First Property Group (FPO)

Sector:

Financials

Index:

FTSE AIM All-Share

30.50p
   
  • Change Today:
    -0.50p
  • 52 Week High: 36.50
  • 52 Week Low: 28.50
  • Currency: UK Pounds
  • Shares Issued: 110.88m
  • Volume: 36,051
  • Market Cap: £33.82m
  • RiskGrade: 151

First Property shares surge on 'transformational' sale

By Josh White

Date: Monday 27 Apr 2020

LONDON (ShareCast) - (Sharecast News) - Shares in First Property Group were well into the green on Monday morning, as it updated the market on the completion of the sale of its largest property, Chałubińskiego 8 (CH8) in Warsaw, Poland.
The AIM-traded firm said the sale price was €44m (?38m), compared to a book cost of €38.8m.

It said its profit on sale totalled €1.6m, after costs and a provision of €2.67m in respect of a rent guarantee provided to the buyer.

That profit would be recognised in the financial year ended 31 March 2020, the board said.

Cash generated on sale came in at €19.6m, taking group cash as at 14 April to around ?25m, representing about two thirds of its market value of ?37m immediately prior to the announcement.

The internal rate of return earned from the investment since its acquisition in 2014 was 63% per annum, First Property said.

Its board said the sale came at an "excellent time" for the group, given the uncertainty created by the economic shutdowns across the globe as a result of the Covid-19 coronavirus pandemic.

The "significant" cash generated by the sale underpinned the group, the directors said, and provided it with "significant" resources with which to make investments in what it said was likely to become an "interesting investment market".

It was intended for the cash to be used in partnership with clients, which should significantly increase the equity available to make investments to more than ?100m which, when coupled with bank debt, should generate buying power of over ?300m.

"The timing of the sale of CH8 as well as the returns and free cash generated by it are testimony to the agility and skill of the group's management team," said chief executive officer Ben Habib.

"This has been demonstrated repeatedly over the years since I established the business in 2000."

Habib said the cash realised by the sale both protected shareholder interest at a time of "extreme financial uncertainty", and positioned the group to make "significant" new investments at a time when the market would become "much more interesting".

"The sale is nothing less than transformational and I am delighted by it."

At 1041 BST, shares in First Property Group were up 13.43% at 38p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

FPO Market Data

Currency UK Pounds
Share Price 30.50p
Change Today -0.50p
% Change -1.61 %
52 Week High 36.50
52 Week Low 28.50
Volume 36,051
Shares Issued 110.88m
Market Cap £33.82m
RiskGrade 151

FPO Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
34.84% above the market average34.84% above the market average34.84% above the market average34.84% above the market average34.84% above the market average
7.44% above the sector average7.44% above the sector average7.44% above the sector average7.44% above the sector average7.44% above the sector average
Price Trend
24.34% below the market average24.34% below the market average24.34% below the market average24.34% below the market average24.34% below the market average
8.03% below the sector average8.03% below the sector average8.03% below the sector average8.03% below the sector average8.03% below the sector average
Income
81.71% below the market average81.71% below the market average81.71% below the market average81.71% below the market average81.71% below the market average
71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average
Growth
85.19% below the market average85.19% below the market average85.19% below the market average85.19% below the market average85.19% below the market average
88.24% below the sector average88.24% below the sector average88.24% below the sector average88.24% below the sector average88.24% below the sector average

FPO Dividends

  Latest Previous
  Interim Interim
Ex-Div 02-Dec-21 03-Dec-20
Paid 07-Jan-22 08-Jan-21
Amount 0.25p 0.45p

Trades for 20-May-2022

Time Volume / Share Price
16:23 4,000 @ 30.00p
13:42 6,617 @ 30.00p
12:58 8,634 @ 30.00p
09:27 12,000 @ 30.80p
09:17 1,500 @ 30.25p

FPO Key Personnel

CEO Ben Habib

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