4th Dec 2020 11:14
(Alliance News) - Sutton Harbour Group PLC on Friday reported a small net asset value increase in the first half if its financial year, even with a fall in profit.
The Plymouth-based property developer's pretax profit in the six months ended September 30 was GBP58,000, which was down 79% from GBP281,000 in same period of the previous year.
Sutton Harbour's net asset value per share was 39.8 pence at September 30, a small increase from 39.7 pence at March 31.
Sutton Harbour said these results are due to varying impacts of the Covid-9 pandemic across its different trading segments.
"The marinas have performed well with overall results exceeding the comparative period last year arising from an increase in annual berths sales," it said. "The car parks were materially affected by the lockdown for the period of April, May and June, and this is the main reason for the fall in group revenue during the first half year," it added, before noting that trade bounced back quickly to normal seasonal levels once lockdown restrictions ended.
Executive Chair Philip Beinhaker said: "Inevitably, the restrictions have had an impact on trading revenue but to date our business activities have shown resilience to recover as more normal operations can resume.
"The group has intensified its efforts to promote the marinas and lifestyle attributes of Sutton Harbour to increase its profile as a 'staycation' destination and to position the location benefits of the new developments scheduled to go ahead in 2021."
Looking ahead, Sutton Harbour said that finalisation of pre-construction preparations for the planning consented scheme at Harbour Arch Quay are to continue. The company is also looking to secure planning consent for 200 unit scheme site to the east of the harbour, called Sugar Quay, to have residential, retail and work spaces.
Shares in Sutton Harbour were up 3.9% at 16.11 pence in London on Friday.
By Zoe Wickens; [email protected]
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