Sigma Capital expects 205% jump in profits

(Sharecast News) - Sigma Capital on Tuesday stated that a "very strong" second half of 2018 led the company to expect a significant uplift in profits and revenues across the full year.Full year profit before tax is now expected to reach roughly £12.4m, marking a year-on-year increase of 205%, on revenues of approximately £12.5m, up from £4.4m in the year before.The housing developer said its results were boosted by the continuing successful growth of The PRS REIT plc, which was launched in May 2017 and counts Sigma subsidiary Sigma PRS Management Limited as its investment advisor.Two self-financed private rented sector sites were purchased from Sigma by PRS REIT for £22m in the second half of the year and further progress in the real estate trust's expansion included entering into new geographic regions and securing 20 additional development sites.The AIM traded company has five further self-financed sites under construction that will be purchased by PRS REIT when completed and let, with completion expected during the first half of 2020 at the latest.Sigma said that its pipeline of development opportunity continues to grow, and now stands at around £1bn, with all opportunities sourced through its PRS Platform.Sigma Capital's shares were up 3.77% at 137.50p at 1604 GMT.