An increase in performance fees helped property services company First Property Group to deliver a pretax profit of £6.2m, up from £1.2m last year.
The AIM-listed company, which invests in Central and Eastern European property markets, said turnover had doubled to £15.5m for the year to 31 March. Net assets increased to £12m (2007: £7.7m).
Chief executive Ben Habib said that, despite the global economic slowdown, the company continued to make progress in its core fund management division.
“During the period we doubled the size of our portfolio of property assets under management to £290m.
“Our funds under management and revenues will grow substantially as the remaining £200m fund management mandate, given to us by the Universities Superannuation Scheme, is invested.”
