TIDMSUH
RNS Number : 8061H
Sutton Harbour Group PLC
01 August 2023
1 August 2023
Sutton Harbour Group Plc (the "Group")
Results for the year ended 31 March 2023
Sutton Harbour Group plc ("Sutton Harbour", or the "Company"),
the AIM listed owner and operator of Sutton Harbour in Plymouth and
specialist in waterfront regeneration projects and operation of
waterfront real estate, marinas and Plymouth Fisheries, announces
audited results for the year ended 31 March 2023. The statutory
accounts for 2023 are expected to be available on the Group's
website ( www.suttonharbourgroup.com ) later today.
Highlights
-- The first new development project at Sutton Harbour in a
decade, Harbour Arch Quay, is under construction and due for
completion in August 2023.
-- Successful refurbishment of Old Barbican Market now fully let
to three high quality national retail operators.
-- Record trading year for the marinas with near capacity
occupancy during year ended 31 March 2023.
-- Strong trading by marinas and car parks reflected in
increased valuation of the owner occupied property portfolio at
GBP38.3m (2022: GBP36.1m).
-- Investment property estate remains 89% occupied (2022: 89%).
-- Energy price spike and higher interest costs have contributed
to a loss during the year. Energy prices have declined at the start
of the new financial year and the Company is securing more cost
effective supplies.
Financial Highlights
Note 2023 2022
Adjusted (loss)/profit before * GBP(0.096)m GBP0.366m
tax
----------------- ----------------------- ---------------------
Net financing costs GBP1.150m GBP0.789m
----------------- ----------------------- ---------------------
Net assets GBP56.1m GBP56.2m
----------------- ----------------------- ---------------------
Net asset per share 43.1p 43.3p
----------------------- ---------------------
Valuation of property portfolio ** GBP55.5m GBP54.3m
----------------- ----------------------- ---------------------
Year-end net debt GBP29.6m GBP24.4m
----------------------- ---------------------
*Before accounting for fair value adjustments to property asset
valuation.
**Comprises investment and owner occupied portfolios.
Excludes land held as development inventory.
Valuation as at 31 March 2023.
Philip Beinhaker, Executive Chairman, commented:
" The Board is pleased with the successful delivery of new
developments to meet objectives of sustaining and enhancing the
attractiveness and amenity of the Sutton Harbour area and to create
long term value growth from the assets. The investments made in the
past year are proof that sustainable success is achievable with
improvements to the Harbour environment for the benefit of
visitors, workers and residents. "
For further information, please contact
Sutton Harbour Group plc
Philip Beinhaker - Executive
Chairman
Corey Beinhaker - Chief Operating
Officer
Natasha Gadsdon - Finance Director 01752 204186
Strand Hanson Ltd (Nomad and
Broker)
James Dance
Richard Johnson 020 7409 3494
Executive Chairman's Statement
Introduction
I am pleased to report on a successful year of progress for the
year ended 31 March 2023, notwithstanding the material challenges
in the economy:
-- The Company has been engaged in the delivery of two key
property projects during the financial year, in line with the
strategy to improve the quality, value and sustainability of the
Sutton Harbour area:
Harbour Arch Quay - construction of the waterfront 14 apartment
building is due to be substantially completed in August 2023,
whereafter occupations of the 12 (of 14) apartments already
exchanged will follow. This is the first new building developed by
the Company at Sutton Harbour since 2009.
Old Barbican Market - the historic former fishmarket building
has undergone a full refurbishment, including a new roof on the
listed structure and separation of the 7,500 sq ft space into three
c. 2,500 sq ft retail spaces. All three units are let to higher
quality national operators: Cornish Bakery, Pavers and Loungers,
stimulating footfall and adding to the diversity and vibrancy of
the area.
-- Marinas - the marinas achieved another record season with
berths occupied effectively to capacity during the year.
-- The nature of the Company's operations and level of debt
carried has exposed the Company to significant cost increases as a
result of rising interest rates and the extreme energy cost spike
in the second half of the year. Energy costs have declined at the
start of the current financial year and the Company is securing
more cost effective contracts and with more stability in
supply.
-- To support repayment of a third party loan, the Company's
progress with active and future property projects and to improve
cash headroom Related Party Loans totalling GBP2.955m were drawn
down from two major shareholders during the year. Post-period end,
in May 2023, subscription for new equity shares by the major
shareholder provided GBP2.923m (before expenses) to further support
the Company's operations and projects in the face of ongoing higher
costs and to permit reduction of bank loan debt .
Results and Financial Position
FINANCIAL HIGHLIGHTS 2023 2022
Net Assets GBP56.067m GBP56.211m
------------ ------------
Net Asset value per share 43.1p 43.3p
------------ ------------
(Loss)/Profit before tax (GBP2.021m) GBP0.561m
from continuing operations
------------ ------------
Adjusted profit/(loss) before (GBP0.096m) (GBP0.366m)
tax excluding fair value
adjustments
------------ ------------
(Loss) after tax (GBP2.036m) (GBP0.259m)
------------ ------------
Basic (loss) after tax per
share (1.57p) (0.20p)
------------ ------------
Dividend per share 0.0p 0.0p
------------ ------------
Total Comprehensive Income (GBP0.144m) GBP5.641m
for the year attributable
to shareholders
------------ ------------
Total Comprehensive Income
per share (0.11p) 4.33p
------------ ------------
Net Debt GBP29.259m GBP24.408m
------------ ------------
Gearing (Net Debt/Net Assets) 52.2% 43.4%
------------ ------------
The adjusted loss before taxation for the year was GBP0.096m
(2022: GBP0.366m profit before taxation) which excludes non-cash
fair value adjustments. In this financial year these adjustments
relate to property asset valuation, undertaken by external valuers
as at 31 March 2023. The loss before taxation for the year under
review as per the Income Statement, inclusive of the aforementioned
adjustments, was GBP2.021m (2022: GBP0.561m profit before tax).
Gross profit for the year was GBP2.246m down GBP0.102m compared to
the previous period to 31 March 2022 (GBP2.348m), reflecting the
impact of the higher energy costs in the second half year.
Net debt (including lease liabilities) increased to GBP29.259m
as at 31 March 2023 from GBP24.408m at 31 March 2022, an increase
of GBP4.851m. This includes GBP2.372m at 31 March 2023 in respect
of a specific development loan (maximum GBP5m facility) for the
construction of Harbour Arch Quay. The increase in development
property inventory during the year to GBP37.048m (31 March 2022:
GBP31.861m), includes the Harbour Arch Quay development which
amounted to GBP6.940m at the year end.
Gearing (Net debt: net assets) as at 31 March 2023 stood at
52.2% (31 March 2022: 43.4%). Net finance costs of GBP1.150m in the
year (2022: GBP0.789m) are stated after capitalisation of interest
of GBP0.555m (2022: GBP0.343m).
As at 31 March 2023, net assets were GBP56.067m (31 March 2022:
GBP56.211m), a net asset value of 43.1p per ordinary share (31
March 2022: 43.3p per ordinary share). The movement includes the
valuation of the Group's property assets which gave rise to an
overall valuation surplus of GBP0.510m, as reconciled in the table
below, of which a GBP1.925m deficit relates to the investment
property portfolio and a net GBP2.435m surplus relates to the
owner-occupied properties. These valuation results reflect the
strength and continued strong performance of the marina and car
park assets, set against the impact of a general weaker market
sentiment towards office and retail space. The Company's investment
portfolio has continued to be well let and with demand for the few
available properties. During the year a 27 year old office building
has been decanted as leases expired with refurbishment of the
building intended.
Valuation Surplus/(Deficit) Accounting*
Owner Occupied
Portfolio
-
* Fisheries
GBP2.024m Credited to the Revaluation Reserve in
* Marinas the Balance Sheet
GBP0.411m Credited to the Revaluation Reserve in
* Car Parks the Balance Sheet
---------------------------- ---------------------------------------
Investment Property GBP(1.925)m Fair valuation adjustment recorded in
Portfolio the Income Statement
---------------------------- ---------------------------------------
TOTAL GBP0.510m
---------------------------- ---------------------------------------
Financing
In May 2022 the Company repaid a third party loan which had been
drawn down in 2020 to purchase strategic land. Security provided to
the lender was then released. This was funded by unsecured Related
Party Loans from two major shareholders totalling GBP2.3m on better
and more flexible terms than could be secured elsewhere. Later in
the financial year (December 2022 and March 2023) the Related Party
Loans were increased by GBP280,000 and GBP375,000 respectively to
improve cash liquidity. Terms of the loans allow for interest to be
rolled into the loan principal on a quarterly basis. The Related
Party Loans expire in May 2024.
The Company's general banking facility has been extended by one
year giving a new expiry date of December 2024. The committed
facilities of GBP24.9m reduce to GBP21.7m by 31 August 2023. The
Company is now preparing to put a new general banking facility in
place within the current financial year. During the past financial
year the Company met all banking covenant tests as agreed with the
bank.
A GBP5m development facility was put in place to fund the
construction costs of Harbour Arch Quay. This facility will be
repaid with the completion of sales of the apartments before the
expiry date of 13 September 2023.
During the financial year under review bank base rate rose from
0.75% as at 1 April 2022 to 4.25% at 31 March 2023. The progressive
rises throughout the year have resulted in material increases in
debt servicing costs. The board has discussed the merits of fixing
the interest rate by way of a hedge instrument every month, but to
date has not entered into any agreements due to the high cost of
doing so relative to the rate ruling at the time of obtaining
quotes and the expectation that rates are close to peaking.
Recognising the increasing cost of debt serving costs, the
Company has a strategy to further reduce debt levels and to improve
profitability:
-- To continue to improve the attractiveness of the Sutton
Harbour asset to benefit the Company's trading profitability and
investment property rentals.
-- Deliver profitable redevelopment of existing sites for sale
to improve working capital headroom and to reduce debt, and/or for
rent to improve revenue, profit and capital value growth
-- Consideration of the sale of non-strategic assets that have
achieved maturity and stability in value.
-- And thus rebalancing the debt : equity ratio of Company to
allow the reduction of debt and consequent saving of interest.
Taking into account the current level of bank borrowing, the
board does not recommend payment of a dividend on the year's
results.
Directors and Staff
There have been no Board changes during the year. Headcount as
at 31 March 2023 was 30 (31 March 2022: 32).
Operations Report
Marine
Both Sutton Harbour Marina and King Point Marinas achieved
record revenues for the year to 31 March 2023 with respective
average occupancies of 97% and 96%. The Company saw high demand for
berthing following the trend of the previous year and more
customers paying some 5 months in advance of the start of the
season to secure their preferred berth. In response to the
increased level of business some additional staffing resource has
been introduced to support the administrative and operational
functions running the marinas.
The outlook for the marinas remains strong with King Point
Marina fully let and a new 5 year lease for approximately one third
of the total berthing space to Princess Yachts completed in June
2023. The Company has increased fees, in line with inflation, as
have competitor marinas. Berth-holders at Sutton Harbour Marina
have been offered a discount to reflect the disruption of the
forthcoming lock work and occupancy is slightly lower this season
at 95%. Normal operations will resume by May 2024 once these works
are complete with the expectation that major lock works will not be
required for another 12-15 years (more information on these works
is given below).
Fisheries trading followed the slow trend of the last couple of
years with high fuel prices, competition from other south western
ports, intermittent poor weather and lower fish stocks all
contributing to a decline in the trading position. Landings of fish
in value terms were slightly lower than the previous year although
the volume of fuel sold was up on last year, albeit at a lower
overall margin charged by the Company to support fishermen to go to
sea and improve competitiveness. Against this trading picture,
demand for commercial units at Plymouth Fisheries has been strong,
such that all units are now let to fisheries related businesses and
there are no void premises. Rental incomes and related service
charges have therefore improved in the last year.
The energy price spike that affected the second half of the
financial year under review which took hold after the previous
fixed price expired increased energy prices to 3.5-4 times as much
as previous charged, even after allowing for the Government energy
price relief discount. Since 1 April 2023 energy prices have halved
from where they were, although this is still close to double the
price as pre October 2022. The Company will continue to be a
significant energy consumer to operate the harbour, lock and
fisheries plant as well as general heating and lighting consumption
across the estate which is recharged to tenants and other users
based on meter readings in the case of specific supply. To manage
the risk of volatility in energy prices the Company is in the
process of entering into a 5 year capped buying arrangement for the
procurement of gas and electricity requirements which offers
greater protection against future price volatility.
Starting in Autumn 2023 the Environment Agency will embark on a
six month programme to replace the cills of the Sutton Harbour
Lock, which is a flood defence to protect the City. These essential
works result in restrictions to harbour users at certain times when
passage through the lock will be constrained. The Group is
arranging for back-up alternatives to facilitate some of the
landing of fish at nearby locations which can be transported to the
Fishery Complex for fish processing and auction. This was the same
some 13 years previously when works were undertaken on the lock
gates, however the costs relating to the works themselves is being
funded by the Environment Agency.
Real Estate and Car Parking
Tenant occupancy by 31 March 2023 stood at 89% (31 March 2022
89%). There has been little change in the tenants mix over the
reporting year. The main changes have been the decanting of North
Quay House (a 17,750 sq ft 5-floor) office building and the letting
of the refurbished Old Barbican Market.
The Old Barbican Market is fully let with three new national
scale tenants with material covenants and has visibly stimulated
increased visitor footfall to the area. The sensitive and complete
restoration of the listed historic building has enhanced the
quality of the built environment and amenity in the Sutton
Harbour/Barbican area for years to come.
North Quay House has been continuously let to office tenants for
27 years. Following the vacation by most tenants the Company is
reviewing options for the building which would achieve best value
for the Company and to stimulate activity at Sutton Harbour. Demand
for office space in Plymouth has weakened and the Company judges
that the cost of refurbishment to modern standard office space is
unlikely to generate returns sufficient to justify the investment.
Following the success of the Harbour Arch Quay residential
development, the Company now intends to submit a planning
application to convert the building to residential accommodation
with ground floor commercial space. Subject to planning consent and
financing this development, which could provide 10 high quality
apartments over 5 floors together with on site parking, could be
delivered in 2024.
The car parks traded successfully throughout the financial year
achieving the best revenues to date. Prices have been raised in
line with inflation and other local parking facilities for the new
season. The car parks management agreement is due for renewal at
the end of 2023 and discussions with specialist management
companies will take place over the next few months to secure the
best terms for the Company.
The normal events programme organised, by the City Council and
other stakeholders, for the waterfront and nearby City Centre areas
have resumed, increasing visitor numbers which in turn support the
trading operations of many of our tenants. Together with the
Company's new developments and improvements these events promote
the vibrancy and popularity of the Sutton Harbour area for
visitors, workers and residents, thereby supporting the
sustainability of the Harbour and values of the Company's property
assets.
Regeneration
Harbour Arch Quay
The development construction is due to be completed by mid
August 2023, with occupation of sold apartments due to take place
immediately thereafter. Of the 14 apartments, including 2
penthouses, 12 are sold and the remaining two are being marketed.
The Company will be relocating its head office to the ground floor
space of the building. This is the first new development that the
Company has delivered at Sutton Harbour in 14 years and
re-establishes the Company's reputation as an active developer.
North Quay House
This asset has been described in more detail further above.
Sugar Quay
The Company has consent for a 170 apartment building on the
eastern quay of Sutton Harbour. Taking into account the market
absorption rate for the Harbour Arch Quay apartments, the length of
the build programme and the current economic outlook, the Company
is now working on modifying the approved plan for this site that
will allow for the development to be delivered in three distinct
phases.
Former Airport Site
The 5 year safeguard protecting against non-aviation uses of the
site, as recommended by the Government's Inspectors of planning
policy when the new Local Plan was determined in 2019, expires in
March 2024. Since the airport closed in December 2011, no funded
plan to resume airport operations from the site has been received.
The Company maintains that the site could be put to better use for
the economic and social benefit of the City by mixed use
redevelopment to include institutional, business space and housing
provision with the possibility of an aviation component. The
Company intends to submit a planning application to the Local
Planning Authority setting out the plan for development later this
year.
The Company has a long-term lease on the Property of the Former
Airport site with over 130 years remaining. In addition, the
Company has the right for an extension of the said lease. Since the
closure of the Airport in December 2011 the Company, under the
terms of the agreement with the Plymouth City Council, has been
managing the property faithfully. This management includes the
security of the land assets against trespassers, groundskeeping and
environmental management and site safety, all at considerable cost
to the Company, c GBP200,000 per annum.
The Company has also collaborated with the local authority
(Plymouth City Council or PCC) and other public bodies to enable
them to make productive use of the property. Some examples are:
-- Agreement via sublease to enable the PCC to have a cycle path
on the property alongside some of the adjacent roads;
-- Agreement with the local authority to enable the construction
contractor of the PCC to store large reinforced concrete bridge
beams on the property needed for the construction of a major new
highway; and
-- Use of the site by the Police and other public security
services for various training exercises.
Recently, the Company received a request from the NHS Derriford
Hospital to accommodate part of their need for parking of cars on
the site. This need arose from the construction works on the
hospital site, funded by the National Government, which displaced
staff parking. The Company approached the local authority as
free-holder of the site for this temporary use for a few years for
the benefit of the NHS/Derriford Hospital, which request was not
granted by Plymouth City Council.
The Company has more recently been approached by the
construction contractor of the Hospital works, to use some of the
land on a temporary basis to store construction related materials,
vehicles and equipment with commitment to return the site in the
same state as before this temporary use. The Company is making an
application to the PCC regarding this request, notwithstanding the
previous temporary car parking rejection, in the hope that the PCC
will recognise the importance of this need to deliver the essential
hospital improvements.
Financial Outlook
Trading at the start of the new financial year is steady and
consistent with recent trading. Demand for the Company's property,
services and facilities continues to be robust. The Company will
continue to be challenged with higher energy prices (although these
continue to fall from the winter peak), general inflation and the
consequential costs resulting from the lock cill replacement.
Higher interest rates represent the single biggest cost
pressure.
Summary
The Board is pleased with the successful delivery of new
developments to meet objectives of sustaining and enhancing the
attractiveness and amenity of the Sutton Harbour area and to create
long term value growth from the assets. The investments made in the
past year are proof that sustainable success is achievable with
improvements to the Harbour environment for the benefit of
visitors, workers and residents. This positive achievement is set
against the emergence of economic challenges of higher energy and
interest costs which have undermined profitability in the past
year. Looking to the future, in order to maintain the momentum with
current strategic plans, the Company is in discussions with the
current development funder, based on the productive results of the
work to date, towards securing the additional financing for
development of the Company's existing land assets in the coming
year. We look forward to updating the market in due course.
Philip Beinhaker
EXECUTIVE CHAIRMAN
31 July 2023
Consolidated Income Statement for
the year ended 31 March 2023
2023 2022
GBP000 GBP000
Revenue 8,161 7,194
Cost of sales (5,915) (4,846)
Gross profit 2,246 2,348
------------ ------------
Fair value adjustments on investment properties and fixed assets (1,925) 195
Administrative expenses (1,193) (1,193)
Operating ( loss)/profit (872) 1,350
------------ ------------
Finance income 1 -
Finance costs (1,150) (789)
------------ ------------
Net finance costs (1,149) (789)
------------ ------------
(Loss)/Profit before tax from continuing operations (2,021) 561
Taxation charge on (l oss) /profit from continuing operations (15) (820)
------------ ------------
(Loss) for the year from continuing operations (2,036) (259)
------------ ------------
(Loss) for the year attributable to owners of the parent (2,036) (259)
============ ============
Basic and diluted (loss) per share
from continuing operations
Diluted (loss) per share (1.57p) (0.20p)
From continuing operations (1.57p) (0.20p)
Consolidated Statement of Other Comprehensive Income for
the year ended 31 March 2023
2023 2022
GBP000 GBP000
(L oss) for the year (2,036) (259)
Items that will not be reclassified subsequently to profit or loss:
Revaluation of property, plant and equipment 2,435 7,016
Deferred tax in respect of property revaluation (543) (1,116)
Items that may be reclassified subsequently to profit or loss:
Effective portion of changes in fair value of cash flow hedges - -
Other comprehensive income for the year, net of tax 1,892 5,900
------------ ------------
Total comprehensive (loss)/income for the year attributable to owners of the parent (144) 5,641
============ ============
Consolidated Balance Sheet
As at 31 March 2023
2023 2022
GBP000 GBP000
Non-current assets
Property, plant and equipment 38,540 36,398
Investment property 17,205 18,195
Inventories 13,363 13,216
69,108 67,809
------------ ------------
Current assets
Inventories 23,749 18,734
Trade and other receivables 2,092 1,810
Tax recoverable 5 9
Cash and cash equivalents 1,095 970
26,941 21,523
------------ ------------
Total assets 96,049 89,332
------------ ------------
Current liabilities
Bank Loans 3,200 -
Other Loans 5,477 2,275
Trade and other payables 3,301 1,880
Lease liabilities 66 165
Deferred income 2,132 2,225
14,176 6,545
------------ ------------
Non-current liabilities
Bank loans 21,600 22,863
Lease liabilities 10 75
Deferred government grants 646 646
Deferred tax liabilities 3,550 2,992
25,806 26,576
------------ ------------
Total liabilities 39,982 33,121
------------ ------------
Net assets 56,067 56,211
============ ============
Issued capital and reserves attributable
to owners of the parent
Share capital 16,406 16,406
Share premium 13,972 13,972
Other reserves 24,072 22,180
Retained earnings 1,617 3,653
Total equity 56,067 56,211
============ ============
Consolidated Statement
of Changes
in Equity
For the year ended 31
March 2023
Share Share Revaluation Merger Hedging Retained Total
capital premium reserve reserve reserve earnings equity
------------Other reserves------------
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------- -------- ---------------- ----------- ----------- --------- -------
Balance at 1 April
2021 16,266 10,695 12,409 3,871 - 3,912 47,153
Comprehensive income
Loss for the year - - - - - (259) (259)
Other comprehensive
income
Share Issue 140 3,277 - - - - 3,417
Revaluation of property,
plant and equipment - - 7,016 - - - 7,016
Deferred tax on revaluation - - (1,116) - - - (1,116)
Total comprehensive
income 140 3,277 5,900 - - (259) 9,058
-------- -------- ---------------- ----------- ----------- --------- -------
Balance at 1 April
2022 16,406 13,972 18,309 3,871 - 3,653 56,211
Comprehensive income
Loss for the year - - - - - (2,036) (2,036)
Other comprehensive
income
Share issue - - - - - -
Revaluation of property,
plant and equipment - - 2,435 - - - 2,435
Deferred tax on revaluation - - (543) - - - (543)
Total other comprehensive
income - - 1,892 - - (2,036) (144)
-------- -------- ---------------- ----------- ----------- --------- -------
Total balance at 31
March 2023 16,406 13,972 20,201 3,871 - 1,617 56,067
======== ======== ================ =========== =========== ========= =======
Consolidated Cash Flow Statement
For the year ended 31 March 2023
2023 2022
GBP000 GBP000
------- ------------
Cash (used in)/generated from total operating
activities (2,658) 59
Cash flows from investing activities
Net expenditure on investment property (935) (52)
Expenditure on property, plant and equipment (97) (196)
Proceeds from disposal - 262
Cash (used/(generated) in investing activities (1,032) 14
------- ------------
Cash flows from financing activities
Proceeds from issue of share capital - 3,417
Interest paid (1,009) (1,033)
Loan drawdown 7,263 (2,337)
Loan repaid (2,275) -
Lease finance received - 62
Cash payments of lease liabilities (164) (148)
Grants received - 8
Net cash generated/(used) from financing activities 3,815 (31)
------- ------------
Net increase in cash and cash equivalents 125 42
Cash and cash equivalents at beginning of the
year 970 928
Cash and cash equivalents at end of the year 1,095 970
------- ------------
Reconciliation of financing activities for the year ended 31 March 2023
Cash
2023 flow 2022 Cash flow 202 1
GBP000 GBP000 GBP000 GBP000 GBP000
------- ------- ------- ---------- -------
Bank loans 24,800 2 ,000 22,800 (2,400) 25,200
Other loans 6,306 3,968 2,338 63 2,275
------- ------- ------- ---------- -------
Lease liabilities 7 6 ( 164) 240 (87) 327
------- ------- ------- ---------- -------
Total debt 31,182 5,804 25,378 (2,424) 27,802
------- ------- ------- ---------- -------
Segment results
For the year ended 31 March 2023
Real
Marine Estate Car Parking Regeneration Total
GBP000 GBP000 GBP000 GBP000 GBP000
------- -------- ------------ ------------- --------
Revenue 6,016 1,374 771 - 8,161
Segmental Gross
Profit before
Fair value adjustment
and unallocated
expenses 974 965 449 (142) 2,246
Fair value adjustment
on investment
properties and
fixed assets (1,925) - - (1,925)
------- -------- ------------ ------------- --------
Segmental Profit 321
Unallocated:
Administrative
expenses (1,193)
Operating profit (872)
Financial income 1
Financial expense (1,150)
--------
Profit before
tax from continuing
activities (2,021)
Taxation (15)
--------
Loss for the
year from continuing
operations (2,036)
--------
Depreciation
charge
Marine 355
Car Parking 19
Administration 16
----
390
----
Year ended Real
31 March 2022 Marine Estate Car Parking Regeneration Total
GBP000 GBP000 GBP000 GBP000 GBP000
------- -------- ------------ ------------- --------
Revenue 4,771 1,427 736 260 7,194
Gross profit
prior to non-recurring
items 1,199 922 389 (162) 2,348
Fair value adjustment
on investment
properties and
fixed assets (185) 380 - - 195
------- -------- ------------ ------------- --------
Segment profit 2,543
Unallocated:
Administrative
expenses (1,193)
Operating profit 1,350
Finance income -
Finance expenses (789)
--------
Loss before
tax from continuing
activities 561
Taxation (820)
--------
Loss for the year from continuing operations (259)
Depreciation
charge
Marine 335
Car Parking 40
Administration 17
----
392
----
Notes to the Consolidated Financial Statements
1. General Accounting Policies
Basis of preparation
The results for the year to 31 March 2023 have been extracted
from the audited consolidated financial statements, which are
expected to be published by mid-August 2023.
The financial information set out above does not constitute the
Company's statutory accounts for the years to 31 March 2023 or 2022
but is derived from those accounts. Statutory accounts for the year
ended 31 March 2022 were delivered to the Registrar of Companies
following the Annual General Meeting on 22 September 2022 and the
statutory accounts for 2023 are expected to be published on the
Group's website (www.suttonharbourgroup.com) shortly, posted to
shareholders at least 21 days ahead of the Annual General Meeting
("AGM") to be held on 13 September 2023 and, after approval at the
AGM, delivered to the Registrar of Companies.
The auditor, PKF Francis Clark, has reported on the accounts for
the year ended 31 March 2023; their report includes a reference to
the valuation of Plymouth City Airport (former airport site) to
which the auditors drew attention by way of emphasis of matter
without qualifying their report.
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END
FR WPUAAMUPWGQG
(END) Dow Jones Newswires
August 01, 2023 02:00 ET (06:00 GMT)
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