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