1st Dec 2015 10:42
LONDON (Alliance News) - Sutton Harbour Holdings PLC on Tuesday said its pretax profit doubled in the first half as it continued to improve activities at its core assets and said it remains focused on selling non-core assets to bring down its debt pile.
The marine and waterfront regeneration company is focused on the Sutton Harbour area in Plymouth. It has been regenerating the site and is working on bringing in new, better-quality tenants and is seeking to attract tourists to the area.
In the half to the end of September, pretax profit for the company doubled, up to GBP1.3 million from GBP661,000, despite total revenue dipping to GBP3.7 million from GBP3.8 million. That was offset by a lower cost of sales in the half and a gain the company made on the revaluation of its investment property.
Sutton Harbour completed new lettings in the half which meant the occupancy rate at the Sutton Harbour project increased to 96.2% from 93.3% at the end of March. It has also secured confirmation that the 2016 Trans Atlantic Race, a yachting race, departing from Plymouth will be hosted at Sutton Harbour for the second time.
"The group has successfully improved the profitability and sustainability of core activities. The renewal of essential operational infrastructure has been, and will continue to be, a key part of this strategy," said Chairman Graham Miller.
"The group remains focused on work towards realisation of key inventory sites, including the former airport site and Sugar House, to facilitate a planned reduction in debt in due course," Miller added. Sutton Harbour's net debt at the close of the half was GBP22.3 million, up from GBP21.5 million at the end of March.
Shares in Sutton Harbour were up 1.1% to 29.811 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Sutton Harbour Holdings