First Property boosted by upbeat trading update

PROPERTY services group First Property said results for the financial year were likely to be "significantly" ahead of current market expectations.

The group, which has a market capitalisation of around 21 million, said the investment market remained favourable and the value of its existing portfolio of property assets under management increased to 238m during the period to 30 September. As indicated in early September, its asset management activities continued to develop successfully, particularly in Poland.

The property market there, partly as a consequence of the favourable macro-economic environment, appeared to be largely unaffected by the recent credit crunch, the company said.

"The company's property trading and facilities management businesses are also continuing to perform well," the group added.

"As a result, the board of First Property believes that the company's results for the year ending 31 March, 2008 are likely to be significantly ahead of current market expectations."

Shares in the company closed 2.75p higher at 20.25p yesterday, a gain of 15.7 per cent.