First Property raises expectations after solid first half

First Property Group reported a strong performance for the first half of its financial year on Thursday, despite challenges in the property market.

The AIM-traded property fund manager and investor said it benefited from one-off gains, including profits from property trading within one of its managed funds, in which First Property holds an associated investment.

It also received fees earlier-than-expected from a managed fund after property disposals were completed ahead of schedule.

As a result, First Property said it now anticipated that its full-year profit before tax would exceed current market expectations, while revenue was expected to align with forecasts.

However, the final results could be influenced by potential non-cash adjustments to property valuations.

The company said it would release its interim results for the six months ended 30 September on 21 November.

At 1558 GMT, shares in First Property Group were up 11.43% at 15.6p.

Reporting by Josh White for Sharecast.com.