Sigma Capital Group plc, the specialist asset management and advisory group focused on venture capital, property and the commercialisation of university IP, is pleased to announce its audited preliminary results for the year ended 31 December 2009.
Key Points
Financial:
• Profit before tax - £0.9m (2008: loss before tax £0.5m)
• Revenue from services - £2.4m (2008: £4.7m)
• Earnings per share - 3.68p (2008: loss per share - 1.51p)
• Cash balances - £3.6m (2008: £3.8m)
• Net assets per share - 19.3p (2008: 15.5p)
• Maiden dividend - 0.2p per share
• Overheads reduced by 25%
Note: certain of the 2008 figures shown above have been restated. See note 3 for details.
Operational:
• Venture capital fund management business:
- 8 transactions completed in the portfolio with a total investment of £8.0m; £1.4m from Sigma managed funds and £6.6m from third party investors
- 19 portfolio companies currently held in Sigma managed funds. Total investment of over £75m of which £16.4m has been from Sigma managed funds. The Group’s investment in the funds is held at £1.7m on its balance sheet
• Property activity:
- Completion of SI Property Limited Partnership No 7
- Management team strengthened in property investment and property asset management
• Commercialisation of university IP:
- Demerger and listing on PLUS of wholly-owned university IP commercialisation subsidiary, Frontier IP Ltd, realising a gain of £3.6m
- Successful placing of new shares in Frontier IP Group Plc to raise £0.6m (gross)
- Retained majority control of PLUS-quoted vehicle, Frontier IP Group Plc
- Establishment and First Closing of the first two dedicated private equity funds for investment in spin-out opportunities from two current university partners
- First investment by Frontier fund in university partner spin-out
- Equity grant in two spin-out companies from existing university partnerships
• Growth prospects remain positive although the trading environment is challenging
David Sigsworth, Chairman, said:
“In what was clearly a difficult environment for business with a great deal of uncertainty in 2009, these are creditable results. We have managed to contain the costs within the business very well, maintain a strong balance sheet and create value for shareholders.
While the environment we work in is now more settled, market conditions remain difficult. Despite this we start 2010 in a strong position, financially and strategically, with a strengthened team across our business and see some significant growth opportunities for the Group.”
Enquiries
Sigma Capital Group plc
Graham Barnet, Chief Executive / 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