Sigma sales meets expectations as it appoints new COO

Property and urban regeneration specialist Sigma Capital Group on Thursday reported a slight increase in profits in the second half of 2012 and said it was trading in line with expectations.

Property and urban regeneration specialist Sigma Capital Group on Thursday reported a slight increase in profits in the second half of 2012 and said it was trading in line with expectations.

Net cash at year-end rose to £1.0m from £0.7m over the six month period, meeting management's forecasts, but down from the £1.3m posted a year earlier.

Advertisement - Article continues below

Revenue in the second half was about 56% up over the first half and about 243% up over last year's result thanks to strong performance in the property division.

Full year revenues are expected to reach £2.3m, down from the £2.47m in 2011.

The trading loss for the year is anticipated to be £0.3m, compared to breakeven the previous year.

Net assets per share attributable to equity shareholders are pegged at 5.5p per share, down from 8.2p reported the year before.

"We are continuing to develop opportunities in residential property development and urban regeneration, property asset management and property funding," the company said.

Advertisement - Article continues below

Alongside the results, the company said it sold its North Arran Way, Smiths Wood Village Centre development in North Solihull.

The disposal of the property, developed in partnership with the local council, will generate a profit of £225,000 over the next year.

The development comprises a 30,000 sq ft, two storey commercial development, with 16,000 sq ft of office accommodation and eight retail units.

Advertisement - Article continues below

The office space accounts for 60% of the rent roll and has been let to the Solihull Metropolitan Borough Council on a 15 year lease.

The retail units have been let to Boots, Spar, Greggs and local businesses.

Work on the development is due to begin in February and completion is expected in early 2014.

Sigma is also working on infrastructure in the development of its next urban centre in North Solihull at Craig Croft.

The Craig Croft development includes a new medical centre, mixed office and retail development and an enterprise centre for the local community. Works are due to start in March and finish by April 2014.

"I am pleased with the progress that we are making with the North Solihull Partnership, one of our three unique council partnerships," Chief Executive of Sigma, Graham Barnet, said.

"The forward sale of the North Arran Way development represents further momentum and triggers the payment of fees to Sigma. This development is part of our wider work with Solihull Metropolitan Borough Council and our other partners in a major programme to renew the North Solihull area over the next fifteen years or so."

The group also announced the appointment of Chief Operating Officer Graeme Hogg.

Hogg, currently Partnership Director, will take on the newly created role to support the Chief Executive.

He has been with the Sigma since 2011 when the group acquired his company Inpartnership Limited, renamed Sigma Inpartnership.

Hogg co-founded the company with Duncan Sutherland who has been appointed Regeneration Director.

It comes after Sutherland was recently named Non-executive Director of High Speed Two (HS2) Ltd which is delivering the new high speed railway network between London and the North of England.

"I would like to congratulate Graeme Hogg on his new role as Chief Operating Officer, which is a newly created board position," Barnet said.

"It reflects the progress we have been making in opening up the growth opportunities available to us and the potential ahead."




Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular


House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020

How can markets hit new record highs when the economy is in such a mess?

Despite the world being in the midst of a global pandemic, America's Nasdaq stock index just hit an all-time high. And it's not the only index on a bu…
3 Jul 2020

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020