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First Property's Polish hopes
Property fund manager First Property (FPO) is hoping that Poland's economy will deliver further growth, reporting a 13 per cent increase in pre-tax profits for the year to June.
The AIM-quoted concern, which both invests directly in property and in a number of funds, declared pre-tax profits of £2.95 million on revenue of £7.1 million (2010: £6.5 million). The group's two holdings in Poland are the 'Blue Tower' in the business district of Warsaw - valued at $18.4 million and another property in Warsaw valued at £2.8 million. The company note that the 'Blue Tower property in particular has proven to be a very profitable investment.' Funds in which it holds a stake include the UK-focused '5th property trading' in which it holds 37.8 per cent and Regional Property Trading, a fund of which it owns 28.6 per cent.
Speaking to Growth Company Investor, CEO Ben Habib remarked that the increase in profits primarily arose due to the rise in FPO's assets under management, which climbed from £300 million to £366 million. Regarding the future of Poland, he drew attention to the recent troubles Greece is experiencing with its debt, arguing that 'much would depend on what happens with the situation in Greece.' However he was keen to enthuse that Poland is a country 'with strong consumer growth' and is in a 'different position to many of the other countries in Europe', opining that the country has the 'seventh largest economy in Europe.' Looking forward, he identified growth as coming via further opportunities in the Eastern European nation.
Following the results, analysts at house broker Arden Partners updated their forecasts. The broker is forecasting pre-tax profits of £3.5 million on turnover of £9.7 million in 2012, climbing to profits of £3.7 million on revenue of £10.2 million in 2013. A dividend of 1.09p and 1.12p is forecast for 2012 and 2013, respectively, while EPS of 2.3p and 2.4p are also pencilled in.
While numerous Eastern Europe-focused property concerns have had a disastrous recession as countries such as Romania and Bulgaria have failed to fulfil expectations, Poland has bucked the trend of its neighbours, growing at a respectable pace each year and attracting numerous investors. However the nerves around Greece and the long-term future of the Euro - two situations that remain unresolved mean that we rate the shares as a speculative buy.
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