Sutton Harbour Group – Preliminary Results for the year ended 31/03/2019

Sutton Harbour Group – Preliminary Results for the year ended 31/03/2019

Sutton Harbour Group plc (“Sutton Harbour”, “the Company”), the AIM listed waterfront regeneration and destination specialist, announces preliminary results for the year ended 31 March 2019.

 

Highlights

·      In November 2018, the Company received planning approval for two new residential schemes at Sutton Harbour: ‘Harbour Arch Quay’ and ‘Sugar Quay’ together with approval for a two storey extension to the existing multi-storey Harbour Car Park.

·      In December 2018 the Company held a general meeting at which shareholders approved the issue of 10,344,951 new ordinary shares via an Open Offer to existing shareholders. This issue was fully subscribed and resulted in a fresh equity injection of £3 million (before costs) to be used in the ongoing development of the Company including pre-construction costs in respect of planning consented schemes ‘Harbour Arch Quay’ and ‘Sugar Quay’ and to meet capital maintenance costs and other funding requirements across its ordinary and development activities.

·      In March 2019, the Government Inspectors’ report concerning the Local Authority’s new planning framework was issued which affirmed safeguarding for a period not to exceed five years of the former airport site for possible general aviation use.

·      In April 2019, the Company changed its name to Sutton Harbour Group plc and is currently rolling out its new corporate identity

 

Financial

 

·      Adjusted profit before tax* £0.072m (2018: loss £0.136m)

·      Net financing costs £0.901m (2018: £0.897m)

·      Net Assets £45.7m (2017: £39.3m)

·      Valuation of property portfolio** £45.7m (2018: £42.7m)

·      Year-end net debt £21.4m (2017: £21.9m)

 

*Before accounting for fair value adjustments on assets and costs of change in ownership.

**Comprises investment and owner occupied portfolios. Excludes land held as development inventory.

 

Philip Beinhaker, Executive Chairman, commented:

The Company has continued to deliver on its vision to be the leading marine, waterfront regeneration and destination specialist in Southern England in accordance with its stated strategy. We have delivered major new planning consents, completed in-depth reviews of other trading activities and put strategic plans for growth in place“.

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