In 2007, Sigma has built on its position in the sustainable energy market, which was established with its first fund in this sector in 2006, with the launch of the Sigma Sustainable Energy Fund II (“SSEF II”). This fund has currently raised £45 million with a target of £100 million. This second sustainable energy fund gives Sigma a significant position in this rapidly emerging sector and increases its overall funds under management by 155%.
The marketing of the SSEF II to new investors continues to go well and fund management fees from additional monies committed following the year end will be recognised with effect from 14 June 2007 and will enhance this year’s revenue.
The property sector generally has experienced a downturn in the second half of this year, which has been well documented. We consider that there have been recent signs of improvement in sentiment with a stabilisation in lending rates and more realistic seller expectations and as an investor in high quality property we view 2008 as a period of opportunity. This downturn has impacted the property side of Sigma’s business in the current year. We recently announced our seventh property limited partnership and had anticipated a further transaction occurring this year which will now not take place. This will have an impact on revenue and profits.
At the present time it is not possible to be definitive as to what impact additional money raised for the SSEF II will have on Sigma’s revenue and profit, but it is likely that total revenue will fall short of the market forecasts. Nonetheless earnings per share will show significant growth over last year and prospects for 2008 remain strong with further growth expected.
Enquiries
Sigma Capital Group plc
Graham Barnet, Chief Executive
Marilyn Cole, Finance Director
T: 0131 220 9444
Biddicks
Katie Tzouliadis
T: 020 7448 1000
Arbuthnot Securities
Tom Griffiths/ Neil Kirton
T: 020 7012 2000
Company website: www.sigmacapital.co.uk