ownership will be lower than the carrying value. No other property has been depreciated as the estimated residual value is expected to be higher than the carrying value.
9. Investment in associates and other financial assets and investments
The Group has the following investments:
2016 2015 Group Group GBP'000 GBP'000 ---------------------------- --------- --------- a) Associates At 1 April 671 675 Additions 2,293 - Disposals - - Share of associates profit after tax 170 185 Dividends received (90) (189) ---------------------------- --------- --------- At 31 March 3,044 671 ---------------------------- --------- ---------
The Group's investments in associated companies is held at cost plus its share of post-acquisition profits assuming the adoption of the cost model for accounting for investment properties under IAS40 and comprises the following:
2016 2015 Group Group GBP'000 GBP'000 ----------------------------------- --------- --------- Investments in associates 5(th) Property Trading Ltd 871 827 Regional Property Trading Ltd 159 152 Fprop Romanian Supermarkets 737 - Ltd Fprop Galeria Corso Ltd 1,585 - ----------------------------------- --------- --------- 3,352 979 ----------------------------------- --------- --------- Less: Share of profit after tax withheld on sale of property to 5(th) Property Trading Ltd in 2007 (308) (308) ----------------------------------- --------- --------- 3,044 671 ----------------------------------- --------- ---------
If the Group had adopted the alternative fair value model for accounting for investment properties, the carrying value of the investment in associates would have increased to GBP3,551,159 (2015: GBP1,175,000).
2016 2015 Group Group GBP'000 GBP'000 ------------------------------- --------- --------- b) Other financial assets and investments At 1 April 1,531 1,706 Additions - 353 Disposals (628) (565) Increase in fair value during the year 11 37 ------------------------------- --------- --------- At 31 March 914 1,531 ------------------------------- --------- ---------
The Group holds two unlisted investments in funds managed by it. Both are held at fair value. All of the assets have been classified as available for sale. In the Directors' view the fair value has been estimated to be not materially different from their carrying value. Fair value has been arrived at by applying the Group's percentage holding in the investments of the fair value of their net assets.
10. Inventories - land and buildings 2016 2015 Group Group GBP'000 GBP'000 ------------------------------ --------- --------- Group properties for resale at cost At 1 April 12,639 12,304 Purchases - - Capital expenditure 291 258 Disposals - - Foreign exchange translation 964 77 ------------------------------ --------- --------- At 31 March 13,894 12,639 ------------------------------ --------- ---------
The Group's total interest in Blue Tower (an office block in Warsaw) is 48.2% with a fair value of GBP16.01 million (2015: GBP14.18 million), and is shown at cost under inventories.
11. Trade and other receivables 2016 2015 Group Group GBP'000 GBP'000 -------------------------------- --------- --------- Current assets Trade receivables 2,589 2,304 Less provision for impairment of receivables (905) (649) -------------------------------- --------- --------- Trade receivables net 1,684 1,655 Other receivables 7,554 3,147 Prepayments and accrued income 890 942 -------------------------------- --------- --------- 10,128 5,744 -------------------------------- --------- --------- Other receivables include a short term loan to an associate for EUR6.5m (GBP5.15m) which was repaid after the year end in May 2016. Non-current assets -------------------------------- --------- --------- Other receivables 186 283 -------------------------------- --------- --------- 12. Trade and other payables 2016 2015 Group Group GBP'000 GBP'000 ----------------------------- --------- --------- Current liabilities Trade payables 2,189 2,605 Other taxation and social security 575 580 Other payables and accruals 5,163 4,938 Deferred income 11 11 ----------------------------- --------- --------- 7,938 8,134 ----------------------------- --------- --------- 13. Financial liabilities 2016 2015 Group Group GBP'000 GBP'000 ------------------------------------ --------- --------- Current liabilities Loans repayable by subsidiary 1,841 - (FOP) to third party shareholders Bank loan 3,014 9,382 Finance leases 2,813 2,406 ------------------------------------ --------- --------- 7,668 11,788 ------------------------------------ --------- --------- Non-current liabilities Loans repayable by subsidiary (FOP) to third party shareholders - 1,936 Bank loans 62,038 50,610 Finance leases 46,954 45,379 ------------------------------------ --------- --------- 108,992 97,925 ------------------------------------ --------- --------- 2016 2015 Group Group GBP'000 GBP'000 ------------------------------- --------- --------- Total obligations under bank loans and finance leases Repayable within one year 7,668 11,788 Repayable within one and five years 93,150 57,928 Repayable after five years 15,842 39,997 ------------------------------- --------- --------- 116,660 109,713 ------------------------------- --------- ---------
Loans repayable by FOP to third party shareholders are unsecured and repayable on demand.
Eight bank loans and three finance leases all denominated in Euros totalling GBP114,819,000 (2015: GBP107,777,000) included within financial liabilities are secured against investment properties owned by the Group and Fprop Opportunities plc (FOP) and the property owned by the Group shown under inventories. These bank loans and finance leases are otherwise non-recourse to the Group's assets.
The preliminary results are being circulated to all shareholders and can be downloaded from the Company's web-site (www.fprop.com). Further copies can be obtained from the registered office at 32 St James's Street, London, SW1A 1HD.
This information is provided by RNS
The company news service from the London Stock Exchange
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