20th Jul 2022 09:54
(Alliance News) - Sutton Harbour Group PLC on Wednesday reported it swung to a profit in its financial year that ended March 31 as its car parking and marine businesses boomed.
Pretax profit was GBP561,000 versus a loss of GBP2.4 million a year ago, the Plymouth, England-based harbour operator said.
Revenue grew by a third to GBP7.2 million from GBP5.4 million. Net asset value rose 6.7% to 43.3 pence per share from 40.6p.
Car parking revenue doubled to GBP736,000 over the year from GBP349,000, Sutton Harbour said.
Meanwhile, marine business revenue jumped 36% to GBP4.8 million from GBP3.5 million a year ago. "Sutton Harbour Marina and King Point Marina have enjoyed the busiest ever season with overall annual berth sales up by 20% and overall occupancy up to 98% by March 31, 2022," the firm said, adding that it had an overall occupancy of 92% a year before.
Revenue from real estate decreased by 8.1% to GBP1.4 million from GBP1.5 million, as tenant occupancy fell to 89% from 97%. However, it struck an optimistic tone on future real estate income, citing "resumption of local events in summer 2022, high marina occupancy and continued popularity of UK based tourism."
The company does not pay a dividend to save money to pay down its bank facility.
Sutton Harbour shares were unchanged at 19.90 pence each in London on Wednesday morning. The stock is down 19% in the past 12 months.
By Tom Budszus; [email protected]
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