On a positive finish to the year with building momentum in Q4, FY17 adj. PBT is expected to be in line with our £3.8m forecast. Expectations for FY18e have improved. Further progress has been made to cap off a landmark year: increased bandwidth with Countryside and an (additional) agreement with Keepmoat. An additional £450m (GDC) in sites await investment. We leave FY17e adj. PBT unchanged and upgrade FY18e adj. PBT by 10% on an anticipated increase in activity. Sigma continues to convert the pipeline and stands to create material shareholder value.
