28th Jun 2016 10:00
LONDON (Alliance News) - Sutton Harbour Holdings PLC on Tuesday said its pretax profit almost doubled in its recently ended financial year, despite a dip in revenue, after it benefited from fair value adjustments on investment properties and fixed assets.
Sutton Harbour, the marine and waterfront regeneration company focused on the Sutton Harbour area in Plymouth, posted a pretax profit of GBP1.6 million for the year ended March 31, up from GBP861,000 a year earlier.
The increase came as a slip in revenue to GBP6.5 million from GBP7.0 million was offset by lower administrative expenses and a GBP1.5 million fair adjustment on investment properties and fixed assets. A year earlier, the fair value adjustment came in at GBP917,000.
Sutton Harbour's net assets were valued at GBP40.9 million on March 31, up from GBP40.5 million a year earlier, and the company said it had completed its two-year programme to upgrade the harbour and fisheries infrastructure. This, the company said, resulted in an increase of net debt, including finance leases, to GBP22.2 million from GBP21.5 million. Sutton Harbour said it renewed its banking facilities in March.
"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," Chairman Graham Miller said.
"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," Miller added.
Shares in Sutton Harbour were up 2.2% at 27.59 pence on Tuesday.
By Hannah Boland; [email protected]; @Hannaheboland
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