First Property Group's shares rise as full-year profit seen in line

Shares in First Property Group rose as it said its full-year pre-tax earnings, prior to the profit on sale of the Romanian property last month, are seen to be in line with market views.

It said funds under management at the end of the year totalled £475m, from £353m in 2016, of which some £313m (65%) were client funds, up 60% from the previous year.

Chief executive Ben Habib said First Property Group was trading well across the board.

"Our fund management division has entered a new growth phase, with third party assets under management increasing by some 60% over the last year, and set to continue to grow," he said.

The contribution from Group Properties provided a reliable and substantial flow of profits.

"The markets in which we operate are generally buoyant and offering interesting investment opportunities on which we hope to capitalise."

At 11:51 GMT, shares in AIM-traded First Property Group were up 0.95% to 53p each.