StockMarketWire.com - Residential developer and regeneration specialist Sigma Capital posted a fall in first-half profit, as national lockdowns crimped construction activity.

Pre-tax profit for the six months through June dropped to £1.0m, down from £4.3m on-year. Revenue fell 14% to £5.0m.

Administrative expenses excluding one-off costs rose 37% to £3.5m, which Sigma said reflected investment in its property platform.

The company did not declare an interim dividend.

'Sigma's results for the half were significantly affected by the coronavirus crisis and national lockdown, which caused construction and lettings activities to be suspended from late March,' chief executive Graham Barnet said.

'However, Sigma's strong balance sheet and delivery model meant that the company has managed the crisis well to date.'

'The underlying strengths of our sector are clearly evident in these difficult times.'

'Demand for well-managed, well-located new rental homes has never been higher and the launch of our new London PRS joint venture with EQT Real Estate has expanded significantly our ability to meet more of that need.'


At 9:03am: [LON:SGM] Sigma Capital Group PLC share price was 0p at 114.5p



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