4th Dec 2019 11:31
(Alliance News) - Sutton Harbour Group PLC said Wednesday its profit and revenue rose in the first half of its current financial year, while its "advancing confidently" with its objective to self-deliver real estate projects.
The marine and waterfront regeneration firm said, for the six months to September 30, its pretax profit rose to GBP281,000 from GBP110,000 a year ago, while revenue climbed modestly to GBP3.8 million from GBP3.7 million.
The company said the marinas and car parks both achieved "strong" revenue growth ahead of price inflation.
Sutton Harbour said the installation of new Plymouth Fisheries fuel and power servery is underway and due to be completed by the end of 2019.
To ensure continuity of financing, the company said it has just entered into a new four-year facility agreement with National Westminster Bank.
Philip Beinhaker, executive chair, said: "With longer term banking facilities in the place the company is advancing confidently with its objective to self-deliver real estate projects and to continue targeted investment into the asset base to achieve medium tern returns and value growth to shareholders."
In April the company changed its name to Sutton Harbour Group from Sutton Harbour Holdings, saying that the new name reflects the fact that a collective of companies in the Sutton Harbour area are under the common ownership of Sutton Harbour Group.
Sutton Harbour shares were 3.9% lower in London at 21.15 pence each on Wednesday.
By Loreta Juodagalvyte; [email protected]
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