| 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) |
|
| 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 |
*Contribution to Group profit before tax - period to |
|
|
|
|
|
£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 |
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 |
| |
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.