A start to the year that confirms the healthy outlook for 2003

2003 first quarter turnover up 17.3%

FONCIA, the French leader in residential real estate services, reports consolidated turnover of EUR 57.5 million for the first quarter of 2003, up 17.3% on the same period last year. Organic growth totalled 7.7%, compared to 6.6% in the first quarter of 2002.

The consolidated acquisitions accounted for 9.6% of turnover growth, compared to 9.4% in the previous year.

In the first quarter of 2003 alone, the group negotiated 16 acquisitions of property management companies and businesses, representing 10,279 rental property management units and 33,949 joint property units. Consolidated on a full year basis, turnover from these acquisitions represented EUR 10.6 million.

A continued growth dynamic

During the first quarter of 2003, the FONCIA network (property management and property rental/sales) increased from 167 agencies and 68 offices at the end of December 2002 to 182 agencies and 74 offices as at 31 March 2003.

Rental management and property rental

Rental management activities rose 15.4%, of which 7% due to organic growth. The management property portfolio counted 131,126 units as at 31 March 2003, up 5.6% on the previous year.

Property rental activities increased 17.6% of which 7.5% due to organic growth. The group has performed 6,398 rental transactions since the beginning of 2003. As a difference with 2002 trends, growth in activiy was helped by a slight increase in volumes (excluding external growth), and by the increase in property rents in a tight rental supply market.

Joint property management

Joint property management activities increased 19.8% of which 5% due to organic growth. As at 31 March 2003 the joint pro??perty management portfolio counted 460,054 units, up 15.1% on the previous year.

Property sales

Turnover from property sales activities increased 26.8%, of which 17% due to organic growth. With 1,978 transactions in the first quarter of 2003, Foncia confirmed its growth in a steadily buoyant market.

Services division, agency income and other

Turnover from “Services division, agency income and other” activities rose 6.5%, to EUR 6.8 million. The drop in agency income, affected by the fall in interest rates, was largely offset by the sharp increase reported by the services division and particularly the activities of C.N.E.M (Compagnie Nationale d’Expertise et de Mesurage).

FONCIA:

FONCIA is the French leader in residential real estate services. The FONCIA trade name combines the proximity of a network of local offices, with the efficiency of a national group currently number one for property management and sales. Manager, joint property manager, rental agent and agent for the purchase and sale of property, FONCIA also specialises in the management of real estate investment trusts (REIT) and corporate real estate

www.foncia.fr

Source : Actus