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Sutton Harbour in Plymouth has a long and chequered history and was once owned by the London & South Western Railway. The railway is long gone (although some of the tracks are still there) and since 1989 the harbour - now with a lock gate - has been owned by Sutton Harbour Holdings (SUH), and the dock has been transformed into a 573-berth boating marina. But it hasn't been plain sailing. In 2000 Sutton Harbour bought the lease on Plymouth City Airport and set up its own regional airline. This flopped and was shut in 2011; meanwhile, Sutton was left nursing a large loss. However, that's water under the bridge and, with a new chief executive at the helm, the company is concentrating on its core business, which includes redeveloping the dockside area, expanding the marina and operating a fish market. The real value has yet to be realised, which is why the share price languishes so far below book value of 43p per share. But there is plenty of development potential and earlier this year a deal was secured to develop a new marina at nearby Millbay. This will cost around £4m, but the funds have been secured though a share placing that raised £5.7m earlier this year, and work is expected to start on the 171-berth facility in time for use next summer. The existing marina in Sutton Harbour is performing well, with occupancy rates of around 90 per cent. This is about right because it is useful to have some availability for passing trade and special events. Moreover, mooring fees are around half the level charged at Southampton.
You've obviously got more confidence than the CEO who has yet to get into the shareholding in even a moderate way!
Just got into these in a moderate way. Financials starting to stack up nicely after group restructuring, and for a medium to long term play I think there is good potential here. I am buchaneer.
Sutton Harbour Holdings plc Final Results for the year ended 31 March 2012 Sutton Harbour Holdings plc ("Sutton Harbour", "the Company"), the AIM listed regeneration and infrastructure specialist, announces final results for the year ended 31 March 2012. HIGHLIGHTS Financial · Revenues increased to £9.9m (2011: £9.64m) · Operating profits from regular income earning activities improved to £2.4m (2011: £1.91m) · Underlying adjusted profit before tax on continuing operations was £1.68m (2011: £2.61m)* · Reported profit before tax from continuing operations was £0.46m (2011: £2.51m) · Equity placing and open offer raised £5.7m · Year-end net debt of £15.8m (2011: £21.0m); gearing: 38.2% (2011: 58.2%) · Net assets of £41.5m (2011: £36.08m) or 43.1p (2011: 57.3p) per share *Adjusted to exclude fair value adjustments and impairment charges Management · Jason Schofield appointed CEO · Robert De Barr joins as Non Executive, post year end; he was 32 years with Land Securities Operations · Completed exit from underperforming operations · Marine activities achieved 18% revenue growth o Strong visitor numbers at marinas o Record performance from fisheries · Construction expected to commence this summer on new Millbay marina - adding 171 berths · Vacancy within property estate reduced to 10.87% (2011: 14.28%) · Contracted rent increased to £1.39m (2011: £1.38m) · Realisations included o Fourth tranche of surplus airport land - £2.3m o Sale of Exeter investment property - £0.4m o Disposal of investment in consortium to procure healthcare facilities - £0.5m post year-end · Two major sites for redevelopment o East Quays site o 113 acres of former airport land Michael Knight, Chairman, commented: "With the closure of the airport we have brought an end to unsustainable losses and enabled management to focus on our core activities, the performance of which has been most encouraging. We are now moving forward with a good degree of optimism, excited about our future plans to build on our core competences and confident in our strategy for growth."
Agreed. Lets hope 27th June bring's some positive news and some director money down!
........ for directors to put their money where they put their mouths and buy some shares!
Chairman Michael Knight stated that "the last 12 months has seen the business stabilised with the Company well-positioned to continue driving value for shareholders from its asset base and at the same time carefully and diligently pursuing strategic opportunities in line with its stated vision and strategy for growth". The Company expects to release its preliminary announcement on or around 27 June 2012
In respect of the property development sector generally, it remains challenging but nevertheless the Property business has performed well in this environment and it continues to work towards achieving positive outcomes in order to realise cash and profit where market conditions permit. Against this background, on 26th March 2012 the Group received £1.3m from the second payment for the fourth tranche of airport land, triggered by the stage completion of the new road adjacent to the airport site. Bank debt stood at £16m at the year end (September 2011: £22m; March 2011: £21m). Trading by the Fisheries and Marina businesses has been strong throughout the period, building on the good performance of recent years. To ensure these activities continue to evolve and maintain their market positions, the Company expects to make some capital improvements during the next year. There are plans to reconfigure part of Sutton Harbour Marina to cater for the growing proportion of larger vessels which should ensure the harbour's continued position as a key destination in the South West. Further investment in the Fish Market's ice delivery capability is also important to help consolidate its standing in the region. Following the placing and open offer in January 2012, when the Company raised £5.7m (net of costs) from existing shareholders, it is pleasing to confirm that good progress is being made towards finalising agreements enabling the planned expenditure on and the construction of the new Kingpoint Marina facility, at Millbay, Plymouth, later this year so that the Company should be able to market the new marina at forthcoming boat shows in time for the 2013/2014 season.
Trading Update Sutton Harbour Holdings plc, announces its Trading Update for the year ended 31 March 2012. The year has been one of substantial change which has resulted in a revitalised Company, now better positioned to participate in, and benefit from, various exciting marine and waterfront regeneration opportunities. Going forwards, the cost base has been substantially reduced and the focus now is to maximise the potential of the strong asset base, supported by the more visible stream of recurring incomes, and build on the Company's core credentials as a marine and waterfront regeneration specialist. As previously stated, as part of the strategy to exit from non-core trading activities, the Company will dispose of its investment in the Cumbria LIFT healthcare project which is now expected to complete in the first half of the next financial year. This deferral, together with certain non-recurring overhead expenditure relating principally to management termination payments, will mean that the overall result, excluding discontinued activities and valuation adjustments, is expected to be marginally lower than current market expectations. The Company's focus on recurring annual revenues from its tenanted properties has seen a number of improvements: the average length of unexpired leases has risen to 9.6 years (September 2011: 9.2 years; March 2011: 9.2 years); estimated rental value of vacant properties is £189,000 (September 2011: £195,500; March 2011: £262,000); occupancy rate 89.17% (September 2011: 89.13%; March 2011: 85.72% ). These figures include taking advantage of strategic opportunities to terminate tenancies where future value can be identified through redevelopment or reconfiguration. The underperforming aviation operations were exited with the closure of Plymouth City Airport on 23 December 2011. Results for this business will be disclosed as a discontinued activity in the full year results. Although the airport has been a negative feature of the Company's performance in recent times, the future use of this 104 acre site will constitute a major strategic regeneration project for both the Company and the City of Plymouth and the two organisations will be working together to achieve best value through alternative use of the site.
http://www.investegate.co.uk/Article.aspx?id=201204030700146671A
At last; we've got some share chat going! Good to hear from you mulledwine. Tell him Womble won't really be happy until he holds at least a year's salary in SUH shares. Otherwise, how can he be taken seriously?
However he didnt dig too deep into his trouser pocket !
Director's purchase of shares The Company announces that it has received notification that on 27 February 2012 Jason Schofield, purchased 8,834 ordinary shares at a price of 26.65 pence per Ordinary Share (the "Purchase"). Following the Purchase, Mr. Schofield is interested in 14,194 Ordinary Shares which represents approximately 0.015% of the current issued share capital of the Company.
Womble - he heard you !
To the new CEO, Jason Schofield. Now pull your finger out and buy some shares!
Sutton Harbour rues aviation drag Date: Wednesday 15 Jun 2011 LONDON (ShareCast) - Port operator and regeneration group Sutton Harbour’s profits fell sharply as its now discarded airline and soon-to-be closed airport proved a “major cash drain.” The company posted a pre-tax profit on continuing operations of £1.71m for the period, down from £6.45m the previous year. The company is not paying a dividend. "The airline and Plymouth City Airport have recently been a major cash drain for the group and significant losses have been incurred,” chairman Michael Knight said. “Our recent actions will mean that the group's exposure to cash volatility and the associated business risks will be significantly reduced going forward.” Sutton sold Air South West in November and announced in April that Plymouth City Airport are closing. The company now intends to focus on its marine and regeneration activities. It has been named as preferred bidder for the development and operation of a marina in Plymouth. --- RG
In his statement to shareholders, Chairman Michael Knight said: "The airline and Plymouth City Airport have recently been a major cash drain for the Group and significant losses have been incurred. Our recent actions will mean that the Group's exposure to cash volatility and the associated business risks will be significantly reduced going forward. We have a clear strategy which means we will be concentrating our resources, time and efforts on marine and regeneration activities where we have proven successes over the years. We have a high quality asset base which is being developed further; some exciting opportunities to extend these activities; and, a good project pipeline for the future."
Operations: · Sale of Air South West completed on 30 November 2010 · Intention to cease operations at Plymouth City Airport as announced in April 2011 · Good performance from marine activities; Preferred bidder for two marina projects including the 400 berth marina in Cowes and a new 190 berth marina in the Milbay area of Plymouth. · Resilient performance from property portfolio; increased rental income and fair value surplus on investment property. · Heads of terms signed with Sir Robert McAlpine for procurement of BBC building including 28 residential apartments. · Exciting pipeline of development projects in Portland, Exeter and at Sutton Harbour each involving regeneration of urban waterfront. · Sale of fourth tranche of surplus airport land expected during current financial year.
Financials: · Revenues for the period of £12.27m (2010: £17.65m) · Operating profit (continuing operations), before fair value adjustments on investment property, of £2.3m (2010: profit of £6.8m) · Profit before tax (continuing operations) of £1.71m after fair value adjustment on investment property (fair value surplus of £0.1m) (2010: profit of £6.01m after fair value deficit of £0.5m) · Loss for the period from discontinued operations of £8.41m (2010: £2.39m loss) giving loss for the year of £6.45m (2010: £2.10m profit) · Board is not recommending a Final Dividend (2010: 1.9p total dividend per share) due to need to conserve headroom on bank facilities · Earnings per share from continuing operations (basic) of 3.11p (2010: 7.79p earnings) · Gearing of 58.2% at 31 March 2011 (2010: 35.0%) · Net assets at 31 March 2011 of £36.1m (2010: £43.1m) including surplus on revaluation of owner-occupied property of £0.66m (2010: surplus of £0.22m)] · Net assets per share at 31 March 2011 of 57.3p (2010: 68.5p) · £25m three year banking facility successfully concluded during the year with RBS
http://www.investegate.co.uk/Article.aspx?id=201106150700124485I
...this hardly qualifies as a hot stock! But remember that investors did well out of the late Mersey Docks and Harbour, and Associated British Ports when they were BOTH taken over. So- yes indeed- patience is a virtue.
...is only a great aptitude for patience" George- Louis Le Clerc de Buffon (1707-1788)
Patience is a virtue
this share has been in the doldrums for a long time and suddenly on the move??
RNS Number : 7059R Sutton Harbour Holdings PLC 05 May 2009  Sutton Harbour Holdings PLC NHS Express LIFT Approval The Board is pleased to announce that Sutton Harbour Holdings PLC is part of a consortium that has been chosen as one of seven companies approved under the NHS Express LIFT National Framework Agreement which has now been signed. The LIFT programme enables primary care trusts (PCTs) and local authorities to work together with the private sector to speed up the procurement and the delivery of new primary healthcare facilities throughout the UK. Sutton Harbour's appointment follows its successful involvement in the Plymouth LIFT programme. 5 May 2009 For further information please contact: Gerry Mitchell Tel: +44(0)1752 204 186 Sutton Harbour Holdings PLC Bobbie Hilliam Tel: +44(0)207 071 4300 Evolution Securities