Preliminary Results Announcement 30 April 2009 - 30 Apr 2009
Sigma Capital Group plc is a specialist asset management and advisory group focused on venture capital, property and commercialisation of university IP.
Key Points
Financial:
*proceeds following Frontier IP Group plc Placing
Operational:
Post year end:
David Sigsworth, Chairman, said:
“It is encouraging that in an exceptionally difficult year, we have been able to maintain profitability at a trading level, with our two core businesses making profitable contributions. In the current financial year, we are pleased that we have significantly strengthened the position of our university IP commercialisation business.
While the trading environment remains tough, Sigma has a strong balance sheet, substantial cash resources and significant recurring revenues. In addition, the Group’s cost base has been tightened and Sigma’s unquoted portfolio is held at a well written-down value.
With these foundations in place and clear objectives for our three businesses, as we emerge into more stable trading conditions, we are well placed to take advantage of market opportunities.”
Enquiries
Sigma Capital Group plc
Graham Barnet, Chief Executive
T: 0131 220 9444
Sigma Capital Group plc
Marilyn Cole, Finance Director
T: 020 7448 1000 (today)
T: 0131 220 9444 (thereafter)
Biddicks
Katie Tzouliadis
T: 020 7448 1000
Arbuthnot Securities
Tom Griffiths/ Neil Kirton
T: 020 7012 2000
Company website: www.sigmacapital.co.uk
Preliminary Results Announcement for the year ended 31 December 2008
Sigma Capital Group plc is a specialist asset management and advisory group focused on venture capital, property and commercialisation of university IP.
Key Points
Financial:
- Revenue from services of £4.73m (2007: £5.98m)
- Adjusted profit before tax, before revaluation of investments and provision for bad debts, of £0.62m (2007: £1.12m)
- Loss before tax of £0.49m (2007: profit before tax of £0.86m)
- Loss per share of 1.38p (2007: earnings per share of 0.40p)
- Cash balances at year end of £3.8m (2007: £6.2m – excl. cash due to third parties)
- Cash balances as at 29 April 2009 of £4.5m plus £0.6m Frontier IP* - equivalent to 10.8p per share
- Net assets per share of 15.9p (2007: 15.6p)
*proceeds following Frontier IP Group plc Placing
Operational:
- Venture capital fund management business:
- further £4.4m funds raised for Sigma Sustainable Energy Fund II
- 14 transactions completed with further investment of £4.5m in venture capital funds portfolio plus additional £3.2m from third party investors
- five disposals from portfolio during 2008 and one disposal post year end. Total of 20 portfolio companies remaining, with £15.3m investment from Sigma funds of which Sigma holds £1.75m as an investment on its balance sheet
- recurring revenue for 2009 covers costs
- Property activity:
- seventh property limited partnership established – acquired forward funded leisure and office development in Aberdeen for £40m
- management team strengthened – new business development director appointed
Post year end:
- Proposed demerger and listing on the PLUS market of Frontier IP (Sigma’s university IP commercialisation arm) at a value of £3.5m
- following a Placing, Frontier IP will have £1m cash (gross) to fund growth
- Sigma will own up to 77.4% of new Frontier IP Group plc
- if value recognised in Sigma’s balance sheet at year end, would have increased net asset per sharen by 7.5p to 23.4p
David Sigsworth, Chairman, said:
“It is encouraging that in an exceptionally difficult year, we have been able to maintain profitability at a trading level, with our two core businesses making profitable contributions. In the current financial year, we are pleased that we have significantly strengthened the position of our university IP commercialisation business.
While the trading environment remains tough, Sigma has a strong balance sheet, substantial cash resources and significant recurring revenues. In addition, the Group’s cost base has been tightened and Sigma’s unquoted portfolio is held at a well written-down value.
With these foundations in place and clear objectives for our three businesses, as we emerge into more stable trading conditions, we are well placed to take advantage of market opportunities.”
Enquiries
Sigma Capital Group plc
Graham Barnet, Chief Executive
T: 0131 220 9444
Sigma Capital Group plc
Marilyn Cole, Finance Director
T: 020 7448 1000 (today)
T: 0131 220 9444 (thereafter)
Biddicks
Katie Tzouliadis
T: 020 7448 1000
Arbuthnot Securities
Tom Griffiths/ Neil Kirton
T: 020 7012 2000
Company website: www.sigmacapital.co.uk