FKP keeps flow going

FKP has extended its contract with chief executive Peter Brown until 2011 and at the same time announced the broadening of interests in China.

Yesterday, FKP chairman Ben Macdonald said Brown’s existing contract was not due to expire until June 2008, but the board felt it was firmly in the group’s interest to resolve any issue over his future well ahead of that date.

According to Macdonald, since Brown was appointed in February 2003, he has overseen a period of record profits and returns to FKP security holders.

The group has established a funds management business that is projected to have some $2 billion of funds under management by the end of the financial year and profits have grown from $26.7 million in 2003 to $194.8 million in 2007.

Over the same period, distributions have increased from 12.0 cents to 31.7 cents.

And FKP’s security price has increased from $1.38 at the date of Brown’s appointment to $7.45 at close of business on October 16 2007.

“FKP is today recognised as Australia’s largest owner-operator of retirement communities, and its development divisions have a forward land pipeline of more than $5 billion by end value.

“FKP now has operations broadly based within Australia and New Zealand, and is examining a number of initiatives to build upon its recent investment in China,” he concluded.

Australian Property Journal