News and Press Releases

Jeremy Naylor interviews Fprop CEO Ben Habib on the Group’s preliminary results for the financial year to 31 March 2021. (13m, 34s)

Simon Thompson sets out his reasons for a “Recovery Buy” saying “…the shares trading on a huge 40 per cent discount to proforma NAV (after factoring in €9m debt write-off after the financial year-end), the rating fails to acknowledge the track record of a management team that has delivered 12.8 per cent annual growth in adjusted net assets including dividends since 2011.”

Simon Thompson: Investor overreaction presents buying opportunity https://t.co/YuqQYpJmZO

— Investors’ Chronicle (@IChronicle) June 24, 2021

Fprop CEO Ben Habib discusses the group’s financial results for the year to 31 March 2021

Mr Habib told The Telegraph: “I was interested to read that Mr Ashley has offered [Sir] Philip Green a £50m loan. Especially interested, in fact, as Mr Ashley’s Frasers Group currently owes a pension fund, on whose behalf I manage property, hundreds of thousands of pounds in unpaid rent.

“Buying distressed assets and saving jobs is a positive thing. But if you are simultaneously refusing to honour your debts, you are in effect buying them with other people’s capital. In this case, that of vulnerable pensioners. In the midst of a pandemic, this is inexcusable.”

Mike Ashley criticised by landlord for refusing to pay store rents but offering £50m lifeline to Arcadia, First Property Group warns of legal action next year if the bill is not paid https://t.co/b8Y9026Wpi#HighStreet #Arcadia #retailnews #BusinessNews

— Retail Gazette (@retailgazette) December 2, 2020

Writing in Investors Chronicle, Simon Thompson has urged readers to invest in Fprop, highlighting “significant firepower to take advantage of investment opportunities”.

He concludes: “Trading on a modest PE ratio of 9 and offering a near 5 per cent dividend yield, expect the hefty discount to book value to narrow as the cash pile is deployed. Buy.”

Simon Thompson: A quartet of value opportunities https://t.co/d2Xfu2ZHuq

— Investors Chronicle (@IChronicle) November 30, 2020

Read in full: First Property Group plc: Interim Results and interview with Ben Habib

• Here for a copy of the statement;
• Here for a copy of the presentation;
• Here to listen to the results meeting (40 mins);
• Here to listen to Ben Habib, CEO, being interviewed on the results by IG News (11 mins).

Interim Results for the six months to 30 September 2020. Download the accompanying presentation here. Presented by Jeremy Barkes, Business Director, Ben Habib, CEO, and Laura James, Finance Director.

Ben Habib, First Property Group CEO, speaking to Victoria Scholar of IGTV about Fprop’s interim results, the changes taking place in the property market, and the trading opportunities he expects to see next year.

First Property Group CEO Ben Habib on the Share Talk Ltd podcast.

He said: “We’ve got £21m sitting in the bank and we will deploy that along with our client money to find assets that we think are undervalued or have real growth potential coming out of the pandemic.”

Founded and CEO of First Property Group plc @benhabib6 (#FPO.L) Interview @FpropPlc https://t.co/A19nrPI7Ym

— Share_Talk ™ (@Share_Talk) November 18, 2020

Writing in The Daily Express, Fprop CEO Ben Habib renews his calls for business rates reform to aid retail and hospitality.

“Unless action is taken soon, ministers will be directly responsible for a wave of failed firms and redundancies when the rates ‘holiday’ ends,” he says.

In The @Daily_Express our CEO @benhabib6 renews calls for business rates reform to aid retail and hospitality.

“Unless action is taken soon, ministers will be directly responsible for a wave of failed firms and redundancies when the rates ‘holiday’ ends.”https://t.co/juFQAMohxO

— First Property Group (@FpropPlc) November 6, 2020

Fprop CEO Ben Habib argues that Business Rates tax reform is needed to help tenants, landlords, and the economy during the Coronavirus crisis. 

He writes in City AM: “By its nature, the burden of this tax falls hardest on startups, small companies, and businesses experiencing difficulties. They have little income and often have to bear this tax out of capital — which is also, more often than not, scarce.”

Covid is an opportunity to scrap business rates altogether https://t.co/27XXZui2pk pic.twitter.com/CfzOj062v9

— City A.M. (@CityAM) October 16, 2020

Adding: “Calls for change are growing louder, and will reach a shriek when the March rates reintroduction takes its damaging hold. But by then it will be too late. The government must act now, and act boldly.”

Fprop shares were discussed by Simon Thompson and Investors Chronicle Editor John Hughman on “The Alpha Podcast: Bargain hunting.” Listen here from 7:29 to 10:26. 

Alpha podcast: John Hughman talks to Simon Thompson about the outlook for global stock markets and the strategies he’s using to identify companies fit for the Covid era https://t.co/uSepjlbh9J

— Investors Chronicle (@IChronicle) October 12, 2020

Thompson says: “Not all companies are actually doing badly… You can stock pick investment opportunities amongst the rubble… This valuation is absolutely crazy…”