Date:	27 November 2025
On behalf of:	First Property Group plc ("First Property" or the "Group" or the "Company")
Embargoed:	0700hrs

 

First Property Group plc

 

Interim results for the six months to 30 September 2025                                                                              

 

First Property Group plc (AIM: FPO), the award-winning property fund manager and investor with operations in the United Kingdom and Central Europe, today announces its interim results for the six months ended 30 September 2025.

 

Highlights:

·      Profit before tax: £1.48 million (30 September 2024: £1.16 million);

·      Cash at 30 September 2025: £3.29 million (31 March 2025: £4.82 million);

·      Group cash as at 31 October 2025 increased to circa £7 million following the sale of two directly held Group Properties which generated circa £4 million of cash;

·      Net debt at 30 September 2025: £10.09 million (31 March 2025: £19.55 million);

·      Net assets at market value at 30 September 2025: £56.47 million (31 March 2025: £52.99 million) representing an adjusted NAV per Share at 30 September 2025 of 38.07p (31 March 2025: 35.72p);

·      Total AUM at 30 September 2025: £193 million (31 March 2025: £220 million);

·      Weighted average unexpired fund management contract term at 30 September 2025: 4 years, 5 months (31 March 2025: 3 years, 4 months).

 

Financial summary:

 

Unaudited six months to 30 Sep 2025

Unaudited six months to 30 Sep 2024

Percentage change

Audited year to 31 Mar 2025

Income Statement:

Statutory profit before tax

£1.48m

£1.16m

+27.6%

£3.03m

Diluted earnings per share*

0.79p

0.91p

-13.2%

1.64p

Total dividend per share

-

-

-

-

Average €/ £ rate

1.1643

1.1833

-

1.1911

Unaudited as at 30 Sep 2025

Audited as at 31 Mar 2025

Percentage change

Unaudited as at 30 Sep 2024

Balance Sheet at period end:

Investment properties at book value

£37.78m

£46.76m

-19.2%

£44.90m

Investment properties at market value

£47.01m

£56.04m

-16.1%

£50.52m

Trading property at book value

£0.57m

-

+100%

-

Trading property at market value

£1.48m

-

+100%

-

Associates and investments at book value

£22.39m

£21.73m

+3.0%

£20.66m

Associates and investments at market value

£24.20m

£22.60m

+7.1%

£20.90m

Cash balances

£3.29m

£4.82m

-31.7%

£5.89m

Cash per share

2.23p

3.26p

-31.7%

3.98p

Gross debt

£13.38m

£24.37m

-45.1%

£24.54m

Net debt

£10.09m

£19.55m

-48.4%

£18.65m

Gearing ratio at book value**

22.15%

35.08%

-

36.39%

Gearing ratio at market value***

19.16%

31.50%

-

33.98%

Net assets at book value

£47.03m

£45.09m

+4.3%

£42.88m

Net assets at market value

£56.47m

£52.99m

+6.6%

£47.66m

Adjusted net assets per share (EPRA basis)

38.07p

35.72p

+6.6%

31.79p

Period end €/ £ rate

1.1450

1.1949

-

1.2019

* The weighted average number of Ordinary Shares in issue includes 36,960,777 new Ordinary Shares issued following completion of the open offer on 23 September 2024. ** Gearing ratio = Gross debt divided by Gross assets. *** Gearing ratio at market value = Gross debt divided by gross debt plus net assets with properties at market value.

Commenting on the results, Ben Habib, Chief Executive of First Property, said:

 

"I am pleased by these results which reflect continued improvement in the Group's underlying assets and operations. The economic and market turmoil set in train by lockdowns, changing working habits, damaging government policies, increases in interest rates and a marked withdrawal of capital from the sector has made it very challenging for investors in commercial property. We have however, navigated these difficult times relatively well.

 

"The markets and economy continue to be challenging.

 

Notwithstanding this, I anticipate we will successfully go on protecting asset values as best as possible and adding value whenever the opportunity to do so arises."

 

Investor presentation:

 

A briefing for analysts and investors will be held at 11.00hrs today via Investor Meet Company. To participate it is necessary to register at https://www.investormeetcompany.com/first-property-group-plc/register-investor and select to meet the Company. Those who have already registered and selected to meet the Company will be automatically invited. A copy of the accompanying investor presentation and a recording of the call will be posted on the Group's website.

 

For further information please contact:

 

First Property Group plc	Tel: +44 (20) 7340 0270
Ben Habib (Chief Executive Officer) Laura Howarth (Group Finance Director) Jeremy Barkes (Director, Business Development)	www.fprop.com investor.relations@fprop.com
Jill Aubrey (Compliance Director and Company Secretary)
Allenby Capital (NOMAD & Broker)	Tel: + 44 (0) 20 3328 5656
Nick Naylor / Piers Shimwell (Corporate Finance) Amrit Nahal / Tony Quirke (Sales and Corporate Broking)

 

Notes to Investors and Editors:

 

First Property Group plc is an award-winning property fund manager and investor with operations in the United Kingdom and Central Europe. Its focus is on higher yielding commercial property with sustainable cash flows. The Company is flexible and takes an active approach to asset management. Its earnings are derived from:

 

·      Group Properties - principal investments by the Group, to earn a return on its own capital, usually in partnership with third parties. Investments include five directly held properties in Poland, and non-controlling interests in nine of the eleven funds managed by FPAM.

 

·      Fund Management - via its FCA regulated and AIFMD approved subsidiary, First Property Asset Management Ltd ("FPAM"), which earns fees from investing for third parties in property. FPAM currently manages eleven funds which are invested across the United Kingdom, Poland and Romania.

 

Quoted on AIM, First Property has offices in London and Warsaw. Further information about the Group and its properties can be found at: www.fprop.com.

 

 

 

CHIEF EXECUTIVE'S STATEMENT

 

Financial performance:

 

I am pleased to report interim results for the six months ended 30 September 2025.

 

Revenue earned by the Group during the period was £3.65 million (30 September 2024: £3.94 million), yielding a profit before tax of £1.48 million (30 September 2024: £1.16 million). The increase in profit was mainly a result of higher rent and service charge income from Blue Tower, Warsaw and a reduction in operating expenses to £2.04 million (30 September 2024: £2.39 million).  

 

Diluted earnings per share amounted to 0.79 pence (30 September 2024: 0.91 pence). Despite the increase in profit after tax, diluted earnings per share reduced due to an increase in the average weighted number of shares in issue during the period.

 

The Group ended the period with net assets calculated under the cost basis of accounting of £47.03 million (31 March 2025: £45.09 million), equating to 31.81 pence per share (31 March 2025: 30.50 pence per share). When adjusted to their market value less any deferred tax liabilities (EPRA basis), net assets at 30 September 2025 totalled £56.47 million, or 38.07 pence per share (31 March 2025: £52.99 million, or 35.72 pence per share). The market values of the Group's properties are independently assessed once a year, as at 31 March.

 

Gross debt reduced to £13.38 million by the period end (31 March 2025: £24.37 million), due to the impact of placing Fprop Gdynia Sp. Zoo into administration on 30 April 2025 and the resulting deconsolidation of this entity from the accounts of the Group. Of the debt remaining, £3.98 million is non-interest bearing. All remaining debt is secured against five commercial properties in Poland.

 

Net debt at 30 September 2025 reduced to £10.09 million (31 March 2025: £19.55 million).

 

The Group's gearing ratio at 30 September 2025 was 19.16% (31 March 2025: 31.50%) when measured against the Group's assets at market values.

 

The Group's cash balance at 30 September 2025 stood at £3.29 million (31 March 2025: £4.82 million), equivalent to 2.23 pence per share (31 March 2025: 3.26 pence per share). The reduction in cash from the financial year end was due to the payment of £1.02 million of deferred consideration in respect of Blue Tower, Warsaw, the purchase of a commercial property in the United Kingdom for £0.57 million, and the repayment of £0.45 million of bank loans.

 

Shortly after the period end, two Group properties were sold, one being the commercial property purchased in the UK during the period and the other being the Felix office block in Bucharest, Romania. The combined sales consideration for these two properties amounted to £4.1 million which, after sales costs, increased the Group's cash balance by £4.0 million. The gain on sales before tax amounted to circa £1.2 million.

 

Dividend:

 

The Directors have resolved not to pay an interim dividend (30 September 2024: £nil).

 

 

REVIEW OF OPERATIONS

 

 

GROUP PROPERTIES DIVISION

 

At 30 September 2025 the Group Properties division comprised:

 

1.     Seven directly owned commercial properties of which six were classified as investment properties (five in Poland and one in Romania) and one property in the United Kingdom which was classified as a trading property. These had a combined market value of £48.49 million (31 March 2025: £56.04 million) and equity invested in them of £35.11 million (31 March 2025: £31.67 million); and

 

2.     Interests in nine of the eleven funds managed by First Property Asset Management ("FPAM") (classified as Associates and Investments) valued at £24.20 million (31 March 2025: £22.60 million).

 

The division contributed a profit of £1.83 million before tax and unallocated central overheads (30 September 2024: £1.44 million). The increase was mainly attributable to higher rent and service charge income earned on a new lease in Blue Tower, Warsaw.

 

1.     Directly owned properties (all accounted for under the cost model):

 

The book value of the Group's seven directly owned properties was £38.35 million. Their market value at 30 September 2025 was £48.49 million.

 

Country	Sector	Property/ fund name	No. of properties as at 30 Sep  2025	Book value as at 30 Sep 2025	Market value as at 30 Sep 2025	*Contribution to Group profit before tax -  period to 30 Sep 2025	*Contribution to Group profit before tax - period to 30 Sep 2024
				£m.	£m.	£m.	£m.
Poland	Offices	Blue Tower	1	25.12	31.79	0.87	0.48
Poland	Offices	Gdynia**	-	-	-	-	(0.10)
Poland	Supermarkets	Praga	1	2.10	3.28	0.05	0.04
Romania	Office	Dr Felix	1	2.25	2.58	0.12	0.14
Poland                    Office/Retail		5PT	3	8.31	9.36	0.26	0.22
United Kingdom      Office		Newbury***	1	0.57	1.48	-	-
Total			7	38.35	48.49	1.30	0.78

 

*Prior to the deduction of unallocated central overhead expenses.

**On 30 April 2025, the Group's wholly owned subsidiary, Fprop Gdynia Sp. Zoo ("GDY"), owner of an office building in Gdynia, Poland, was put into administration, the impact of which has been to deconsolidate the entity from the Group. See further information on note 5 to the accounts.

***Included within trading property on the balance sheet.

 

Of the Group's seven directly owned properties held at 30 September 2025, Blue Tower accounted for 66% (£31.79 million) of the total market value. It is an office building in Warsaw in which the Group's 80.3% shareholding totals 18,000 square metres. The equity invested in it at market value was £22.61 million, equating to 64% of the £35.11 million of equity at market value invested in all seven Group properties.

 

Total debt at 30 September 2025 amounted to £13.38 million (31 March 2025: £24.37 million), of which £9.40 million was interest bearing. It was secured against five of the Group's seven directly owned properties. 

 

Deferred consideration of PLN 19.40 million (£3.98 million) remains to be paid in respect of the purchase in 2022 of an additional 32% or 7,171 square metres in Blue Tower. Payment is due in instalments until August 2028. Around half of the original liability has been paid. The next instalment of £1.00 million is due in August 2026.

 

Interest costs on the Group's debt during the six months ended 30 September 2025 amounted to £0.25 million (30 September 2024: £0.40 million). This equates to an average borrowing cost of 3.7% per annum when expressed as a percentage of the Group's debt of £13.38 million, or 5.3% per annum on the debt which is interest bearing.

 

 

 

 

 

All four bank loans are held in separate non-recourse special purpose vehicles and are not guaranteed by the Group.

 

Directly owned Properties	30 Sep 2025	31 Mar 2025
Book value	£38.35m	£46.76m
Market value	£48.49m	£56.04m
Gross debt (all non-recourse to the Group)	£13.38m	£24.37m
LTV at book value %	34.89%	52.12%
LTV at market value %	27.59%	43.49%
Average borrowing cost (including non-interest-bearing loans)	3.7%	2.8%

 

The vacancy rate across all six investment properties is 9.25%.

 

The Weighted Average Unexpired Lease Term ("WAULT") of the six investment properties as at 30 September 2025 was 4 years, 4 months (31 March 2025: 4 years, 10 months).

 

2.     Associates and Investments ("A&I's")

 

These comprised non-controlling interests in nine of the eleven funds managed by FPAM, of which five are accounted for as Associates and held at the lower of cost or fair value (the "cost model") and four are accounted for as Investments in funds and held at fair value.

 

Their contribution to Group profit before tax and unallocated central overheads was £0.88 million (30 September 2024: £1.34 million).

 

The main contributor to the profit of this segment was £0.65 million, earned from the Group's 45.71% shareholding in Fprop Opportunities plc ("FOP") (30 September 2024: £0.03 million). This apparent increase in earnings was mainly due to the non-repeat of a fair value impairment of £0.46 million in the prior year's earnings.

 

At the period-end the A&Is were valued at £22.39 million (31 March 2025: £21.73 million), as set out in the table below: 

Fund	Country of investment	% owned by First Property Group	Book value of First Property's share in fund	Current market value of holdings	Group's  share of post-tax profits earned by fund 30 Sep 2025	Group's  share of post-tax profits earned by fund 30 Sep 2024
		%	£'000	£'000	£'000	£'000
a) Associates
FOP	Poland	45.71	14,132	14,835	648	26
FGC	Poland	29.09	3,279	4,202	160	103
FKR	Poland	18.07	965	1,034	3	(9)
FPL	UK	23.78	1,713	1,713	(43)	941
FCL	Romania	21.17	649	759	(26)	13
Sub Total			20,738	22,543	742	1,074
b) Investments
UK PPP	UK	0.94	-	-	13	40
FULCRUM	UK	0.99	144	144	117	-
SPEC OPPS	UK	11.07	1,171	1,171	-	221
OFFICES	UK	1.64	338	338	6	-
Sub Total			1,653	1,653	136	261
Total			22,391	24,196	878	1,335

 

 

 

PROPERTY FUND MANAGEMENT ("First Property Asset Management Ltd" or "FPAM")

 

Third party assets under management at the period end decreased by 12% to £144.8 million (31 March 2025: £164.0 million). The decrease was largely attributable to the loss of control of one property valued at £27.5 million and the sale of another property for £2.55 million in the United Kingdom, offset by the purchase of one property in the United Kingdom for £7.06 million and foreign currency revaluation gains of £4.84 million.

 

71% of third-party assets under management were in Poland, 23% in the UK and 6% in Romania.

 

Revenue earned by this division during the six months ended 30 September 2025 decreased to £0.80 million (30 September 2024: £1.17 million), resulting in profit before unallocated central overheads and tax of £0.08 million (30 September 2024: £0.41 million).

 

At the period end fund management fee income, excluding performance fees, was being earned at an annualised rate of £1.30 million (31 March 2025: £1.20 million). The Group expects the revenue from the Fulcrum contract to grow over time.

 

FPAM's weighted average unexpired fund management contract term at the period end was 4 years, 5 months (31 March 2025: 3 years, 4 months).

 

The reconciliation of movement in third party funds under management during the period is shown below:

 

	Funds managed for third parties (including funds in which the Group is a minority shareholder)
	UK £m.	CEE £m.	Total £m.	No. of prop's
As at 1 Apr 2025	56.77	107.14	163.91	18
Property purchases	7.06	-	7.06	1
Property sales	(2.55)	-	(2.55)	(1)
Capital expenditure	-	0.12	0.12	-
Property revaluation	(0.85)	0.04	(0.81)	-
Loss of control	(27.5)	-	(27.5)	(1)
FX revaluation	-	4.84	4.84	-
As at 30 Sep 2025	32.93	111.84	144.77	17

 

An overview of the value and maturity of each of the funds managed by FPAM is set out below:

 

Fund	Country of investment	Fund expiry	Assets under management at market value at    30 Sep 2025	No of properties	% of total third-party assets under management	Assets under management at market value at 31 Mar 2025
			£m.		%	£m.
OFFICES	UK	Jun 2024	-	-	-	27.5
SIPS	UK	Jan 2026	3.5	1	2.4	3.5
UK PPP	UK	Jan 2027	-	-	-	2.6
SPEC OPPS	UK	Jan 2027	8.9	3	6.1	9.5
FKR	Poland	Mar 2027	16.2	1	11.2	15.5
FGC	Poland	Dec 2027	24.9	1	17.2	23.9
FCL	Romania	Jun 2028	8.4	1	5.8	8.0
FPL	UK	Jun 2028	-	-	-	-
FOP	Poland	Oct 2030	62.4	5	43.1	59.8
FULCRUM	UK	Indefinite	20.5	5	14.2	13.7
Total Third Party AUM			144.8	17	100.0	164.0

 

 

The sub sector weightings of investments in FPAM funds is set out in the table below:

 

	UK	Poland	Romania	Total	% of Total
	£m.	£m.	£m.	£m.
Offices	22.2	37.7	8.4	68.3	47.2
Retail warehousing	10.8	-	-	10.8	7.4
Shopping centres	-	12.4	-	12.4	8.6
Supermarkets	-	53.3	-	53.3	36.8
Total	33.0	103.4	8.4	144.8	100.0
% of Total	22.8	71.4	5.8	100.0

 

 

Commercial Property Market Outlook

 

Poland:

 

Polish GDP grew by 3.4% year-on-year (YoY) in Q2 and 3.7% in Q3. This acceleration marked the strongest economic expansion since Q3 2022, driven primarily by robust household consumption and a recovery in public investment.

 

The National Bank of Poland's policy interest rate was cut in November 2025 to 4.25%, bringing to 1.5% the total reduction in interest rates in the year to date.

 

Occupational demand for commercial property and investment demand remains weak but is not deteriorating. There are signs of improvement. Some €2.6 billion of commercial property was transacted during the first three quarters of 2025, a similar level to the same period in 2024.

 

United Kingdom:

 

The value of transactions in commercial investment property remains below the five-year average but is forecast to be higher in 2025 than they were in 2024. Values for prime and secondary assets continue to diverge. If interest rates decline further, agents expect transaction volume and values to climb in response.

 

 

 

Current Trading and Prospects

 

I am pleased by these results which reflect continued improvement in the Group's underlying assets and operations. The economic and market turmoil set in train by lockdowns, changing working habits, damaging government policies, increases in interest rates and a marked withdrawal of capital from the sector has made it very challenging for investors in commercial property. We have however, navigated these difficult times relatively well.

 

The markets and economy continue to be challenging. Our government seems intent on damaging as much as possible the private sector and wealth creation in the UK.

 

Notwithstanding this, I anticipate we will successfully go on protecting asset values as best as possible and adding value whenever the opportunity to do so arises.

 

Ben Habib

Chief Executive

 

 

 

CONSOLIDATED INCOME STATEMENT

for the six months to 30 September 2025

 

 

 

	Notes	Six months to 30 Sep 2025 (unaudited)	Six months to 30 Sep 2024 (unaudited)	Year to 31 Mar 2025 (audited)
		£'000	£'000	£'000
Revenue	2	3,645	3,935	7,552
Cost of sales		(1,020)	(1,446)	(2,728)
Gross profit		2,625	2,489	4,824
Operating expenses		(2,036)	(2,392)	(4,317)
Operating profit		589	97	507
Share of results in associates	11a	742	1,536	2,827
Share of associates' revaluation loss	11a	-	(462)	(38)
Profit from the loss of control of subsidiaries	5	149	-	-
Investment income		136	261	422
Interest income	3	112	124	245
Interest expense	3	(248)	(400)	(695)
Loss from impairment of investment properties		-	-	(242)
Profit before tax		1,480	1,156	3,026
Tax charge	4	(201)	(55)	(684)
Profit for the period		1,279	1,101	2,342
Attributable to:
Owners of the parent		1,165	1,033	2,139
Non-controlling interests		114	68	203
		1,279	1,101	2,342
Earnings per share
Basic	7	0.79p	0.92p	1.65p
Diluted	7	0.79p	0.91p	1.64p

 

 

All operations are continuing.

 

 

 

 

 

CONSOLIDATED STATEMENT OF

COMPREHENSIVE INCOME

 

for the six months to 30 September 2025

 

 

	Notes	Six months to 30 Sep 2025	Six months to 30 Sep 2024	Year to 31 Mar 2025
		(unaudited)	(unaudited)	(audited)
		£'000	£'000	£'000
Profit for the period		1,279	1,101	2,342
Other comprehensive income
Items that may subsequently be reclassified to profit or loss:
Exchange differences on retranslation of foreign subsidiaries		568	(145)	985
Net profit/ (loss) on financial assets at fair value through Other Comprehensive Income	11b	147	(144)	(258)
Taxation		-	-	-
Total comprehensive income for the period		1,994	812	3,069
Total comprehensive income for the period attributable to:
Owners of the parent		1,883	805	2,759
Non-controlling interests		111	7	310
		1,994	812	3,069

 

 

All operations are continuing.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

As at 30 September 2025

 

	Notes	As at 30 Sep 2025 (unaudited)	As at 31 Mar 2025 (audited)	As at 30 Sep 2024  (unaudited)
		£'000	£'000	£'000
Non-current assets
Investment properties	9	37,775	46,759	44,902
Right of use Asset		-	-	-
Property, plant and equipment		8	15	26
Investment in associates	11a	20,738	20,064	18,349
Other financial assets at fair value through OCI	11b	1,653	1,670	2,308
Goodwill		153	153	153
Deferred tax assets		367	1,117	1,000
Total non-current assets		60,694	69,778	66,738
Current assets
Trading property	10	574	-	-
Current tax assets		15	170	46
Right of use assets		-	-	-
Trade and other receivables	12	3,871	3,939	3,513
Cash and cash equivalents		3,292	4,824	5,889
Total current assets		7,752	8,933	9,448
Current liabilities
Trade and other payables	13	(2,044)	(2,743)	(3,343)
Provisions		(365)	(332)	(300)
Lease liabilities		-	-	-
Financial liabilities	14	(859)	(5,143)	(5,247)
Other financial liabilities	15	(1,024)	(11,042)	(10,956)
Current tax liabilities		(40)	(22)	(31)
Total current liabilities		(4,332)	(19,282)	(19,877)
Net current assets		3,420	(10,349)	(10,429)
Total assets less current liabilities		64,114	59,429	56,309
Non-current liabilities
Financial liabilities	14	(8,536)	(4,307)	(4,562)
Other financial liabilities	15	(2,959)	(3,875)	(3,770)
Lease liabilities		-	-	-
Deferred tax liabilities		(3,271)	(3,930)	(3,152)
Net assets		49,348	47,317	44,825
Equity
Called up share capital	6	1,536	1,536	1,536
Share premium		8,222	8,222	8,222
Share-based payment reserve		1,163	1,105	960
Foreign exchange translation reserve		149	(422)	(1,491)
Purchase of own shares reserve		(2,440)	(2,440)	(2,440)
Investment revaluation reserve		(2,049)	(2,451)	(2,337)
Retained earnings		40,450	39,540	38,434
Equity attributable to the owners of the parent		47,031	45,090	42,884
Non-controlling interests		2,317	2,227	1,941
Total equity		49,348	47,317	44,825
Net assets per share	7	31.81p	30.50p	29.01p

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

for the six months to 30 September 2025

 

	Share Capital	Share Premium	Share- Based Payment Reserve	Foreign Exchange Translation Reserve	Purchase of Own Shares	Investment Revaluation Reserve	Retained Earnings	Non-Controlling Interests	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 1 Apr 2024	1,166	5,635	815	(1,407)	(2,440)	(2,193)	37,401	1,954	40,931
Profit for the period	-	-	-	-	-	-	1,101	-	1,101
Net gain/ (loss) on financial assets at fair value through other comprehensive income	-	-	-	-	-	(144)	-	-	(144)
Exchange differences arising on translations of foreign subs	-	-	-	(84)	-	-	-	(61)	(145)
Change in the proportion held in non-controlling interests	-	-	-	-	-	-	-	-	-
Movement on foreign exchange	-	-	-	-	-	-	-	-	-
Total Comprehensive Income	-	-	-	(84)	-	(144)	1,101	(61)	812
Share issue	370	2,587	-	-	-	-	-	-	2,957
Share options charge	-	-	145	-	-	-	-	-	145
Non-controlling interests	-	-	-	-	-	-	(68)	68	-
Dividends paid	-	-	-	-	-	-	-	(20)	(20)
At 30 Sep 2024	1,536	8,222	960	(1,491)	(2,440)	(2,337)	38,434	1,941	44,825
Profit for the period	-	-	-	-	-	-	1,241	-	1,241
Net (loss) on financial assets at fair value through other comprehensive income	-	-	-	-	-	(114)	-	-	(114)
Exchange differences arising on translations of foreign subs	-	-	-	1,069	-	-	-	168	1,237
Total Comprehensive Income	-	-	-	1,069	-	(114)	1,241	168	2,364
Share options charge	-	-	145	-	-	-	-	-	145
Non-controlling interests	-	-	-	-	-	-	(135)	135	-
Dividends paid	-	-	-	-	-	-	-	(17)	(17)
At 1 Apr 2025	1,536	8,222	1,105	(422)	(2,440)	(2,451)	39,540	2,227	47,317
Profit for the period	-	-	-	-	-	-	1,279	-	1,279
Net gain on financial assets at fair value through other comprehensive income	-	-	-	-	-	147	-	-	147
Exchange differences arising on translations of foreign subs	-	-	-	571	-	-	-	(3)	568
Change in the proportion held in non-controlling interests	-	-	-	-	-	-	-	-	-
Recycled to retained earnings	-	-	-	-	-	255	(255)	-	-
Total Comprehensive Income	-	-	-	571	-	402	1,024	(3)	2,015
Share options charge	-	-	58	-	-	-	-	-	58
Non-controlling interests	-	-	-	-	-	-	(114)	114	-
Dividends paid	-	-	-	-	-	-	-	(21)	(21)
At 30 Sep 2025	1,536	8,222	1,163	149	(2,440)	(2,049)	40,450	2,317	49,348

 

CONSOLIDATED CASH FLOW STATEMENT

 

for the six months to 30 September 2025

 

	Notes	Six months to  30 Sep 2025 (unaudited)	Six months to 30 Sep 2024 (unaudited)	Year to 31 Mar 2025  (audited)
		£'000	£'000	£'000
Cash flows from/ (used in) operating activities
Operating profit		589	97	507
Adjustments for:
Depreciation of property, plant & equipment		5	13	24
Depreciation of investment property	9	230	202	417
Share options charge		58	145	290
Decrease in trade and other receivables		101	745	217
(Decrease) in trade and other payables		(716)	(268)	(506)
Other non-cash adjustments		59	(108)	101
Cash generated from operations		326	826	1,050
Income taxes paid		62	(29)	(194)
Net cash flow from operating activities		388	797	856
Cash flow from/ (used in) investing activities
Capital expenditure on investment properties	9	(399)	(191)	(1,423)
Purchase of property, plant and equipment		(1)	(15)	(15)
Purchase of trading property	10	(574)	-	-
Proceeds from investments in funds	11b	164	171	695
Proceeds from Investment in shares of associates	11a	92	-	-
Investments in associates	11a	(24)	-	-
Interest received	3	112	124	245
Investment income		136	261	422
Net cash flow (used in)/ from investing activities		(494)	350	(76)
Cash flow from/ (used in) financing activities
Gross proceeds from open offer		-	2,957	2,957
Repayment of bank loans		(455)	(418)	(831)
Repayment of deferred consideration		(1,020)	(1,970)	(1,970)
Interest paid	3	(248)	(400)	(695)
Dividends paid		-	-	-
Dividends paid to non-controlling interests		(21)	(20)	(37)
Net cash flow (used in)/ from financing activities		(1,744)	149	(576)
Net (decrease)/ increase in cash and cash equivalents		(1,850)	1,296	204
Cash and cash equivalents at the beginning of period		4,824	4,628	4,628
Currency translation gains/ (losses) on cash and cash equivalents		318	(35)	(8)
Cash and cash equivalents at the end of the period		3,292	5,889	4,824

NOTES TO THE ACCOUNTS

 

for the six months ended 30 September 2025

 

 

1.     Basis of Preparation

 

·     These interim consolidated financial statements for the six months ended 30 September 2025 have not been audited or reviewed and do not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006. They have been prepared in accordance with the Group's accounting policies as set out in the Group's latest annual financial statements for the year ended 31 March 2025 and are in compliance with IAS 34 "Interim Financial Reporting". These accounting policies are drawn up in accordance with UK-adopted International Accounting Standards.

 

·     The comparative figures for the financial year ended 31 March 2025 are not the full statutory accounts for the financial year but are abridged from those accounts which were prepared under IFRS and which have been reported on by the Group's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified, did not include references to any matter to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

 

·     These interim financial statements were approved by the Audit Committee on 26 November 2025.

 

 

 

 

 

 

 

NOTES TO THE ACCOUNTS

 

for the six months ended 30 September 2025

 

2.     Segmental Analysis 

 

Segment reporting for the six months to 30 September 2025

 

	Fund Management Division	Group Properties Division
	Property fund management	Group properties	Associates and investments	Unallocated central overheads	TOTAL
	£'000	£'000	£'000	£'000	£'000
Rental income	-	2,007	-	-	2,007
Service charge income	-	841	-	-	841
Asset management fees	797	-	-	-	797
Total revenue	797	2,848	-	-	3,645
Depreciation and amortisation	(3)	(2)	-	-	(5)
Operating profit	80	1,035	-	(526)	589
Share of results in associates	-	-	742	-	742
Profit on deconsolidation of Gdynia	-	149	-	-	149
Investment income	-	-	136	-	136
Interest income	-	20	-	92	112
Interest expense	-	(248)	-	-	(248)
Profit/ (loss) before tax	80	956	878	(434)	1,480
Analysed as:
Underlying profit/ (loss) before tax before adjusting for the following items:	80	808	618	(434)	1,072
Interest on loans to associates	-	-	-	58	58
Share option charge	-	-	-	(58)	(58)
Profit on deconsolidation of Gdynia following loss of control	-	149	-	-	149
UK fund distributions following property sales	-	-	260	-	260
Realised foreign currency (losses)/ gains	-	(1)	-	-	(1)
Profit/ (loss) before tax	80	956	878	(434)	1,480

 

 

Revenue for the six months to 30 September 2025 from continuing operations consists of revenue arising in the United Kingdom 5% (30 September 2024: 15%) and Central and Eastern Europe 95% (30 September 2024: 85%) and all relates solely to the Group's principal activities.

 

Direct costs incurred by the Company relating to the cost of the Board and the related share listing costs are shown separately under unallocated central costs.

 

 

 

 

 

 

NOTES TO THE ACCOUNTS

 

for the six months ended 30 September 2025

 

 

Segment reporting for the six months to 30 September 2024

 

	Fund Management Division	Group Properties Division
	Property fund management	Group properties	Associates and investments	Unallocated central overheads	TOTAL
	£'000	£'000	£'000	£'000	£'000
Rental income	-	2,014	-	-	2,014
Service charge income	-	747	-	-	747
Asset management fees	1,174	-	-	-	1,174
Total revenue	1,174	2,761	-	-	3,935
Depreciation and amortisation	(8)	(5)	-	-	(13)
Operating profit	409	378	-	(690)	97
Share of results in associates	-	-	1,536	-	1,536
Fair value adjustment to associate	-	-	(462)	-	(462)
Investment income	-	-	261	-	261
Interest income	-	124	-	-	124
Interest expense	-	(400)	-	-	(400)
Profit/ (loss) before tax	409	102	1,335	(690)	1,156
Analysed as:
Underlying profit/ (loss) before tax before adjusting for the following items:	108	83	595	(399)	387
Interest on loan to associates	-	-	-	69	69
Share option charge	-	-	-	(145)	(145)
Open offer costs	-	-	-	(184)	(184)
Payment in lieu of management fees	300	-	-	-	300
UK fund distributions following property sales	-	-	261	-	261
Uplift in the Group's value of an associate following property trading	-	-	941	-	941
Fair value adjustment to associate	-	-	(462)	-	(462)
Realised foreign currency (losses)/ gains	1	19	-	(31)	(11)
Profit/ (loss) before tax	409	102	1,335	(690)	1,156

 

 

 

NOTES TO THE ACCOUNTS

 

for the six months ended 30 September 2025

 

 

 

Segment reporting for the year to 31 March 2025

 

	Fund Management Division	Group Properties Division
	Property fund management	Group properties	Associates and investments	Unallocated central overheads	TOTAL
	£'000	£'000	£'000	£'000	£'000
Rental income	-	3,578	-	-	3,578
Service charge income	-	1,712	-	-	1,712
Asset management fees	2,262	-	-	-	2,262
Performance related fee income	-	-	-	-	-
Total revenue	2,262	5,290	-	-	7,552
Depreciation and amortisation	(15)	(9)	-	-	(24)
Operating profit	1,040	853	-	(1,386)	507
Share of results in associates	-	-	2,827	-	2,827
Fair value adjustment on associates	-	-	(38)	-	(38)
Property impairment	-	(242)	-	-	(242)
Investment income	-	-	422	-	422
Interest income	-	38	-	207	245
Interest expense	-	(695)	-	-	(695)
Profit/ (loss) before tax	1,040	(46)	3,211	(1,179)	3,026
Analysed as:
Underlying profit/ (loss) before tax before adjusting for the following items:	633	213	1,094	(941)	999
Interest received on loan to associate	-	-	-	207	207
Open offer costs	-	-	-	(142)	(142)
Fair value adjustment on associates	-	-	(38)	-	(38)
Property impairment	-	(242)	-	-	(242)
One-off income generated from an associate	91	-	1,733	-	1,824
One-off distribution income from UK investments	-	-	422	-	422
Payment in lieu of management fees	300	-	-	-	300
Share option charge	-	-	-	(290)	(290)
Realised foreign currency (losses)/ gains	16	(17)	-	(13)	(14)
Total	1,040	(46)	3,211	(1,179)	3,026
Assets - Group	993	50,590	1,670	5,394	58,647
Share of net assets of associates	-	-	20,064	-	20,064
Liabilities	(49)	(31,345)	-	-	(31,394)
Net assets	944	19,245	21,734	5,394	47,317

 

 

Additions to non-current assets
Property, plant and equipment	-	15		-		-		15
Investment properties	-	1,423		-		-		1,423

 

NOTES TO THE ACCOUNTS

 

for the six months ended 30 September 2025

 

 

3.     Interest Income/ (Expense)

 

	Six months ended 30 Sep 2025	Six months ended 30 Sep 2024	Year ended 31 Mar 2025
	£'000	£'000	£'000
Interest income - bank deposits	49	46	104
Interest income - other	63	78	141
Total interest income	112	124	245

 

	Six months  ended 30 Sep 2025	Six months ended 30 Sep 2024	Year ended 31 Mar 2025
	£'000	£'000	£'000
Interest expense - property loans	(246)	(334)	(617)
Interest expense - bank and other	(2)	(66)	(78)
Total interest expense	(248)	(400)	(695)

 

 

4.     Tax Expense

 

The tax charge is based on a combination of actual current and deferred tax charged at an effective rate that is expected to apply to the profits for the full year.

 

	Six months  ended 30 Sep 2025	Six months ended 30 Sep 2024	Year ended 31 Mar 2025
	£'000	£'000	£'000
Current tax	(133)	(90)	(127)
Deferred tax	(68)	35	(557)
Total	(201)	(55)	(684)

 

 

5.     Loss of control

 

On 30 April 2025 the decision was taken to place Fprop Gdynia Sp. Zoo ("GDY") into administration following the Company's failure to agree restructuring terms with its principal creditor, as announced by RNS. As a result of this action it was deemed the Group had lost control of this entity and its assets and liabilities were deconsolidated from the accounts of the Group.

 

On 31 July 2025, the Group sold GDY Property (1) Ltd (formerly Fprop Gdynia Podolska Limited) and GDY Property (2) Ltd (formerly Fprop Gdynia Limited), the 100% shareholders of GDY, for a consideration of £1 respectively.

 

As a result of the loss of control of these entities, the Group recognised a one-off gain on disposal of £0.15 million.

 

Net liabilities/(assets) disposed:	£'000
Investment property	(10,042)
Debtors	(919)
Trade creditors	53
Deferred consideration	10,042
Other creditors	1,015
Gain on disposal of subsidiaries	149

 

 

 

NOTES TO THE ACCOUNTS

 

for the six months ended 30 September 2025

 

6.     Called-Up Share Capital

 

 

	Six months ended 30 Sep 2025	Six months ended 30 Sep 2024	Year  ended 31 Mar 2025
	£'000	£'000	£'000
Authorised
240,000,000 (2024: 240,000,000) Ordinary Shares of 1 pence each	2,400	2,400	2,400
Issued and fully paid
153,561,892 (2024: 153,561,892) Ordinary Shares of 1 pence each of issued share capital, of which 5,718,783 Ordinary Shares (2024: 5,718,783) are held in treasury	1,536	1,536	1,536

 

 

	Ordinary Shares Number	Treasury Shares Number	Share Options Number
1 April 2025	147,843,109	5,718,783	12,560,000
Purchase of shares into treasury	-	-	-
Exercise of share options	-	-	-
Issue of new shares	-	-	-
Issue of share options	-	-	-
Lapse of share options	-	-	-
30 September 2025	147,843,109	5,718,783	12,560,000

                                                                                                               

 

7.     Earnings/ NAV Per Share

 

	Six months ended 30 Sep 2025	Six months ended 30 Sep 2024	Year  ended 31 Mar 2025
Basic earnings per share	0.79p	0.92p	1.65p
Diluted earnings per share	0.79p	0.91p	1.64p

 

The basic earnings per ordinary share is calculated on the profit on ordinary activities after taxation and after excluding non-controlling interests on the weighted average number of ordinary shares in issue, during the period.

 

Figures in the table below have been used in the calculations.

 

 

	£'000	£'000	£'000
Basic earnings per share	1,165	1,033	2,139
Notional interest on share options assumed to be exercised	3	8	3
Diluted earnings assuming full dilution	1,168	1,041	2,142

 

 

	Number	Number	Number
Weighted average number of Ordinary Shares in issue (used for basic earnings per share calculation)	147,843,109	112,296,132	130,020,926
Number of Share options	500,000	2,110,000	500,000
Total number of Ordinary Shares used in the diluted earnings per Share calculation	148,343,109	114,406,132	130,520,926

 

For the purpose of calculating diluted earnings/(loss) per share, the number of Ordinary Shares is the weighted average number of Ordinary Shares, plus the weighted average number of Ordinary Shares that would be issued on the conversion of all the dilutive potential Ordinary Shares into Ordinary Shares. Options have a dilutive effect only when the average market price of the Ordinary Shares during the period exceeds the exercise price of the options and thus they are 'in the money'.

 

The weighted average number of Ordinary Shares in issue includes 36,960,777 new Ordinary Shares issued following completion of the Open Offer on 23 September 2024.

 

NOTES TO THE ACCOUNTS

 

for the six months ended 30 September 2025

 

	Six months ended 30 Sep 2025	Six months ended 30 Sep 2024	Year  ended 31 Mar 2025
Net assets per share	31.81p	29.01p	30.50p
Adjusted net assets per share	38.07p	31.79p	35.72p

 

 

The following numbers have been used to calculate both the net assets and adjusted net assets per share:

 

	Six months ended 30 Sep 2025	Six months ended 30 Sep 2024	Year  ended 31 Mar 2025
	£'000	£'000	£'000
For adjusted net assets per share
Net assets excluding non-controlling interests	47,031	42,884	45,090
Uplift of investment properties at fair value net of deferred taxes	7,603	4,213	6,966
Uplift of investments in associates and other financial investments to fair value	1,777	243	872
Other items	58	323	58
Total	56,469	47,663	52,986

 

 

8.     Share Based Payments

 

The Company has a share-based payment arrangement scheme in place which will be fully vested by 31 March 2026 as described below:

 

Date of grant	31 March 2023
Number granted	10,450,000
Contractual life	10 years to 31 March 2033
Vesting conditions	The options vest as follows:   ·      33.3% on the first anniversary of grant; ·      33.3% on the second anniversary of grant; and ·      the remainder on the third anniversary of grant.

 

The estimated fair value of each share option granted has been calculated using the Black-Scholes pricing model. The model inputs were the share price at grant date and the exercise price based on the mid-market closing price on 30 March 2023 of 23.5 pence per Ordinary Share, expected volatility of 30%, a dividend yield of 1%, a contractual life of 10 years and a risk-free interest rate of 4.25%.

 

	Six months ended 30 Sep 2025	Six months ended 30 Sep 2024	Year ended 31 March 2025
	£'000	£'000	£'000
Expenses arising from share based payments	58	145	290

 

 

9.     Investment Properties

 

	Six months ended 30 Sep 2025	Year  ended 31 Mar 2025	Six months  ended 30 Sep 2024
	£'000	£'000	£'000
1 April	46,759	45,756	45,756
Property impairment	-	(242)	-
Loss of control	(10,042)	-	-
Purchases	-	-	-
Capital expenditure	399	1,423	191
Disposals	-	-	-
Depreciation	(230)	(417)	(202)
Foreign exchange translation	889	239	(843)
Total at end of period	37,775	46,759	44,902

 

Investment properties owned by the Group are stated at cost less depreciation and accumulated impairment losses.

 

NOTES TO THE ACCOUNTS

 

for the six months ended 30 September 2025

 

10.   Trading Property

 

 

	Six months ended 30 Sep 2025	Year  ended 31 Mar 2025	Six months  ended 30 Sep 2024
	£'000	£'000	£'000
1 April	-	-	-
Purchases	574	-	-
Capital expenditure	-	-	-
Disposals	-	-	-
Total at end of period	574	-	-

 

 

11.   Investments in associates and other financial assets and investments

 

	Six months ended 30 Sep 2025	Year ended 31 Mar 2025	Six months ended 30 Sep 2024
	£'000	£'000	£'000
a) Associates
Cost of investment at beginning of period	20,064	17,275	17,275
Additions	24	-	-
Disposals	-	-	-
Repayment of shareholder loan	(92)	-	-
Share of associates profit after tax	742	2,827	1,536
Share of associates revaluation gains	-	(38)	(462)
Dividends received	-	-	-
Cost of investment at end of period	20,738	20,064	18,349

 

The Group's investments in associated companies are accounted for under the "cost model" under IAS40 whereby the

Group's share is held at cost plus its share of subsequent accumulated profits less dividends received. It comprises the following:

 

	Six months ended 30 Sep 2025	Year ended 31 Mar 2025	Six months ended 30 Sep 2024
	£'000	£'000	£'000
Investments in associates
Fprop Galeria Corso Ltd	3,279	3,211	3,071
Fprop Krakow Ltd	965	962	1,081
Fprop Cluj Ltd	649	676	691
Fprop Phoenix Ltd	1,713	1,733	941
Fprop Opportunities plc	14,132	13,482	12,565
	20,738	20,064	18,349

 

 

	Six months ended 30 Sep 2025	Year  ended 31 Mar 2025	Six months ended 30 Sep 2024
	£'000	£'000	£'000
b) Other financial investments
At 1 April	1,670	2,623	2,623
Additions	-	-	-
Repayments	(164)	(695)	(171)
Increase/ (decrease) in fair value during the period	147	(258)	(144)
Cost of investment at end of period	1,653	1,670	2,308

 

The Group holds four unlisted investments in funds managed by FPAM. Each is designated at fair value through "Other Comprehensive Income" (OCI) as per IFRS 9. The Directors consider their fair value to not be materially different from their carrying value.

 

Fair value has been calculated by applying the Group's percentage holding in the investments to the fair value of their net assets.

 

 

 

NOTES TO THE ACCOUNTS

 

for the six months ended 30 September 2025

 

12.   Trade and Other Receivables

 

	Six months ended 30 Sep 2025	Year  ended 31 Mar 2025	Six months ended 30 Sep 2024
	£'000	£'000	£'000
Current assets
Trade receivables	1,199	1,312	1,655
Less provision for impairment of receivables	(164)	(109)	(366)
Trade receivables net	1,035	1,203	1,289
Other receivables	2,036	1,948	1,728
Prepayments and accrued income	800	788	496
Total at end of period	3,871	3,939	3,513

 

 

13.   Trade and Other Payables

 

	Six months ended 30 Sep 2025	Year  ended 31 Mar 2025	Six months ended 30 Sep 2024
	£'000	£'000	£'000
Current liabilities
Trade payables	803	1,839	922
Other taxation and social security	247	178	191
Other payables and accruals	962	631	2,119
Deferred income	32	95	111
Total at end of period	2,044	2,743	3,343

 

 

14.   Financial Liabilities

 

	Six months ended  30 Sep 2025	Year  ended 31 Mar 2025	Six months ended 30 Sep 2024
	£'000	£'000	£'000
Current liabilities
Bank loans	859	5,143	5,247
Total at end of period	859	5,143	5,247
Non-current liabilities
Bank loans	8,536	4,307	4,562
Total at end of period	8,536	4,307	4,562
Total obligations under financial liabilities
Repayable within one year	859	5,143	5,247
Repayable within one and five years	7,634	3,218	2,118
Repayable after five years	902	1,089	2,444
Total at end of period	9,395	9,450	9,809

 

Four bank loans (all denominated in Euros) totalling £9.40 million (31 March 2025: £9.45 million) are secured against five investment properties owned by the Group. These bank loans are otherwise non-recourse to the Group's assets.

 

 

NOTES TO THE ACCOUNTS

 

for the six months ended 30 September 2025

 

The interest rate profile of the Group's financial liabilities at 30 September 2025 and at 31 March 2025 was as follows:

 

	Interest bearing	Non- interest bearing	Total
	£'000	£'000	£'000
Financial liabilities	9,395	-	9,395
Other financial liabilities	-	3,983	3,983
At 30 Sep 2025	9,395	3,983	13,378
Financial liabilities	9,450	-	9,450
Other financial liabilities	-	14,917	14,917
At 31 Mar 2025	9,450	14,917	24,367

 

A one percentage point increase in interest rates would increase the annual interest rate bill by £0.09 million per annum (31 March 2025: £0.09 million per annum).

 

 

15.   Other Financial Liabilities

 

 

	Six months ended  30 Sep 2025	Year  ended 31 Mar 2025	Six months ended 30 Sep 2024
	£'000	£'000	£'000
Current liabilities	1,024	11,042	10,956
Non-current liabilities	2,959	3,875	3,770
Total at end of period	3,983	14,917	14,726
Total obligations under financial liabilities
Repayable within one year	1,024	11,042	10,956
Repayable within one and five years	2,959	3,875	3,770
Repayable after five years	-	-	-
Total at end of period	3,983	14,917	14,726

 

 

Other financial liabilities decreased to £3.98 million (31 March 2025: £14.92 million). The reduction was largely due to Fprop Gdynia Sp. Zoo ("GDY") being put into administration following the Company's failure to agree restructuring terms with its principal creditor, as announced by RNS on 30 April 2025. This resulted in the entity being deconsolidated from the accounts of the Group. See note 5 for further information on loss of control.

 

The balance of £3.98 million relates to the Group's additional investment in Blue Tower, Warsaw, which was originally financed by deferred consideration totalling £7.20 million (debt denominated in Polish Zloty, PLN 40.40 million). This liability, which is non-interest bearing, is payable in seven instalments, the first four instalments have been paid. The next instalment is due in August 2026.

 

During the six month period to 30 September 2025 Sterling weakened against the Polish Zloty by 2.4% which increased our liability in respect of Blue Tower by £0.10 million.

 

 

The interim results are being circulated to all shareholders and can be downloaded from the company's website - www.fprop.com. Further copies can be obtained from the registered office at 32 St James's Street, London SW1A 1HD.