30th Sep 2013 14:37
LONDON (Alliance News) - Property and urban regeneration specialist, Sigma Capital Group PLC Monday said it narrowed its losses for the first half, as its property division continues to make "encouraging" progress.
The company posted pretax losses of GBP413,000 for the period ended 30 June, up from a GBP647,000 loss a year earlier, while revenue doubled to GBP2.2 million, from GBP1.1 million in 2012.
This was attributed to the Sigma's office and retail development in Solihull, West Midlands, which accounted for GBP1.2 million. Last year the site generated nil.
Excluding the Solihull site, revenue for its property-related activities increased 12% to GBP0.65 million, from GBP0.58 million a year earlier.
The company's venture capital fund management activities did not perform as strongly, as anticipated. Revenue fell to GBP0.3 million, from GBP0.5 million in 2012.
Sigma said the regeneration division made good progress, partnering with three local authorities in Liverpool and North Solihiull.
The company's net asset per share fell to 4.8 pence, from 6.8 pence, while total cash dipped to GBP0.6 million from GBP0.7 million a year earlier.
Sigma shares were trading at 21.00 pence Monday afternoon, down 0.62 pence, or 2.9%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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