25/04/2006
Sigma, the evolving Edinburgh-based investment management and corporate advisory play, has clinched a first university partnership, with Aberdeen-based Robert Gordon University (RGU). For its toils in identifying and progressing commercial prospects, Sigma will take equity in any companies that are created as well as a share of licensing income.
This upbeat news accompanied encouraging calendar 2005 numbers which showed a 49% top line rise to £3.3m, including a full year contribution from strong performing property subsidiary Si Management. Pre-tax profits (before a £1m write down of investments) sparked 147% higher to £640,000. After write downs, losses were £366,000 (£737,000). 2005 was a busy year for the existing Sigma Technology Venture and Sigma Innovation fund, with seven new and eight follow-on investments made and investee Vividas floated on AIM with a £5.5m funding.
Under joint managing directors Neil Crabb and Graham Barnet, Sigma is boosting funds under management and broadening its model – a name change to Sigma Capital will reflect this. As well as the University partnership, Sigma has announced first closing of a long-term fund in the sustainable energy sector. This new £6m Sigma Sustainable Energies Fund, in which blue chip utility Scottish & Southern Energy invested £2.4m, stays open until January 2007 and has already invested £500,000 in an Edinburgh-based offshore wave energy company.
Asset rich Sigma now has a wider range of business streams and plenty of upside potential. The shares look undervalued. Buy.
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| Market cap: | £10.32m |
| PE Forecast: | n/a |
| Share price: | 25p |
| AIM | £5.96m |
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