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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sutton Harbour Group Plc | LSE:SUH | London | Ordinary Share | GB0008659202 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.00 | 10.00 | 12.00 | 11.00 | 11.00 | 11.00 | 367 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Services, Nec | 8.16M | -2.04M | -0.0142 | -7.75 | 15.72M |
TIDMSUH
RNS Number : 7079U
Sutton Harbour Group PLC
06 December 2021
6 December 2021
Sutton Harbour Group plc (formerly Sutton Harbour Holdings plc)
("The Company", "Sutton Harbour")
Sutton Harbour Group plc, the AIM-listed marine and waterfront regeneration specialist, announces its interim results for the six-month period to 30 September 2021.
Financial Highlights
-- Profit before taxation GBP0.327m (6 months to 30 September 2020: GBP0.058m) -- Net assets GBP50.835m (31 March 2021: GBP47.153m) -- Net assets per share 39.12p (31 March 2021: GBP40.67p) -- Net debt GBP24.905m (31 March 2021: GBP26.874m) -- Gearing 49.0% (31 March 2021: 57.0%)
Company Highlights
-- GBP3.5 million equity raise by way of Open Offer in August 2021 -- Acquisition of further strategic land in September 2021
-- Preliminary site works started on the 14 apartment Harbour Arch Quay, construction to start January 2022
-- 19% increase in marina revenue compared to last year -- Recovery of car parks trading to pre-Covid levels
Philip Beinhaker, Executive Chairman
"With the staged relaxation of UK Government imposed measures to manage the Covid pandemic, the Group has accelerated its efforts to start its first development project around Sutton Harbour in over a decade. During the first half year, the Group has made encouraging progress with its trading business activities and with the pipeline of development projects which it now intends to bring forward in accordance with its strategic vision. The Board was delighted to see the broad base of shareholders who participated in the recent 'Open Offer' equity raise."
For further information, please contact:
Sutton Harbour Group plc 01752 204186
Philip Beinhaker - Executive Chairman
Corey Beinhaker - Chief Operating Officer
Natasha Gadsdon - Finance Director
Arden Partners 020 7614 5900
Paul Shackleton
Elliot Mustoe
Executive Chairman's Statement
For the six-month period to 30 September 2021
Results and Financial position
Profit before taxation for the six month period to 30 September 2021 was GBP0.327m compared to GBP0.058m for the comparative period to 30 September 2020 and GBP0.281m for the period to 30 September 2019. This demonstrates strong recovery by the Company since the disruption caused by three national lockdowns ordered by the UK Government to contain the spread of Covid-19 during our trading year to 31 March 2021.
As at 30 September 2021, net assets were GBP50.835m (39.1pence per share), up from GBP47.153m (40.7pence per share) at 31 March 2021. The increase reflects the issuance of 14 million new ordinary shares which raised GBP3.5m of new equity capital in August 2021. There has been no revaluation of assets during the reporting period, with the next external independent valuation due to be undertaken at the financial year end.
Net Debt has fallen to GBP24.905m, GBP1.969m less than the position at 31 March 2021 of GBP26,874 net debt. Debt reduced following the equity raise in August 2021, however purchase of some strategic land, ongoing costs associated with active development projects and autumn being a lower point in the Group's annual cash cycle (as rents and berthing fee receipts peak between November and April) have utilised some of the funds raised. As at 30 September 2021 gearing stood at 49.0% down from 57.0% as at 31 March 2021.
Trading Report
The Group's trading businesses have proved resilient during the first half year with marina berthing revenues up 19% on the previous year, despite no increase in prices, car park revenues back to 2019 levels and rent incomes restored with agreed deferred payments being honoured. Trading at Plymouth Fisheries has continued to be slow and slightly trailing its pre- Covid level.
The exceptional growth in marina revenues results from the capacity occupation at Sutton Harbour Marina and 95% occupation at King Point Marina. Leisure boating in the UK has experienced a resurgence in popularity since the Covid crisis and the current outlook for this sector remains robust. Some minor alterations will be made to some berths at King Point Marina over the coming winter to accommodate the larger vessels of boat-owners currently on our waiting list.
Trading at the car parks was re-established quickly during the first quarter and continued strongly throughout the second quarter as the area attracted good visitor footfall and local bars, restaurants and other attractions were visibly busy.
Performance of the investment property estate has remained steady, with little vacant space to let. The lease of Old Barbican Market to Edinburgh Woollen Mill expired in May 2021 and the Group recovered vacant possession of the building. Planning consent has now been granted to partition the 7,500 sq ft floorplate into three 2,500 sq ft units, two of which are already reserved to national covenant tenants. The 3(rd) unit is being actively marketed. Overall, once fully let, the property will achieve c. 50% more rent than under the previous tenancy. During the first half year the Group sold a small investment property, which was not regarded as a part of the core Sutton Harbour estate, at a profit.
The slowing trend in landings at Plymouth Fisheries has been consistent for a few years. With the current Fisheries Complex now 27 years old, the Group is working together with Plymouth City Council and other stakeholders on a plan to gain public funding for a modern Fishery Complex better suited to the needs of the industry now and into the future.
Regeneration
The Group is pleased to report that it has started the preliminary site works on the 14 apartment Harbour Arch Quay scheme. The year-long construction programme will commence in January 2022 with marketing of the apartments to start early in the New Year. The building is financed by separate lending secured on the development with part to be funded from the recent equity raise. The Group has submitted variations to the original plans for both the Sugar Quay and Sutton Road East residential schemes, which between them will provide c. 300 new homes, for planning determination in early 2022. Changes to the Sutton Road East design followed the acquisition of an adjoining site in September 2021 which allowed improvements to pedestrian and vehicular access and circulation through the development.
Summary
With the staged relaxation of UK Government imposed measures to manage the Covid pandemic, the Group has accelerated its efforts to start its first development project around Sutton Harbour in over a decade. During the first half year, the Group has made encouraging progress with its trading business activities and with the pipeline of development projects which it now intends to bring forward in accordance with its strategic vision. The Board was delighted to see the broad base of shareholders who participated in the recent 'Open Offer' equity raise.
Philip Beinhaker
EXECUTIVE CHAIRMAN
Consolidated Statement of Comprehensive Income
6 months 6 months Year Ended to to 30 September 30 September 31 March 2021 2020 2021 (unaudited) (unaudited) (audited) GBP000 GBP000 GBP000 -------------- -------------- ----------- Revenue 3,845 2,873 5,400 Cost of Sales (2,436) (1,874) (3,638) Gross Profit 1,409 999 1,762 -------------- -------------- ----------- Fair value adjustment on fixed assets and investment property - - (2,211) Administrative expenses (731) (547) (1,171) Operating profit from continuing operations 678 452 (1,620) Financial income - Financial expense (351) (394) (753) Net financing costs (351) (394) (753) Profit before tax from continuing operations 327 58 (2,373) Taxation credit on profit from continuing operations (62) - 198 Profit from continuing operations 265 58 (2,175) ============== ============== =========== Basic profit/earnings per share 0.22p 0.02p (1.88p) Diluted profit/earnings per share 0.22p 0.02p (1.88p) 6 months 6 months Year Ended to to 30 September 30 September 31 March 2021 2020 2021
(unaudited) (unaudited) (audited) GBP000 GBP000 GBP000 -------------- -------------- ----------- Profit from continuing operations 265 58 (2,175) Other comprehensive income/(expenses) Continuing operations: Revaluation of property, plant and equipment - - 3,245 Deferred taxation on income and expenses recognised directly in the consolidated statement of comprehensive income Effective portion of changes in fair - - - value of cash flow hedges Total other comprehensive income - - 3,245 -------------- -------------- ----------- Total comprehensive income for the period attributable to equity shareholders 265 58 1,070 ============== ============== ===========
Consolidated Balance Sheet
As at As at As at 30 September 30 September 31 March 2021 2020 2021 (unaudited) (unaudited) (audited) GBP000 GBP000 GBP000 -------------- -------------- ----------- Non-current assets Property, plant and equipment 29,680 27,694 29,766 Investment property 17,622 18,989 17,845 Inventories 13,151 12,878 12,962 -------------- -------------- ----------- 60,453 59,561 60,573 -------------- -------------- ----------- Current assets Inventories 17,372 12,748 16,359 Trade and other receivables 1,846 2,363 2,396 Cash and cash equivalents 528 177 928 Tax recoverable - - 6 -------------- -------------- ----------- 19,746 15,288 19,689 -------------- -------------- ----------- Total assets 80,199 74,849 80,262 -------------- -------------- ----------- Current liabilities Trade and other payables 1,118 1,098 1,730 Finance lease liabilities 48 62 141 Deferred income 1,111 936 1,819 Provisions - 63 56 2,277 2,159 3,746 -------------- -------------- ----------- Non-current liabilities Other interest-bearing loans and borrowings 25,175 24,250 27,475 Finance lease liabilities 210 337 186 Deferred government grants 646 646 646 Deferred tax liabilities 1,056 1,255 1,057 Provisions - 62 - 27,087 26,550 29,363 -------------- -------------- ----------- Total liabilities 29,364 28,709 33,109 -------------- -------------- ----------- Net assets 50,835 46,140 47,153 ============== ============== =========== Issued capital and reserves attributable to owners of the parent Share capital 16,406 16,266 16,266 Share premium 13,972 10,695 10,695 Other reserves 16,280 13,034 16,280 Retained earnings 4,177 6,145 3,912 -------------- -------------- ----------- Total equity 50,835 46,140 47,153 ============== ============== ===========
Consolidated Statement of Changes in Equity
Share Share Revaluation Merger Hedging Retained TOTAL capital premium reserve reserve reserve earnings ----------Other Reserves---------- GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 --------- --------- ------------- --------- --------- ---------- -------- Balance at 1 April 2021 16,266 10,695 12,409 3,871 - 3,912 47,153 Comprehensive income/(expense) Issue of Shares 140 3,277 3,417 Profit for the period - - - - - 265 265 Total comprehensive income/(expense) 6 month period ended 30 September 2021 140 3,277 - - - 265 3,682 --------- --------- ------------- --------- --------- ---------- -------- Balance at 30 September 2021 16,406 13,972 12,409 3,871 - 4,177 50,835 --------- --------- ------------- --------- --------- ---------- -------- Balance at 1 April 2020 16,266 10,695 9,163 3,871 - 6,087 46,082 Comprehensive income/(expense) Profit for the period - - - - - 58 58 Total comprehensive income/(expense) 6 month period ended 30 September 2020 - - - - - 58 58 --------- --------- ------------- --------- --------- ---------- -------- Balance at 30 September 2020 16,266 10,695 9,163 3,871 - 6,145 46,140 --------- --------- ------------- --------- --------- ---------- -------- Balance at 1 October 2020 16,266 10,695 9,163 3,871 - 6,145 46,140 Comprehensive income/(expense) Profit for the period - - - - - (2,233) (2,233) Other comprehensive income/(expense) Revaluation of property, plant and equipment - - 3,246 - - - 3,246 Total comprehensive income/(expense) 6 month period ended 31 March 2021 - - 3,246 - - (2,233) 1,013 --------- --------- ------------- --------- --------- ---------- -------- Balance at 31 March 2021 16,266 10,695 12,409 3,871 - 3,912 47,153 --------- --------- ------------- --------- --------- ---------- --------
Consolidated Cash Flow Statement
6 months 6 months Year Ended to to 30 September 30 September 31 March 2021 2020 2021 (unaudited) (unaudited) (audited) GBP000 GBP000 GBP000 ---- -------------- -------------- ----------- Cash generated from total operating activities (1,237) (599) (2,536) -------------- -------------- ----------- Cash flows from investing activities Net expenditure on investment property (12) (4) (10) Expenditure on property, plant
and equipment (109) 75 (161) Proceeds from sale of plant 260 - - and equipment -------------- -------------- ----------- Net cash used in investing activities 139 71 (171) -------------- -------------- ----------- Cash flows from financing activities Proceeds from sale of shares 3,500 - - Expenses of share issuance (83) - - Interest paid (351) (396) (754) Loan drawdowns/(repayment of borrowings) (2,300) 309 3,225 Net finance lease (payments)/receipts (69) - 372 Net cash generated from financing activities 697 (87) 2,843 -------------- -------------- ----------- Net increase/(decrease) in cash and cash equivalents (401) (615) 136 Cash and cash equivalents at beginning of period 928 792 792 Cash and cash equivalents at end of period 527 177 928 ============== ============== ===========
Notes to Interim Report
General information
This consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 March 2021 were approved by the Board of Directors on 5 July 2021 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified and did not contain any statement under section 498 of the Companies Act 2006.
Copies of the Group's financial statements are available from the Company's registered office, Sutton Harbour Office, Guy's Quay, Sutton Harbour, Plymouth, PL4 0ES and on the Company's website www.sutton-harbour.co.uk.
This consolidated interim financial information has not been audited.
Basis of preparation
The consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 March 2021, which have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretation Committee (IFRIC) interpretations as endorsed by the European Union, and those parts of the Companies Acts 2006 as applicable to companies reporting under IFRS.
Accounting policies
Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the year ended 31 March 2021, as described in those annual financial statements.
Accounting estimates and judgements
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements that are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Segment information
Management has determined the operating segments based on the reports reviewed by the Board of Directors that are used to make strategic decisions.
The Board of Directors considers the business from an operational perspective as having only one geographical segment, with all operations being carried out in the United Kingdom.
The Board of Directors considers the performance of the operating segments using operating profit. The segment information provided to the Board of Directors for the reportable segments for the period ended 30 September 2019 is as follows:
6 months to 30 September 2021 Marine Real Estate Car Parking Regeneration Total GBP000 GBP000 GBP000 GBP000 GBP000 ------- ------------ ------------ ------------- ------- Revenue 2,648 776 421 - 3,845 Gross profit prior to non-recurring items 726 559 235 (111) 1,409 Segmental Operating Profit before Fair value adjustment and unallocated expenses 726 559 235 (111) 1,409 Fair value adjustment on fixed assets and investment property assets - - - - - Unallocated: Administrative expenses (731) Operating profit from continuing operations 678 Financial income Financial expense (351) ------- Profit before tax from continuing operations 327 Taxation (62) ------- Profit for the year from continuing operations 265 ======= Depreciation charge Marine 171 Car Parking 9 Administration 13 ------- 193 =======
Segment Information (continued)
6 months to 30 September 2020 Marine Real Estate Car Parking Regeneration Total GBP000 GBP000 GBP000 GBP000 GBP000 ------- ------------ ------------ ------------- ------- Revenue 1,969 676 228 - 2,873 Gross profit prior to non-recurring items 561 448 100 (110) 999 Segmental Operating Profit before Fair value adjustment and unallocated expenses 561 448 100 (110) 999 Fair value adjustment on fixed assets and investment property assets - - - - - Unallocated: Administrative expenses (547) Operating profit from continuing operations 452 Financial income Financial expense (394) ------- Loss before tax from continuing operations 58 Taxation - ------- Loss for the year from continuing operations 58 ======= Depreciation charge Marine 168 Car Parking 11 Administration 11 ------- 190 =======
Segment Information (continued)
Year ended 31 March 2021 Marine Real Estate Car Parking Regeneration Total GBP000 GBP000 GBP000 GBP000 GBP000 -------- ------------ ------------ ------------- -------- Revenue 3,509 1,542 349 - 5,400 Gross profit prior to non-recurring items 770 1,020 110 (138) 1,762 Segmental Operating Profit before Fair value adjustment and unallocated expenses 770 1,020 110 (138) 1,762 Fair value adjustment on fixed assets and investment property assets (1,061) (1,150) - - (2,211) (449) Unallocated: Administrative expenses (1,171) Operating profit from continuing operations (1,620) Financial income - Financial expense (753) -------- Profit before tax from continuing operations (2,373) Taxation 198 -------- Profit for the year from continuing operations (2,175) ======== Depreciation charge Marine 336 Car Parking 31 Administration 32 -------- 399 ======== 30 September 30 September 31 March 2021 2020 2021 GBP000 GBP000 GBP000 Segment assets: Marine 25,565 23,304 25,846 Real estate 18,740 19,660 18,715 Car Parking 4,954 5,323 4,861 Regeneration 30,029 25,746 29,343 Total segment assets 79,288 74,033 78,765 Unallocated assets: Property, plant and equipment 77 83 70 Trade & other receivables 306 556 499 Cash & cash equivalents 528 177 928 Total assets 80,199 74,849 80,262 ============= ============= =========
Segment Information (continued)
30 September 30 September 31 March 2021 2020 2021 GBP000 GBP000 GBP000 Segment liabilities: Marine 1,312 1,184 2,062 Real estate 429 560 689 Car Parking 93 90 19 Regeneration 823 823 1,142 ------------- ------------- --------- Total segment liabilities 2,657 2,657 3,912 Unallocated liabilities: Bank overdraft & borrowings 25,433 24,649 27,802 Trade & other payables 154 148 337 Financial Derivatives - - - Tax payable 62 - 1 Deferred tax liabilities 1,058 1,255 1,256 ------------- ------------- --------- Total liabilities 29,364 28,709 33,308 ============= ============= =========
Unallocated assets included in total assets and unallocated liabilities included in total liabilities are not split between segments as these items are centrally managed.
Taxation
The Company has applied an effective tax rate of 19% (2019: 19%) based on management's best estimate of the tax rate expected for the full financial year and is reflected in a movement in deferred tax.
Dividends
The Board of Directors do not propose an interim dividend (2019: nil).
Earnings per share
6 months to 6 months Year Ended to 30 September 30 September 31 March 2021 2020 2021 (unaudited) (unaudited) (audited) pence pence pence -------------- -------------- ----------- Continuing operations Basic earnings per share 0.22p 0.02p (0.85p) Diluted earnings per share* 0.22p 0.02p (0.85p)
Basic Earnings per Share:
Basic earnings per share have been calculated using the profit for the period of GBP265,000 (2020: profit GBP58,000, year ended 31 March 2020 loss GBP2,175,000). The average number of ordinary shares in issue, excluding those options granted under the SAYE scheme, of 120,534,234 (2020: 115,944,071; year ended 31 March 2021: 115,944,071) has been used in our calculation.
Diluted Earnings per Share:
Diluted earnings per share uses a weighted average number of 120,765,411 (2020: 116,100,126; year ended 31 March 2021 116,130,728) ordinary shares after adjusting for the effects of share options in issue: 242,063 ordinary shares (2020: 102,273; 31 March 2021: 218,063)
Property valuation
Freehold land and buildings and investment property have been independently valued by Jones Lang LaSalle as at 31 January 2021, in accordance with the Practice Statements in the Valuations Standards (The Red Book) published by the Royal Institution of Chartered Surveyors.
A further valuation will be commissioned for the year ending 31 March 2022, as in previous years.
Cash and cash equivalents
As at As at As at 30 September 30 September 31 March 2021 2020 2021 (unaudited) (unaudited) (audited) GBP000 GBP000 GBP000 ------------- ------------- ---------- Cash and cash equivalents per balance sheet and cash flow statement 527 177 928 ============= ============= ==========
Provisions
Onerous leases Total GBP000 GBP000 --------------------------- ---------------------- Balance at 1 April 2020 99 99 Provisions made 26 26 Balance at 30 September 2020 125 125 =========================== ====================== Provisions made - - Provisions utilised (69) (69) --------------------------- ---------------------- Balance at 31 March 2021 56 56 =========================== ====================== Provisions made - - Provisions utilised (56) (56) --------------------------- ---------------------- Balance at 30 September - - 2021 =========================== ======================
Cash flow statements
6 months to 6 months to Year Ended 30 September 30 September 31 March 2021 2020 2021 (unaudited) (unaudited) (audited) GBP000 GBP000 GBP000 -------------- -------------- ----------- Cash flows from operating activities Profit/(loss) for the period 265 58 (2,373) Adjustments for: Taxation - - - Financial income - - - Financial expense 351 396 753 Fair value adjustment on fixed assets and investment property - - 2,211 Depreciation 193 190 399 Amortisation of grants - - - Profit/loss on sale of property, plant and equipment (24) - 3 Cash generated from operations before changes in working capital and provisions 785 644 933 Increase in inventories (1,202) (599) (4,294) Decrease/(increase) in trade and other receivables 556 234 199 (Decrease)/increase in trade and other payables (612) (236) 334 Decrease in deferred income (708) (607) 275 (Decrease)/increase in provisions (56) (35) (43) Cash generated from operations (1,237) (599) (2,536) ============== ============== ===========
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December 06, 2021 08:17 ET (13:17 GMT)
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