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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 | 50,752 | 07:45:38 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Services, Nec | 8.16M | -2.04M | -0.0142 | -7.75 | 15.72M |
From Apr 2019 to Apr 2024
TIDMSUH
RNS Number : 1544F
Sutton Harbour Group PLC
11 July 2019
11 July 2019
SUTTON HARBOUR GROUP PLC ("the Group")
Preliminary results for the year ended 31 March 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 GBP3 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* GBP0.072m (2018: loss GBP0.136m) -- Net financing costs GBP0.901m (2018: GBP0.897m) -- Net Assets GBP45.7m (2017: GBP39.3m) -- Valuation of property portfolio** GBP45.7m (2018: GBP42.7m) -- Year-end net debt GBP21.4m (2017: GBP21.9m)
*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".
For further information, please contact
Sutton Harbour Group plc Philip Beinhaker - Executive Chairman Natasha Gadsdon - Finance Director 01752 204186 Arden Partners (Nomad and Broker) Paul Shackleton Benjamin Cryer 020 7614 5900
Executive Chairman's Statement
Year Ended 31 March 2019
Shareholder's Overview
-- 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 GBP3 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
Results and Financial Position
The adjusted profit before taxation for the year was GBP0.072m (2018: GBP0.135m loss) which excludes non-cash fair value adjustments and the costs in connection with the change of ownership. The profit before taxation for the year under review as per the Income Statement, inclusive of the aforementioned adjustments, was GBP1.516m (2018: GBP2.502m Loss before taxation).
As at 31 March 2019, net assets were GBP45.732m (2018: GBP39.328m), representing 39.4p per share (2018: 37.2p per share). The increase follows the issue of 10,344,951 new ordinary shares at 29 pence each, providing new capital of GBP3m, before costs of GBP73,000, and also the valuation of the Company's property assets which gave rise to an overall valuation surplus of GBP3.084m. Gearing as at 31 March 2019 stood at 46.7% (2018: 55.6%). Net finance costs increased to GBP0.901m in the year (2018: GBP0.897m) as the bank borrowing rate had increased by 0.25% and average borrowing compared year to year was higher.
Net debt (including finance leases) decreased to GBP21.373m at 31 March 2019 from GBP21.858m at 31 March 2018. Development Inventories increased by GBP2.281m reflecting the investment required to progress three schemes to planning consented status and a further GBP0.303m was invested in the Company's infrastructure asset base.
The board does not recommend payment of a dividend on the year's results.
Directors and Staff
Early in the financial year Philip Beinhaker was appointed Executive Chairman and Jason Schofield, Chief Executive left the Company in July 2018. The board has advertised a Chief Operating Officer position and intends to announce a new board appointment in the near future. There have been no other changes at board level during the year.
Headcount as at 31 March 2019 decreased to 30 (31 March 2018: 33) as the Company has continued to outsource certain specialist roles following some voluntary resignations.
Operations Report
MARINE
Overall, the marine segment has performed steadily during the year. The Marinas both achieved modest growth in revenue and occupancy and this encouraging trend has continued into the start of the new 2019/20 berthing season. Results from fishing activities were undermined by a poorer level of fish stocks in local waters with landings of fish by value down 23.5% on the previous financial year. Despite lower revenue from fish landing dues, other revenues including fuel sales, ice sales and rentals of property at the Plymouth Fisheries facility held up well during the year under review.
REAL ESTATE AND CAR PARKING
Focused marketing of vacant property has resulted in the occupancy rate increasing to 94% as at 31 March 2019 from 87% as at 31 March 2018. During the year seven new tenancies have been completed, and the Company has been pleased to see more businesses, in both professional businesses services and restaurant sectors, choose Sutton Harbour as a trading base.
Car Parking revenue increased slightly during the year, compared to the previous year. Parking at the Harbour Car Park continued to be affected by the out of action footbridge which links this car park more directly to the eastern side of the harbour where popular attractions including the Barbican and the Hoe are situated. The bridge was returned to full service on 19 April 2019 after a new bearing was fabricated and the structure recommissioned in time for the busier summer season. Early in 2019 the car parks contract with a third party specialist management company was renewed on improved terms.
REGENERATION
Sutton Harbour
The Company gained planning approval for two new landmark residential led schemes for Sutton Harbour in November 2018. The Harbour Arch Quay development of 14 flats and The iconic Sugar Quay building with 170 apartments are both due to start construction by the end of the year. The two storey Harbour Car Park extension, which will accommodate a further 114 parking spaces, is also due to start late 2019, with the additional parking to be available for use in summer 2020. The Company is engaging with local stakeholders, including Plymouth City Council, on events to be held in 2020 to commemorate the 400(th) anniversary of the departure of the Pilgrim Fathers on the Mayflower vessel to America. The historic port of Sutton Harbour is the focal point for commemorative events and the Company is making ready for the expected high number of visitors to the area.
Former Airport Site
The Company continues to manage and maintain the Former Airport Site which closed in December 2011. The 113 acre site, which is already surrounded by urban development, is ideally located for mixed urban use, and can deliver a sustainable built environment for the economic and social wellbeing of the people of Plymouth. The safeguard of the site for possible general aviation use is provided for the next five years, after which the Government Inspectors consider a prolonged safeguard to be inappropriate due to the value of the land for urban uses. The Company had prepared an initial masterplan for mixed use development for the site and continues to refine this to ensure its formulation as a development programme is deliverable in phases to meet planning framework policy and an aspiration for a new sustainable urban neighbourhood.
SUMMARY AND OUTLOOK
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.
PHILIP BEINHAKER
Executive Chairman
10 July 2019
Consolidated Income Statement
For the year ended 31 March 2019
Hot Features
Premium
2019 2018
GBP000 GBP000
Revenue 6,893 6,503
Cost of sales (4,686) (4,367)
Gross profit 2,207 2,136
------------
Fair value adjustments on investment properties
and fixed assets 1,444 (626)
Administrative expenses (1,234) (1,374)
Exceptional costs of change in ownership - (1,741)
Operating profit/(loss) 2,417 (1,605)
------------ ------------
Finance income 1 -
Finance costs (902) (897)
------------
Net finance costs (901) (897)
------------ ------------
Profit/(loss) before tax from continuing operations 1,516 (2,502)
Taxation credit on profit/(loss) from continuing
operations 315 304
------------ ------------
Profit/(loss) for the year from continuing
operations 1,831 (2,198)
------------ ------------
Profit/(loss) for the year attributable to
owners of the parent 1,831 (2,198)
============ ============
Basic and diluted earnings/(loss) per share
from continuing operations 1.68p (2.24)p
Consolidated Statement of Other Comprehensive
Income for
the year ended 31 March 2019
2019 2018
GBP000 GBP000
Profit/(loss) for the year 1,831 (2,198)
Items that will not be reclassified subsequently
to profit or loss:
Revaluation of property, plant and equipment 1,640 (1,624)
Items that may be reclassified subsequently
to profit or loss:
Effective portion of changes in fair value
of cash flow hedges 6 70
Other comprehensive income for the year, net
of tax 1,646 (1,554)
------------ ------------
Total comprehensive income for the year attributable
to owners of the parent 3,477 (3,752)
============ ============
Consolidated Balance Sheet
As at 31 March 2019
2019 2018
GBP000 GBP000
Non-current assets
Property, plant and equipment 26,632 23,973
Investment property 19,425 19,055
Inventories 12,448
58,505 43,028
------------ ------------
Current assets
Inventories 11,119 21,276
Trade and other receivables 2,283 2,170
Cash and cash equivalents 1,296 2,767
Tax recoverable (5) 8
14,693 26,221
------------ ------------
Total assets 73,198 69,249
------------ ------------
Current liabilities
Trade and other payables 1,496 1,633
Finance lease liabilities 122 117
Deferred income 1,398 1,434
Provisions 70 70
Derivative financial instruments - 6
3,086 3,260
------------ ------------
Non-current liabilities
Bank loans 22,500 24,350
Finance lease liabilities 47 158
Deferred government grants 646 646
Deferred tax liabilities 1,023 1,338
Provisions 164 169
24,380 26,661
------------ ------------
Total liabilities
------------ ------------
27,466 29,921
------------ ------------
Net assets 45,732 39,328
============ ============
Issued capital and reserves attributable
to owners of the parent
Share capital 16,266 16,162
Share premium 10,695 7,872
Other reserves 11,696 10,050
Retained earnings 7,075 5,244
Total equity 45,732 39,328
============ ============
Consolidated Statement of Changes in Equity
For the year ended 31 March 2019
Share Share Revaluation Merger Hedging Retained Total
capital premium reserve reserve reserve earnings equity
------------Other reserves------------
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------- -------- ------------------------ -------- -------- --------- -------
Balance at 1 April
2017 16,069 5,368 7,809 3,871 (76) 7,442 40,483
Comprehensive
income/(expense)
Loss for the year - - - - - (2,198) (2,198)
Other comprehensive
expense
Revaluation of property,
plant and equipment - - (1,624) - - - (1,624)
Effective portion of
changes in fair value
of cash flow hedges - - - - 70 - 70
Total other comprehensive
expense - - (1,624) - 70 - (1,554)
-------- -------- ------------------------ -------- -------- --------- -------
Total comprehensive
income/(expense) - - (1,624) - 70 (2,198) (3,752)
-------- -------- ------------------------ -------- -------- --------- -------
Transactions with owners
of the
parent
Purchase of shares 93 2,504 - - - - 2,597
Total balance at 31
March 2018 16,162 7,872 6,185 3,871 (6) 5,244 39,328
======== ======== ======================== ======== ======== ========= =======
Balance at 1 April
2018 16,162 7,872 6,185 3,871 (6) 5,244 39,328
Comprehensive
income/(expense)
Profit for the year - - - - - 1,831 1,831
Other comprehensive
income/(expense)
Revaluation of property,
plant and equipment - - 1,640 - - - 1,640
Effective portion of
changes in fair value
of cash flow hedges - - - - 6 - 6
Total other comprehensive
expense 1,640 6 1,646
-------- -------- ------------------------ -------- -------- --------- -------
Total other comprehensive
income/(expense) - - 1,640 - 6 1,831 3,477
-------- -------- ------------------------ -------- -------- --------- -------
Transactions with owners
of the parent
Purchase of shares 104 2,823 - - - - 2,927
-------- -------- ------------------------ -------- -------- --------- -------
Total balance at 31
March 2019 16,266 10,695 7,825 3,871 - 7,075 45,732
======== ======== ======================== ======== ======== ========= =======
Consolidated Cash Flow Statement
For the year ended 31 March 2019
2019 2018
GBP000 GBP000
------- ------------
Cash used from total operating activities (1,181) (886)
Cash flows from investing activities
Net expenditure on investment property (60) -
Expenditure on property, plant and equipment (243) (227)
Proceeds from sale of plant and equipment - 12
Net cash used in investing activities (303) (215)
------- ------------
Cash flows from financing activities
Proceeds from issue of shares 3,000 2,750
Expenses of share issuance (73) (152)
Interest paid (958) (897)
Loan (repayment) (1,850) -
Loan drawdown - 1,550
Cash payments of finance leases (106) (86)
Net cash generated from financing activities 13 3,165
------- ------------
Net (decrease) / increase in cash and cash
equivalents (1,471) 2,064
Cash and cash equivalents at beginning of the
year 2,767 703
Cash and cash equivalents at end of the year 1,296 2,767
------- ------------
Reconciliation of financing
activities
For the year ended 31 March
2019
2019 Cash flow 2018 Cash flow 2017
GBP000 GBP000 GBP000 GBP000 GBP000
Bank loans 22,500 (1,850) 24,350 1,550 22,800
Finance leases 169 (106) 275 (86) 361
------ --------- ------ ---------------- ------------
Long term debt 22,669 (1,956) 24,625 1,464 23,161
------ --------- ------ ---------------- ------------
Notes
Segment Results
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 the Group has only one geographical segment, with all operations being carried out in the United Kingdom.
The Board of Directors assesses the performance of the operating segments using operating profit. The segment information provided to the Board of Directors for the reportable segments for the year ended 31 March 2019 is as follows:
Year ended 31 Real
March 2019 Marine Estate Car Parking Regeneration Total
GBP000 GBP000 GBP000 GBP000 GBP000
------- -------- ------------ ------------- --------
Revenue 4,896 1,474 523 - 6,893
Segmental Operating
Profit before
Fair value adjustment
and unallocated
expenses 1,057 941 350 (141) 2,207
Fair value adjustment
on investment
properties and
fixed assets 1,134 310 - - 1,444
------- -------- ------------ ------------- --------
3,651
Unallocated:
Administrative
expenses (1,234)
Operating profit 2,417
Financial income 1
Financial expense (902)
--------
Profit before
tax from continuing
activities 1,516
Taxation 315
--------
Profit for the
year from continuing
operations 1,831
--------
Depreciation
charge
Marine 314
Car Parking 33
Administration 11
----
358
----
Year ended 31 Real
March 2018 Marine Estate Car Parking Regeneration Total
GBP000 GBP000 GBP000 GBP000 GBP000
------- -------- ------------ ------------- --------
Revenue 4,578 1,414 511 - 6,503
Gross profit
prior to non-recurring
items 971 946 318 (99) 2,136
Segmental Operating
Profit before
Fair value adjustment
and unallocated
expenses 971 946 318 (99) 2,136
Fair value adjustment
on investment
properties and
fixed assets (221) (405) - - (626)
------- -------- ------------ ------------- --------
1,510
Unallocated:
Administrative
expenses (1,374)
Exceptional costs
of change in
ownership (1,741)
--------
Operating loss (1,605)
Financial income -
Financial expense (897)
--------
Loss before tax
from continuing
activities (2,502)
Taxation 304
--------
Loss for the
year from continuing
operations (2,198)
--------
Depreciation
charge
Marine 297
Car Parking 12
Administration 16
----
325
----
Assets and liabilities
2019 2018
GBP000 GBP000
-------- --------
Segment assets:
Marine 23,514 20,882
Real Estate 19,892 19,460
Car Parking 4,456 4,233
Regeneration 23,574 21,414
Total segment assets 71,436 65,989
Unallocated assets:
Property, plant & equipment 61 78
Trade & other receivables 405 415
Cash and cash equivalents 1,296 2,767
-------- --------
Total assets 73,198 69,249
-------- --------
2019 2018
GBP000 GBP000
Segment liabilities:
Marine 1,897 1,858
Real Estate 575 705
Car Parking 130 131
Regeneration 1,085 938
Total segment liabilities 3,687 3,632
Unallocated liabilities:
Bank overdraft & borrowings 22,669 24,625
Trade & other payables 87 320
Financial derivatives - 6
Deferred tax liabilities 1,023 1,338
Tax payable - -
-------- --------
Total liabilities 27,466 29,921
-------- --------
Additions to property, plant and equipment
Marine 183 227
Car Parking 22 -
Unallocated 38 -
---- ----
Total 243 227
==== ====
Unallocated assets included in total assets and unallocated liabilities included in total liabilities are not split between segments as these items are centrally managed.
Unallocated expenses include central administrative costs that cannot be split between the various business segments because they are incurred in assisting the Group generate revenues across all business segments.
Revenue can be divided into the following categories:
2019 2018
GBP000 GBP000
------ ------
Sale of goods 2,357 2,289
Rental income and service recharges 1,614 1,547
Provision of services 2,922 2,667
6,893 6,503
====== ======
No revenues from any one customer represented more than 10% of the Group's revenue for the year.
Going Concern
The Group's forecasts and projections, taking account of reasonably foreseeable possible changes in trading performance, show that the Group should be able to operate within the level of the facilities and covenants over a period of at least twelve months. The covenants measure interest cover, debt to fair value and capital expenditure.
After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group, therefore, continues to adopt the going concern basis in preparing its financial statements.
Directors' Statement
The preliminary results for the year ended 31 March 2019 and the results for the year ended 31 March 2018
are prepared in accordance with the recognition and measurement requirements of International Financial Reporting Standards as adopted by the European Union (IFRS). The accounting policies adopted in this preliminary announcement are consistent with the Annual Report for the year ended 31 March 2019.
The Board of Sutton Harbour Group plc approved the release of this audited preliminary announcement on 28 June 2019.
The preliminary financial information has been extracted from the Annual Report and audited Financial Statements for the year ended 31 March 2019, which will be posted to shareholders in due course and will be delivered to the Registrar of Companies following the Annual General Meeting of the Company. These audited Financial Statements include the auditors' report which, whilst unqualified, contains reference by way of emphasis to the disclosures concerning the potential impact of government reports and Plymouth's planning strategy upon the valuation of the former airport site, which is held as inventory. The auditors' report does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The report will also be available on the investor relations page of our website (www.suttonharbourholdings.co.uk). Further copies will be available on request and free of charge from the Company Secretary at Sutton Harbour Office, Guy's Quay, Sutton Harbour, Plymouth, PL4 0ES.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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July 11, 2019 02:00 ET (06:00 GMT)
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