First Property Group Faces Financial Challenges

First Property (GB:FPO) has released an update.

First Property Group PLC reported a significant downturn in its financial performance for the year ending 31 March 2024, with a statutory loss before tax of £4.41 million compared to a profit of £2.49 million the previous year. The company’s cash balance and total assets under management also saw reductions, and no dividend was declared due to the current unprofitability. CEO Ben Habib attributed these challenges to a combination of higher interest rates, regulatory pressures, and a decrease in institutional investment, but remains optimistic about potential recovery when US interest rates ease.

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