First Property Group, the AIM listed property company, has delivered strong results in its interim report for the six months to 30 September.

The group increased its assets under management by 21% from £240m in 2007 to £290m, while profit before tax grew 14% to £1.77m, and the interim dividend doubled to 0.3p a share.

Its net assets increased from £12.1m in March to £12.9m, and the group has a cash balance of £11.2m, up from £6.2m last year.

Revenue from its property fund management arm increased 84% to £1.95m from £1.06m last year.

However, turnover decreased from £5.4m last year to £4.7m due to a reduction in transactions.

Ben Habib, CEO at First Property said: ‘Our financial position and experienced management team makes us well placed to capitalise on the opportunities that will become available in the market place over the next year or two and we are ready to act on these in order to maximise returns for our clients and shareholders alike.’

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