11th Jul 2019 11:47
(Alliance News) - Sutton Harbour Group PLC on Thursday reported a swing to an annual profit on a positive move in the value of its investment properties.
In the year to March 31, the waterfront regeneration firm posted a pretax profit of GBP1.5 million compared to a loss of GBP2.5 million the year before.
Sutton Harbour - which operates at two sites in Plymouth, southwest England - saw a swing in the fair value adjustments of its investment properties, adding GBP1.4 million following a GBP626,000 loss the year before.
The company also paid GBP1.7 million in a non-repeating exceptional cost in financial 2018 on the change in ownership of the company.
The company's revenue increased by 6.2% to GBP6.9 million.
"The company has continued to deliver on its vision to be the leading marine, waterfront regeneration and destination specialist in southern England in accordance with its stated strategy. We have delivered major new planning consents, completed in-depth reviews of other trading activities and put strategic plans for growth in place," said Executive Chair Philip Beinhaker.
At March 31, Sutton Harbour's net assets stood at GBP45.7 million, 16% higher than the GBP39.3 million reported at the same point last year.
The increase was attributed to Sutton Harbour issuing 10.3 million new shares and a GBP3.1 million "valuation surplus" from the company's property assets.
The company did not propose a dividend payment.
Shares in Sutton Harbour were untraded in London on Thursday but last closed at 25.00 pence each.
Related Shares:
Sutton Harbour Holdings