Manchester real estate developer reports significant revenue and housing increase
Manchester-headquartered Sigma Capital Group plc has revealed its interim results.
The figures show that the group has experienced strong revenue growth this year, driven by continuing expansion of Managed PRS activity.
Furthermore, profit-before-tax came in three per cent higher (£4.3m) following lower level of gains from self-funded PRS activity.
Sigma Capital’s revenue currently stands at £5.8m - up from £4.8m in 2018, whilst profit from operations remains static at £3.6m.
The PRS REIT company’s 1,000th new rental home was also delivered in May this year - two years after its launch. Meanwhile, 398 new rental homes have been completed in H1, and 3,731 homes are now contracted across 42 sites - 302 have been completed.
H2 has also supposedly started well, with 42 development sites underway as of August 31, 2019. A further 3,429 new rental homes are expected to be delivered.
91% of the REIT’s net funds are now contracted and we expect to contract the balance over the coming months
Sigma Capital’s total housing delivery is expected to amount to around 5,400 new rental homes.
Graham Barnet, CEO of Sigma, added: “The effectiveness of our model for large-scale delivery of family homes for the private rental market is now firmly established.
“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.”
He concluded: “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.”
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