Sigma’s interims reflect continued delivery in The PRS REIT (“PRSR”) and well-flagged delays which were experienced during the early part of 2019. We now see strong activity levels developing – both in PRSR and on Sigma’s balance sheet – underpinning stronger profitability in H2. In PRSR, there are 1,289 completed homes and 3,429 in delivery – accounting for 83% of capital (91% of equity), with the remainder to be contracted near term. We leave our forecasts unchanged. 2/3rds of the market cap is covered by NAV and we believe recurring income from AuM and development profits are being undervalued.