Tuesday, January 05, 2016
Sigma Capital Group plc ("Sigma" or the “Company”) Trading Update
Sigma, the private rented sector (“PRS”) and regeneration specialist, is pleased to announce a trading update for the financial year to 31 December 2015.
The second half of the financial year has progressed very well, with the rate of delivery of PRS units ahead of management’s initial targets. Accordingly, Sigma is expected to deliver profit before tax in excess of £2.0 million, which is significantly ahead of current market expectations.
The Company remains very well positioned for 2016 with work in progress ahead of plan as recent announcements have indicated. Our second phase of PRS delivery with Gatehouse Bank plc, for c.900 new rental homes, is now underway across Greater Manchester and Liverpool, and our target for 2016 is to launch similar sized phases in two further regions in the Midlands and the South. This will deliver a run rate of over 3,000 units by the end of 2016, firmly positioning the Company as one of the largest housing delivery platforms in the UK and the largest in PRS.
During the first half of 2016, we also expect to begin construction with our second house building partner, Keepmoat. This will add additional capacity alongside our long term partner, Countryside Properties, as well as access to further land opportunities in addition to our current pipeline.
The Board expects to announce full year results in mid-April when a further update on trading will be provided.
Sigma Capital Group plc
Graham Barnet, Chief Executive
Malcolm Briselden, Finance Director
T: 0131 220 9444
(PR Adviser to Sigma)
T: 020 3178 6378
(Nominated Adviser and Broker to Sigma)
T: 020 7496 3000
About Sigma Capital Group plc
Sigma is a PRS, residential development, and urban regeneration specialist, with offices in Manchester, London and Edinburgh. Sigma's principal focus is on the delivery of large scale housing schemes for the Private Rented Sector. It has a well-established track record in assisting with property-related regeneration projects in the public sector, acting as a bridge between the public and private sectors.