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First Property profit falls 30% as company raises cash, cuts debt

By BFN News | 02:30 PM | Thursday 26 November, 2020

Real estate investment group First Property's profit before tax fell 30% in the six months to 30 September 2020, compared to the same period last year. In its interim results statement for the period, it reported statutory profit before tax of £2.08 million, down from £2.98 million a year earlier. The investment management division's assets under management fell by £10 million during the period. However, First Property highlighted its 'significant' cash reserves, which increase to just over £21 million in the six months to the end of September. In addition, the company substantially reduced its net debt position from £57.2 million to £19.8 million, and stated that it was 'well positioned to weather the crisis and make judicious investments'. At 2:30pm: (LON:FPO) First Property Group PLC share price was 0p at 37p Story provided by

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