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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Sigma Capital Group Plc | LSE:SGM | London | Ordinary Share | GB0004225073 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 202.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMSGM
RNS Number : 2726L
Sigma Capital Group PLC
30 September 2016
AIM: SGM
SIGMA CAPITAL GROUP PLC
("Sigma" or "the Group" or "the Company")
Half yearly report for
the six months to 30 June 2016
HIGHLIGHTS
Hot Features
Premium
Six months Six months
to to
30 June 2016 30 June 2015
Revenue GBP2.8m GBP1.0m
Operating profit GBP0.93m (GBP0.42m)
Profit/(loss) GBP1.22m (GBP0.41m)
before tax
Earnings/(loss)
per share 1.38p (0.67p)
Net assets per
share 37.3p 16.7p
Net cash GBP17.5m GBP5.0m
-- Financial benefits of Private Rented Sector ("PRS") strategy coming through
-- Significant progress made in enhancing PRS platform, including:
- expansion of geographic reach into new regions
- doubling of construction capacity with major new partnership with Keepmoat Limited signed in June
-- Self-funded PRS delivery experienced delays but is expected to materially expand with the major new funding
agreement with Homes and Communities Agency announced today
- see separate announcement
- opportunity for 30%+ capital returns
-- Managed PRS activities experienced delays but overall is progressing well:
- Gatehouse joint venture (to deliver GBP100m development of 918 new family rental homes in North West) now expected to complete in early 2017
- UK PRS Properties* venture (to deliver GBP95m development of 741 new family rental homes in North West, North East and Midlands), let its first rental homes
- launch of third phase of PRS now expected to commence in Q4
-- Regeneration activities with local authorities continued to make good progress
-- Delays in managed and self-funded PRS activities mean that management expectations have been materially rebased
in the near term
-- Prospects for continuing growth remain strong underpinned by the shortage of family homes and growing rental
market
*a fund principally backed by the Kuwait Investment Authority and institutional shareholders from the State of Kuwait
David Sigsworth, Chairman of Sigma, said:
"We are pleased to report that we continued to make significant progress in executing our private rented sector strategy over the period.
However, we have also experienced certain delays in our managed and self-funded PRS activities as we scaled up our operations, which means that we are now materially rebasing management expectations in the near term.
Nevertheless, we have put in place the building blocks for a significantly bigger business. Our new agreement with the HCA, announced today, provides us with the opportunity to materially enhance the profitability of our model by accelerating the delivery of our own self-funded PRS assets. We expect this expansion of our self-funded PRS activity to drive significantly greater value for shareholders.
We will continue to build on our position as a leading participant in the private rented sector and we view the Group's prospects going forward positively."
Enquiries
Sigma Capital Graham Barnet, Chief T: 020 3178 6378
Group plc Executive (today)
Malcolm Briselden, T: 0131 220 9444
Finance Director
KTZ Communications Katie Tzouliadis, T: 020 3178 6378
Viktoria Langley,
Emma Pearson
N+1 Singer James Maxwell, Sandy T: 020 7496 3000
(NOMAD and Ritchie
Broker)
Notes to editors:
About Sigma Capital Group plc
www.sigmacapital.co.uk
Sigma is a PRS, residential development and urban regeneration specialist, with offices in Edinburgh, Manchester and London. Sigma's principal focus is the delivery of large scale housing schemes, initially for the Private Rented Sector. It has a well-established track record in assisting with property-related regeneration projects in the public sector, acting as a bridge between the public and private sectors.
CHAIRMAN'S STATEMENT
INTRODUCTION
Sigma has continued to make very good progress in executing its Private Rented Sector ("PRS") strategy over the period. However, we have also experienced certain delays in our managed and self-funded PRS activities as we scaled up our operations.
In our managed PRS business, a third phase of development that was due to start in the first half was delayed. This phase is now expected to commence before the end of 2016 however the delay means that the revenue benefits will come through more strongly from next year. In our self-funded PRS activity, three of our four initial sites experienced a prolonged pre-development stage and so started behind schedule. Accordingly, the unrealised gains and the rental income will now start to accrue meaningfully from 2017.
While these delays are disappointing, the expansion of our geographic reach and the doubling of our construction capability in the period significantly strengthens our PRS platform. In addition, today's announcement of a major new funding agreement with the Homes and Communities Agency ("HCA") marks an important milestone for the Group because this new agreement will materially increase the rate at which we can deliver self-funded PRS homes. We therefore expect to finish 2016 with a greater level of construction underway than originally anticipated. We are also currently in discussions with additional funding streams.
In order to capture the full potential of our agreement with the HCA, we are also exploring an extension of our model to include a long-term holding vehicle into which the Company can sell its developed PRS assets and recycle its capital, and so maximise these new funding facilities.
To date, we have delivered, with our partners, approximately 800 new family rental homes since construction started in November 2014. A further 1,300 new PRS homes are at various stages of construction for both our partners and our own portfolio across 14 sites in Greater Manchester, Merseyside, Sheffield and the Midlands. Our major new partnership signed in June with Keepmoat Limited, a leading housing and regeneration company which intends to deliver over 5,000 new PRS homes, significantly increases our construction resource as well as our access to land, and will help drive our expansion into other parts of the UK.
Our pipeline of opportunity is growing as we extend our relationships with local councils and housebuilding partners. We are currently reviewing opportunities for a further potential 4,000 new PRS homes. The need for larger numbers of houses to be built remains acute and our PRS delivery model has the capability to deliver high quality new rental homes at scale, supporting both local and central government objectives. The combination of PRS and private-for-sale construction on the same site also assists our housebuiding partners as this is typically a highly efficient delivery model.
Our success to date, and in particular the extension of our delivery platform, has led to our major new funding agreement with the HCA. Over the next 24 months or so, we plan to step up our delivery, in particular our self-funded PRS activity which offers very high potential returns. We also intend to expand construction into new regions, with the objective of achieving national coverage. Having increased our access to land and construction capability as well as widened our equity streams, we believe that the Group is very well positioned to attain these objectives.
RESULTS
In the six months to 30 June 2016, Sigma almost tripled revenues to GBP2.8 million (2015: GBP1.0 million), with managed PRS activities and regeneration activities making approximately equal contributions. Gross profit for the period more than doubled to GBP2.2 million (2015: GBP1.0 million) and administrative expenses were GBP1.7 million (2015: GBP1.4 million), reflecting our increased activity and the strengthening of our team.
Profit before tax for the period was GBP1.2 million (2015: loss of GBP0.4 million), representing a turnaround of GBP1.6 million. Regeneration activities contributed profits of GBP0.9 million, with self-funded PRS activities contributing GBP0.4 million and managed PRS activities contributing GBP0.3 million. The Group's earnings per share were 1.38p (2014: loss per share of 0.67p).
Net assets per share at 30 June 2016 increased to 37.3p (2015: 16.7p) and cash balances at the period end stood at GBP17.5 million (2015: GBP5.0 million).
OPERATIONAL OVERVIEW
Introduction
Since we last reported we have made significant progress in building the business. We have expanded our geographic reach, launching sites in the North East and in the Midlands and are working on sites in the South East. We have also doubled our construction capability through our new partnership with Keepmoat Limited.
The capital streams supporting business expansion have diversified considerably, with a major roll-out underway with UK PRS Properties, the launch of our own self-funded programme and our new partnership with the HCA. We are also in discussions with potential new funding partners who have approached us. This broadening of our business model particularly with Keepmoat Limited and the HCA has also resulted in greater land opportunities for the Group, which is key to our ambitions for large scale roll-out across England.
Private Rented Sector ("PRS")
Managed PRS
Our first phase of PRS homes with our joint venture partner Gatehouse Bank plc continued to progress well, with an additional 263 new homes completed in the period. Having started in November 2014, it is on schedule to deliver 918 new family rental homes across 14 sites in the North West of England and has a total development cost of approximately GBP100 million. Once fully let, the properties are expected to generate rental income of over GBP7.5 million per annum. Of the 14 sites targeted, we have completed construction across 10 and the majority of homes are now let, with rental levels exceeding original forecasts. We expect the first phase to be fully completed by early 2017.
Our second phase of homes, with UK PRS Properties (a fund principally backed by the Kuwait Investment Authority and institutional shareholders from the State of Kuwait), was launched in December 2015 and is for 741 new family homes, with a total development cost of approximately GBP95 million. These new homes will be spread across the North West, the North East and the Midlands as the geographic distribution of the portfolio grows. To date, we have acquired six of the eight sites that comprise this second phase and have completed and let our first units on the first of those sites.
The benefit of this second phase of delivery is not yet evident in these results since the majority of our initial transaction fee (which represents 1% of the total development cost), was received at the end of 2015. However, we will begin to see the additional returns from this phase come through in the second half and beyond when our development management fee (which is 2% of the total development cost) commences. This fee is triggered with site acquisition and is received in staged payments over the course of construction. After the completion of construction, Sigma receives an asset management fee and retains a carried interest, which is realised on the sale of properties subject to a performance hurdle.
A third major phase of PRS delivery, with UK PRS Properties, previously planned for the first half, is expected to commence before the year end.
Self-funded PRS
The launch of our own portfolio of PRS assets marks a significant step in the Company's development. We expect this activity to generate return on capital of over 30%, thereby substantially enhancing the overall returns from our PRS platform.
Having started the construction of the first phase of our self-funded PRS homes in December 2015, we made good progress in the period although three of our four sites experienced delayed starts. All four sites are now well underway and we have now completed and let our first homes. We expect to finish our first site, comprising 50 new family homes, by the end of the year. When completed, all four sites should deliver a combined 223 PRS units, with a gross development value of GBP28 million.
As a result of our new funding arrangements with the HCA, we are now in the process of preparing an additional four sites. This will result in a much greater level of development activity over the next few months than we previously envisaged. We expect gross development cost in excess of GBP60 million against an original estimate of GBP45 million. This expansion means that we expect to deliver over 500 homes, including 223 units from our first four sites. We estimate that the gross rental income of this expanded portfolio will be in excess of GBP4.0 million per annum.
Keepmoat Limited
Our new agreement with Keepmoat Limited is exciting. As previously reported, this partnership represents Keepmoat's first development activity in the PRS market and will deliver two, three and four bedroom properties across the North East, Yorkshire and the East Midlands. Sigma will manage investment and lettings while Keepmoat will procure land and take the lead on the design, planning and building processes. The new partnership complements our long term relationship with Countryside Properties as well as our other relationships. Keepmoat intends this partnership to deliver over 5,000 new PRS homes, with a potential investment value of GBP800 million, across England by 2021.
Regeneration partnerships
We have made good progress with our regeneration activities, which support our local authority partners. As we previously reported, we take on projects where they fit with our relationships and our mainstream PRS activities. Construction, with our partners, Liverpool City Council and Countryside, is now well underway on the delivery of 200 market-for-sale homes at Gateacre, a 19 acre former secondary school site in Liverpool. The first homes are expected to be available for release at the end of 2016. As we previously announced, our PRS partner UK PRS Properties acquired the land we purchased on the Norris Green residential site in Liverpool in the period, and development is underway for the delivery of 69 PRS units.
We are continuing to work on other regeneration schemes under our partnership with Liverpool City Council, including a GBP36 million mixed use development. This development will be anchored by student accommodation and is in the centre of Liverpool, in Lime Street. We expect the development to start in the last quarter of 2016.
OUTLOOK
Sigma is firmly established as a leading participant in the private rented sector and we continue to view the Group's prospects very positively. The critical shortage of homes in the UK, especially family homes, together with the significant growth in the private rental market, underpin the long term prospects of this sector. We therefore believe that there is a significant opportunity for the Group to accelerate its growth.
We have now put in place the building blocks for a significantly bigger business and our new agreement with the HCA provides us with the opportunity to materially enhance the profitability of our model by accelerating the delivery of our own self-funded PRS assets. Furthermore our plans to explore the creation of a long-term holding vehicle for our PRS assets will help us to capture the full opportunity of this agreement.
The delays in the development of our self-funded and managed PRS assets in the first half means that we are now materially rebasing management expectations in the near term. However, we expect the expansion of our self-funded PRS activity to drive significantly greater value for shareholders and we continue to view the Group's prospects with confidence. I look forward to providing a further update in due course.
David Sigsworth
Chairman
29 September 2016
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2016
Six months Six months
ended ended
30 June 30 June Year
ended
31 December
2016 2015 2015
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Revenue 4 2,820 1,036 6,724
Cost of sales (588) (5) (1,621)
------------- -------------- --------------
Gross profit 2,232 1,031 5,103
Other operating income
Unrealised loss on the
revaluation of investments - (68) (120)
Unrealised gain on revaluation
of investment property 448 - -
Administrative expenses (1,747) (1,386) (3,165)
Profit/(loss) from operations 933 (423) 1,818
Finance income net of
finance costs 285 9 319
Profit/(loss) before tax 1,218 (414) 2,137
Taxation 5 - - (192)
------------- -------------- --------------
Profit/(loss) after tax
and for the period 1,218 (414) 1,945
============= ============== ==============
Earnings/(loss) per share
attributable to the equity
holders of the Company:
Basic earnings/(loss)
per share 6 1.38 (0.67)p 2.76p
Diluted earnings/(loss)
per share 6 1.36 (0.67)p 2.72p
============= ============== ==============
All of the Group activities are classed as continuing and there were no comprehensive gains or losses in any period other than those included in the statement of comprehensive income.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2016
As at As at
As at 30 June 31 December
30 June 2015 2015
2016 (unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Goodwill and other intangibles 553 570 561
Property and equipment 922 16 33
Investment property 7,505 - -
Fixed asset investments 2 - 2
Financial assets at fair
value through profit and
loss 553 605 553
Trade and other receivables 3,593 1,684 4,069
13,128 2,875 5,218
------------------ ------------- -------------
Current assets
Stocks - - 509
Trade receivables 472 179 1,020
Other current assets 4,117 3,013 3,250
Cash and cash equivalents 17,546 5,029 25,135
------------------ ------------- -------------
22,135 8,221 29,914
Total assets 35,263 11,096 35,132
LIABILITIES
Current liabilities
Trade and other payables 1,979 791 3,134
Deferred tax liability 192 - 192
Total liabilities 2,171 791 3,326
Net assets 7 33,092 10,305 31,806
================== ============= =============
EQUITY
Called up share capital 8 886 618 885
Share premium account 8 31,857 13,001 31,833
Other capital reserves (222) (222) (222)
Retained earnings 571 (3,092) (690)
------------------ ------------- -------------
Total equity 33,092 10,305 31,806
================== ============= =============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2016
Share Other
Share premium capital Retained Total
capital account reserves earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2015 612 12,952 (222) (2,722) 10,620
Issue of shares 6 49 - - 55
Loss for the period - - - (414) (414)
Share-based payments - - - 44 44
At 30 June 2015 618 13,001 (222) (3,092) 10,305
---------- --------- ---------- ----------- ---------
Issue of shares 267 19,734 - - 20,001
Cost of share issue - (902) - - (902)
Profit for the period - - - 2,359 2,359
Share-based payments - - - 43 43
---------- --------- ---------- ----------- ---------
At 31 December 2015 885 31,833 (222) (690) 31,806
---------- --------- ---------- ----------- ---------
Issue of shares 1 24 - - 25
Profit for the period - - - 1,218 1,218
Share-based payments - - - 43 43
---------- --------- ---------- ----------- ---------
At 30 June 2016 886 31,857 (222) 571 33,092
---------- --------- ---------- ----------- ---------
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2016
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Cash (used in)/generated
from operations 9 (150) (864) (995)
Net cash (used in)/generated
from operating activities (150) (864) (995)
------------- ------------- -------------
Cash flows from investing
activities
Purchase of property and
equipment (48) (3) (25)
Purchase of freehold property (850) - -
Construction of investment (7,057) - -
property
Repayment of loans from
PRS Fund 259 612 1,741
Fixed asset investments - - (2)
Interest received and
other financial income 232 9 42
------------- ------------- -------------
Net cash (invested in)/generated
from investing activities (7,464) 618 1,756
------------- ------------- -------------
Cash flows from financing
activities
Issue of shares 25 55 19,154
------------- ------------- -------------
Net cash generated from
financing activities 25 55 19,154
------------- ------------- -------------
Net (decrease)/increase
in cash and cash equivalents (7,589) (191) 19,915
Cash and cash equivalents
at beginning of period 25,135 5,220 5,220
------------- ------------- -------------
Cash and cash equivalents
at end of period 17,546 5,029 25,135
============= ============= =============
NOTES
1. General information
The Company is a limited liability company incorporated in England and with its registered office at Floor 3, 1 St Ann Street, Manchester, M2 7LR. The Company's trading office is situated at 41 Charlotte Square, Edinburgh EH2 4HQ.
The Company is quoted on AIM.
This condensed consolidated interim financial information was approved and authorised for issue by a duly appointed and authorised committee of the Board of Directors on 29 September 2016.
This condensed consolidated interim financial information has not been audited or reviewed by the Company's auditor.
2. Basis of presentation
This condensed consolidated interim financial information for the six months ended 30 June 2016 has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting". The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2015, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.
This condensed consolidated interim financial information does not constitute statutory accounts within the meaning of s434 of the Companies Act 2006. The comparatives for the full year ended 31 December 2015 are not the Company's full statutory accounts for that year. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified and did not contain a statement under sections 498(2) or 498(3) of the Companies Act 2006.
3. Accounting policies
The accounting policies applied by the Group in these unaudited half year results are consistent with those applied in the annual financial statements for the year ended 31 December 2015 as described in the Group's Annual Report for that year and as available on our website www.sigmacapital.co.uk but with the addition of a policy for Investment property.
Property that is held for long-term rental yields or for capital appreciation or both is classified as investment property under IAS 40. Investment property, including that which is being constructed for future use as investment property, is measured initially at its cost including related transactions costs. After initial recognition, investment property is carried at fair value. Fair value is based on comparable market data. If this is not available then the Group uses a valuation provided by a third party independent valuation expert. Gains or losses arising from changes in the fair value of the Group's investment properties are included in the income statement of the period in which they arise.
No new standards that have become effective in the period have had a material effect on the Group's financial statements.
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
4. Segmental information
At 30 June 2016, the Group has just one business activity, property. The Group's venture capital fund management activities ceased in the first half of 2014.
Owned
Managed PRS Venture Holding Intra
Property Property Regeneration Capital company Group Total
adjustments
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months
ended
30 June 2016
Revenue 1,443 - 1,473 - - (96) 2,820
=========== ========== ============== ========== ========== ============== ========
Trading
profit/(loss) 100 - 847 (5) (352) (105) 485
Unrealised
gain
on
revaluation
of investment
property - 448 - - - - 448
----------- ---------- -------------- ---------- ---------- -------------- --------
Profit/(loss)
from
operations 100 448 847 (5) (352) (105) 933
Finance income 167 - 64 2 52 - 285
Profit/(loss)
before tax 267 448 911 (3) (300) (105) 1,218
=========== ========== ============== ========== ========== ============== ========
Six months
ended
30 June 2015
Revenue 871 - 150 15 - - 1,036
=========== ========== ============== ========== ========== ============== ========
Trading
profit/(loss) 3 - (115) 7 (241) (9) (355)
Unrealised
loss
on the
revaluation
of
investments - - - (68) - - (68)
----------- ---------- -------------- ---------- ---------- -------------- --------
Profit/(loss)
from
operations 3 - (115) (61) (241) (9) (423)
Finance income - - - 1 8 - 9
Profit/(loss)
before tax 3 - (115) (60) (233) (9) (414)
=========== ========== ============== ========== ========== ============== ========
Year ended 31
December 2015
Revenue 3,096 - 3,602 26 - - 6,724
=========== ========== ============== ========== ========== ============== ========
Trading
profit/(loss) 892 - 1,652 (6) (582) (18) 1,938
Unrealised
loss
on the
revaluation
of
investments - - - (120) - - (120)
Profit/(loss)
from
operations 892 - 1,652 (126) (582) (18) 1,818
Finance income 212 - 65 2 40 - 319
Profit/(loss)
before tax 1,104 - 1,717 (124) (542) (18) 2,137
Total net
assets
Six months
ended
30 June 2016 (2,409) 448 4,193 1,756 28,434 670 33,092
Six months
ended
30 June 2015 (3,586) - 1,451 1,823 9,833 784 10,305
Year ended 31
December 2015 (2,676) - 3,282 1,759 28,666 775 31,806
=========== ========== ============== ========== ========== ============== ========
5. Taxation
The taxation expense is recognised based on management's best estimate of the weighted average annual tax rate expected for the full financial year and after considering losses carried forward from previous years.
6. Earnings/(loss) per share
The calculation of the basic earnings/(loss) per share is for the six months ended 30 June 2016 (six months ended 30 June 2015; year ended 31 December 2015) and is based on the profits/(losses) attributable to the shareholders of Sigma Capital Group plc divided by the weighted average number of shares in issue during the year.
Profit/(loss) Basic
attributable Weighted earning/
to shareholders average (loss)
GBP'000 number per share
of shares Pence
Period ended 30 June
2016 1,218 88,541,540 1.38
Period ended 30 June
2015 (414) 61,745,784 (0.67)
Year ended 31 December
2015 1,945 70,555,231 2.76
----------------- ----------- -----------
Diluted earnings/(loss) per share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption of conversion of all dilutive potential ordinary shares. The Company has only one category of dilutive ordinary shares, those share options granted where the exercise price is less than the average price of the Company's shares during the period. Diluted earnings/(loss) per share is calculated by dividing the same profit/(loss) attributable to equity holders of the Company as above by the adjusted number of ordinary shares in issue during the six months ended 30 June 2016 of 89,829,217 (2015: six months 62,665,066; full year 71,511,717). For the year ended 31 December 2015, the diluted earnings per share was 2.72p and for the period ended 30 June 2016 was 1.36p. For the period ended 30 June 2015, as the calculation for dilutive loss per share reduces the net loss per share, the diluted loss per share shown is the same as the basic loss per share.
7. Net assets
Net Issued Net
assets shares assets
per
share
GBP'000 Number P
Period ended 30 June 2016 33,092 88,601,430 37.3
Period ended 30 June 2015 10,305 61,822,764 16.7
Year ended 31 December
2015 31,806 88,501,430 35.9
-------- ----------- --------
8. Share Capital and Share Premium
During the six months to 30 June 2016, options over 100,000 shares were exercised following which the Company had 88,601,430 ordinary shares of 1p each in issue at 30 June 2016.
9. Cash used in operations
Six months Six months Year
ended ended
30 June 30 June ended
2016 2015
(unaudited) (unaudited) 31 December
2015
GBP'000 GBP'000 (audited)
GBP'000
Profit/(loss) before tax 1,218 (414) 1,945
Adjustments for:
Share-based payments 43 44 87
Depreciation 9 5 10
Amortisation 8 9 18
Net finance income (285) (9) (319)
Fair value loss on financial
assets at fair value through
profit or loss - 68 120
Loss on disposal of trading
investments at fair value
through profit or loss - - 1
Unrealised gain on revaluation
of investment property (448) - -
Changes in working capital:
Stocks 509 - (509)
Trade and other receivables (49) (426) (4,741)
Trade and other payables (1,155) (141) 2,394
Cash flows from operating
activities (150) (864) (995)
------------- ------------- -------------
10. Copies of the interim financial statements
Copies of the Half Yearly Report 2016 will be sent to shareholders and copies will be available on request from the Company's office at 41 Charlotte Square, Edinburgh EH2 4HQ no later than 31 October 2016 and on the Company's website, www.sigmacapital.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FKLLLQKFBBBE
(END) Dow Jones Newswires
September 30, 2016 02:01 ET (06:01 GMT)
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