Sutton Harbour Group plc, the AIM-listed marine and waterfront regeneration specialist, announces its interim results for the six-month period to 30 September 2020.
· Profit before taxation £0.058m (6 months to 30 September 2019: £0.281m)
· Net assets £46.140m (31 March 2020: £46.082)
· Net assets per share 39.8p (31 March 2020: £39.7p)
· Net debt £24.472m (31 March 2020: £23.591m)
· Gearing 53.0% (31 March 2020: 51.1%)
· Finalising pre-construction preparations for consented schemes at Harbour Arch Quay
· Preliminary planning submission for a new 200+ unit residential led scheme to the east of Sutton Harbour
· Strong trading performance by the Marinas despite Covid crisis disruption
· A further £2.0million borrowing facility through to May 2021 to provide working capital during the Covid pandemic
"The first half year has been used productively to get development projects ready to start and to deliver new homes as the country emerges from the Covid crisis. The Group has remained operational throughout the crisis period with appropriate safety measures put in place to manage infection risk and in accordance with UK Government advice. Inevitably, the restrictions have had an impact on trading revenues but to date our business activities have shown resilience to recover as more normal operations can resume. The Group has intensified its efforts to promote the marinas and lifestyle attributes of Sutton Harbour to increase its profile as a 'staycation' destination and to position the location benefits of the new developments scheduled to go ahead in 2021."
Philip Beinhaker, Executive Chairman