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Sigma Capital profit rises 3% amid growth in private-rented sector

By BFN News | 08:23 AM | Tuesday 17 September, 2019

Property investor Sigma Capital booked a 3% rise in first-half profit, driven by growth in the managed private-rented housing sector. Pre-tax profit for the six months through June climbed to £4.3m, up from £4.2m on-year. Revenue rose 19% to £5.8m. The company said a final, and total, dividend would be proposed with the announcement of its full-year results. 'The effectiveness of our model for large-scale delivery of family homes for the private rental market is now firmly established,' chief executive Graham Barnet said. 'In May, we delivered our 1,000th home for the PRS REIT, just two years after its launch and delivery is increasing as development sites complete.' 'We expect to commit the balance of the PRS REIT's net funds to further sites over the next few months, and have seven of our own self-funded developments underway.' 'The launch of the Scottish PRS Fund, which is backed by Scottish Government, is exciting and takes us into Scotland, a new geography for our model.' 'Demand for high quality rental homes for families remains high and notwithstanding current political uncertainties, we remain confident that Sigma is well-positioned to achieve its targets for both this year and next year.' 'We are also continuing to seek opportunities to broaden our geographies as well as the funds under our management.' At 8:23am: (LON:SGM) Sigma Capital Group PLC share price was +1p at 102p Story provided by

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