Mapeley, the Guernsey-based outsourcing and property management company, has delivered a profit in the first three months of 2007, figures released this morning show.

The company, which manages a 24.7m sq ft commercial property portfolio valued at £2.35bn, reported pretax profits of £11.4m and a 19.7% increase in revenues to £104.3m.

Rather than reporting net asset value, the typical property company performance indicator, Mapeley reports funds from operations (FFO) in recognition of its unusual business model and substantial US shareholder base.

The company achieved a 35% increase in FFO to £13.8m. The growth was attributed to increased contractual revenues from property management clients and a contribution from the government’s Identity and Passport Service outsourcing contract, as well as a clutch of direct property purchases totalling £104.4m.

Shares climbed 40p to 3790p in response to the results.

Executive Jamie Hopkins said: ‘We have made a strong start to 2007. EBITDA has increased by 62% and for the eighth successive period we have increased our dividend. The business continues to generate strong organic returns.’