LONDON (Alliance News) - Sigma Capital Group PLC Tuesday reported a narrower loss for the first-half despite a fall in revenue as its cost of sales decreased in the period.
The urban regeneration company said its pretax loss in the six months to June 30 was GBP201,000, against a loss of GBP413,000 a year earlier.
The narrower loss came despite a fall in revenue in the period to GBP1.8 million from GBP2.2 million last year as the company's cost of sales decreased to GBP546,000 from GBP1.2 million last year.
The company also said it has made progress on its regeneration projects in Liverpool after the city council granted an option for a 19 acre former school site in Gateacre. The grant has been given to Regeneration Liverpool, a joint venture between Sigma and Liverpool City Council to re-develop surplus land in the area.
The site is set to be redeveloped, with a range of new homes to be built with a development value in the region of GBP65 million.
Sigma said it intends to submit a planning application by the end of the year, with construction set to start in the second quarter of 2015, subject to the plans getting approval.
"The business is well positioned and has firm financial foundations for growth. We have continued to expand our sphere of opportunity and progress our plans. We are fully engaged on the delivery of our private rented sector funding opportunities and expect to report on further developments within the next two months," said David Sigsworth, Chairman of Sigma.
Sigma shares were down 2.2% at 67 pence per share on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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