“I am delighted to report another year of significant development as we continued to scale Sigma’s presence in the Private Rented Sector. The Group’s financial results demonstrate the progress we are making, with profit before tax rising by 42% to £3.7m. While these results are encouraging, the strategic progress we made over the year, including our major funding agreement with the Homes and Communities Agency, is of greater significance and supports the material value creation we are targeting in the medium and long term.
“We remain confident about growth prospects for the Group. The shortage of new homes in England is structural and remains a critical issue, and the political and economic backdrop is favourable.
“Today’s announcement of the proposed flotation of The PRS REIT plc, with Sigma appointed as Investment Adviser and Development Manager, is potentially transformational for the Group. We believe it will be the first quoted REIT to address opportunities in the PRS sector. Once launched, the REIT will support greater visibility of Sigma’s revenues and future earnings and help us to maximise the value of our pipeline of development opportunities. We are delighted that the Homes and Communities Agency is supporting both Sigma and the PRS REIT in our mutual goal of creating thousands of high quality, professionally managed, new rental homes in England.
In preparation for the REIT, we have altered our development schedules, delaying certain planned starts, so that we can provide the PRS REIT with a significant and immediate pipeline of development opportunities when it launches. We look forward to updating shareholders further at the end of May.”
Beware of Share Fraud
Fraudsters use persuasive and high-pressure tactics to lure investors into scams. They may offer to sell shares that turn out to be worthless or non-existent, or to buy shares at an inflated price in return for an upfront payment. While high profits are promised, if you buy or sell shares in this way you will probably lose your money.
5,000 people contact the Financial Conduct Authority about share fraud each year, with victims losing an average of £20,000.
How to avoid share fraud
Report a scam
If you are approached by fraudsters please tell the FCA using the share fraud reporting form at www.fca.org.uk/scams, where you can find out more about investment scams.
You can also call the FCA Consumer Helpline on 0800 111 6768.
If you have already paid money to share fraudsters you should contact Action Fraud on 0300 123 2040.
In association with The Financial Conduct Authority