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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 | 8.00 | 12.00 | 0.00 | 07:30:09 |
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 : 5305L
Sutton Harbour Group PLC
16 May 2022
16 May 2022
Sutton Harbour Group plc
(the "Company")
Company Update
Trading Update
The Company is pleased to announce that trading results have continued to make a strong recovery with sustained high levels of occupancy at the marinas, now reaching capacity, and car parking revenues back to the peak trading levels of two years ago. Tenants of the waterfront property estate have weathered the disruption with occupancy maintained at over 90%.
The resilience and performance of the Company's investments and owner-occupied assets is shown in the unaudited independent valuers report as at 31 March 2022 which values the portfolio, excluding development sites, at GBP54.17m (a GBP6.85m increase on the 2021 valuation). The valuation of the owner-occupied assets (marinas, car parks and fisheries) reflects the strong trading by both the marinas and car parks operations. A summary of the updated valuation, including comparatives for 2021, can be seen in the table below:
As at 31 March As at 31 March Increase 2022 2021 Owner Occupied portfolio GBP36.125m GBP29.475m GBP6.650m --------------- --------------- ---------- Investment Property GBP18.045m GBP17.845m GBP0.200m portfolio --------------- --------------- ---------- Total Estate portfolio* GBP54.170m GBP47.320m GBP6.850m --------------- --------------- ----------
*Excludes property held as development inventory
Projects
The Company started construction of Harbour Arch Quay, a 14 apartment waterfront building, in February 2022 with works now emerging from the ground. Completion is scheduled for early Spring 2023. Strong interest is being received from potential purchasers for the high specification units, all of which have direct south-west facing views over Sutton Harbour.
Revised plans for the Sugar Quay development, on the eastern side of Sutton Harbour, received unanimous approval from the local planning authority in April 2022 and pre-construction conditions are expected to be settled in the coming weeks.
The Company has embarked on consented works to the listed Old Barbican Market to convert the 7500 sq ft glazed building into three units and to improve the external public realm. These works will allow the three incoming tenants to complete fitting out and opening by late Summer 2022. (This property was vacated by Edinburgh Woollen Mill in May 2021.)
The Company expects to announce its results for the year ended 31 March 2022 in mid-July 2022.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR").
Enquiries
Sutton Harbour Group +44 (0) 1752 204186 Philip Beinhaker, Executive plc Chairman Corey Beinhaker, Chief Operating Officer Natasha Gadsdon, Finance Director Strand Hanson Limited +44 (0) 20 7409 James Spinney (Nominated and Financial 3494 James Dance Adviser) Arden Partners plc +44 (0) 20 7614 Paul Shackleton (Broker) 5900 Elliot Mustoe
Notes to Editors
Sutton Harbour Group plc (AIM: SUH) is an AIM quoted company specialising in marine operations, waterfront regeneration and destination creation in Plymouth and South West England.
The Company operates Sutton Harbour Marina, King Point Marina and Plymouth Fisheries. Operational activities include mixed-use lettings, car parking and support services to harbour users, property management and regeneration and asset enhancement.
Sutton Harbour is committed to being the leading marine and waterfront regeneration specialist in Southern England, and to positioning Sutton Harbour in Plymouth as a destination of national interest.
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(END) Dow Jones Newswires
May 16, 2022 02:01 ET (06:01 GMT)
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