SIGMA Capital, which is now focused on property development and regeneration, said it expected a pre-tax loss of no more than £1.3 million for 2012, after recording a £1.4m deficit the previous year.

The Edinburgh-based company said increased activity in the property division helped it achieve a 37% underlying increase in revenues from services, to £2.3m in 2012 from £1.67m in the preceding year, excluding £0.8m one-off receipts.

The division includes the Inpartnership urban regeneration business acquired from Sir Tom Hunter's West Coast Capital. The private equity firm has a 22% stake in Sigma, which has partnerships with three local authorities including Solihull. The company said it had completed the forward sale of a planned development in Solihull, generating around £225,000 profit over the next 12 months.

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Sigma is overseeing the development of a scheme to build 3,500 homes and a new town centre at Winchburgh in West Lothian.

"The levels of activity in the property division continue to increase," said Sigma. "The scope for building revenues remains substantial."

In an update on trading, it said: "The like-for-like revenue contribution from our historic venture capital fund management activity is lower than last year and we intend to make a further provision of approximately £0.5m for the year to December 31, 2012."