First Property says full-year results are in line with market forecasts

7th Apr 2015 10:57

First Property Group said on Tuesday it expects full-year profits to be in line with expectations thanks to new investments.The property fund manager revealed it holds £12m in cash, with £3m being held by Fprop Opportunities, a Polish fund where First Property holds a majority stake.Chief executive Ben Habib said: "The financial year just ended has been transformational for the Group with a very significant increase in the underlying sustainable earnings of the group."Habib added that these earnings should "comfortably exceed" the lost fee income from the end of a contract with USS last August.Shares were up 0.42% to 36.15p on Tuesday at 10:59.