25 Jan 2012 07:00
SGM
SIGMA CAPITAL GROUP PLC
("Sigma" or "the Group")
Trading Update
Sigma, the property and specialist asset management group, is pleased to provide the following update on trading for the 12 months to 31 December 2011, in advance of publishing its preliminary results in April 2012.
The year has been one of transition in which the Group has been substantially reshaped and revitalised. The main focus of Sigma's activities is now on its new property- related operations, with the acquisition of Inpartnership Ltd (since renamed Sigma Inpartnership Ltd) in August 2011 a key step in opening up further significant new opportunities. In reshaping the Group's activities, as previously reported, Sigma now has only one management contract remaining from its historic property management activities. Additionally, of its venture capital fund management activities, four of its six venture funds are in realisation phase and set to generate strong cash flows.
Sigma Inpartnership Ltd, which has unique long term contracted relationships with three major UK councils, made good progress in the second half of the year and we have invested further in resource here and more widely across the Property Division. Currently work in progress is at an unprecedented level.
Results for the full year are in line with management expectations, with revenue from services expected to be at least £2.4m (2010: £1.8m) and the trading profit anticipated to be better than break even for the year (2010: loss of £0.6m). Post other operating income, interest and results of associate, the loss before exceptional items and tax is expected to be less than half 2010's loss of £1m. Exceptional items are expected to comprise a provision of approximately £1m against the carrying value of Sigma's holding in Frontier IP Group Plc ("Frontier"), an associate company, in the light of the reduction in Frontier's share price.
Net assets per share attributable to equity shareholders at 31 December 2011 are expected to be approximately 8.2p per share (31 December 2010: 11.1p). Net cash at 31 December 2011 stood at £1.2m (31 December 2010: £1.8m).
Full year results will be announced towards the end of April when the Board looks forward to providing a further update on trading.
Enquiries:
Sigma Capital Group plc | Graham Barnet, Chief Executive | T: 0131 220 9444 |
www.sigmacapital.co.uk |
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Biddicks | Katie Tzouliadis/ Sophie McNulty | T: 020 3178 6378 |
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Singer Capital Markets Limited | James Maxwell/Nick Donovan | T: 020 3205 7500 |