Sigma steady despite on-site delays

Sigma Capital has reported steady growth with net asset value per share inching up by 1% in its annual results. The developer investor said the pandemic had slowed on-site activity by 25%, delaying delivery of 600 homes. During the nine-month period Sigma agreed substantial deals with Sweden’s EQT, as well a contract to deliver 5,000 homes with long-standing partner Countryside. However, it estimates the pandemic has knocked back development timelines by around three months. The group reported revenue of £8m, compared to £13.9 for the 12-month period prior. Pretax profit fell to £3.2m, down from £13m in 2019. It continues to review the Scottish PRS fund, which was paused last year amid questions over its viability in the pandemic. Sigma is also in talks to extend its £45m development facility with Homes England, which is due for repayment on 30 September 2020. Chief executive Graham Barnet said: “Delivery momentum has bounced back to almost pre-coronavirus level. “The business is in a very strong position, financially and operationally. Our new agreements with Countryside Properties, for housing delivery, and with PRS REIT, extending our advisory agreement, create added visibility.” To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette