Sutton Harbour Holdings plc (“Sutton Harbour”, “the Company”), the AIM listed waterfront regeneration and destination specialist, announces preliminary results for the year ended 31 March 2016.
· Resilient trading in line with expectations
· Re-financing of bank facilities on improved terms
· Completion of harbour and fisheries infrastructure programme
· Good progress with advancing current development opportunities
· Appointed Rothschild to undertake a strategic review of options (21 April 2016) which could include a sale of the Company
· Adjusted profit before tax* up 18.2% to £0.410m (2015: £0.347m)
· Profit before tax £1.590m (2015: £0.861m)
· Net assets £40.9m (2015: £40.5m) or 42.4p (2015: 42.0p) per share
· Year-end net debt £22.2m (2015: £21.5m); gearing: 54.4% (2015: 53.0%)
*Before accounting for impairments and fair value adjustments on investment property and property, plant and equipment
Graham Miller, Chairman, commented:
“Our trading businesses continue to prove resilient and the recent investments we have made in facilities and infrastructure around the harbour underpin our future core profitability. The medium term value growth potential of our portfolio of development sites remains significant.
The recent Brexit vote will cause short term uncertainty for many companies; however we do not believe it diminishes the intrinsic value of our business and we are pleased to have refinanced the Group’s debt on improved terms with our incumbent bank.”
Full results can be viewed here