First Property Group (AIM:FPO), the AIM-listed property fund manager and investor operating in the UK and Central Europe, reported pre-tax profit of £3.40 million for the year ended 31 March, up 12.2% from £3.03 million a year earlier.
Underlying profits improved by approximately £650,000, driven primarily by higher rental income at Blue Tower, the group's directly owned Warsaw office, alongside cost savings implemented in the prior year.
The result also included a one-off £1.18 million profit from the disposal of two properties, a UK commercial property purchased during the year and an office block in Bucharest, which together contributed £4.06 million to the cash balance.
Net debt fell 69.1% to £6.04 million from £19.55 million, and the group ended the period with cash of £6.95 million, up 44.2% year on year; the sharp reduction in gross debt was partly technical, reflecting the deconsolidation of Fprop Gdynia following its administration in April 2025.
Third-party assets under management stood at £144 million, down from £164 million, though the weighted average fund management contract term extended to four years and one month from three years and four months.
"We are identifying some interesting deals and taking the opportunity to buy them where possible," said chief executive Ben Habib, citing around £7 million in group cash and access to third-party capital from long-term clients.
