First Prop’s FY19 earnings have come in marginally ahead of expectations at the PBT level (despite the 9% upgrade in May), reporting revenues of £20.4m (Arden: £20.5m) and adj. PBT of £7.8m (Arden: £7.5m, excl. non-recurring items and FX movements). Adj. NAV of 57.5p (+8.3% y/y) was below our 64.2p forecast due to FX headwinds, some revaluation reductions on investment properties and a decision to accelerate depreciation at its office block in Gydnia, Poland. The group has also declared a final ....
