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7 Nov 2024 10:00
7 November 2024
Sutton Harbour Group plc
("Sutton Harbour" or the "Company")
Annual General Meeting Statement
The Chairman of Sutton Harbour will issue the following update to shareholders attending today's AGM.
The Annual Report announcement made on 20 September 2024 with the publication of the audited final results for the year ended 31 March 2024 gave a comprehensive account of the Group's activities and performance.
In the weeks since, the key focus of management has been:
· Debt reduction and bank facility amendment
The Company has reduced the bank loan by £683,000 using net proceeds from sale of a property asset. The bank facility has been amended, as announced on 1 November 2024, to reflect the programme of asset disposals underway.
· Asset Disposals
The Company has progressed its stated strategy to dispose selected assets and has been managing the process of marketing, bid negotiations and provision of information to potential buyers. Sale of a second property asset was completed last week yielding net proceeds of £376,000.
· Lock Arbitration
The Company has continued to make preparations for an Arbitration which concerns Sutton Lock.
· Marina Facility Improvements
The new shower and toilet facilities, comprising six wetrooms, are targeted to be opened in the coming months. Planning is underway for the refurbishment of Century Quay, a vacant property opposite the marina, to provide a new marina reception and lounge area by the end of the financial year.
· Plymouth Fisheries
Following the sudden closure of the company which provided fish auctioning and landside services to fishers, Sutton Harbour has engaged with stakeholders, including Plymouth City Council and Plymouth Sea Food Association, and is contributing to an independent consultant's report, to inform the future of services at Plymouth Fisheries. The report is expected to be completed within the coming months. Fishers continue to send catches to other ports for auctioning as an interim measure.
· Future New Development
The Company continues to be engaged in the preparation for new property development with timing of the future delivery programme to follow the debt reduction strategy.
· Former Airport Site
The Company continues to work productively with city planners following the submission of a pre application plan for the former airport site. No further correspondence has been received from Plymouth City Council in respect of the claim regarding the lease of the former airport site since the Annual Report was published.
The Interim Results for the 6-month period to 30 September 2024 are due to be published in December 2024.
Enquiries:
Sutton Harbour Group plc Philip Beinhaker - Executive Chairman Corey Beinhaker - Chief Operating Officer Natasha Gadsdon - Finance Director | +44 (0) 1752 204186 |
Strand Hanson Limited (Nominated & Financial Adviser and Broker) James Dance Richard Johnson
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+44 (0) 20 7409 3494 |
Notes to Editors
Sutton Harbour Group plc (AIM: SUH) is an AIM quoted company specialising in marine operations, waterfront regeneration and destination creation in Plymouth and South West England.
The Company operates Sutton Harbour Marina, King Point Marina and Plymouth Fisheries. Operational activities include mixed-use lettings, car parking and support services to harbour users, property management and regeneration and asset enhancement.
Sutton Harbour is committed to being the leading marine and waterfront regeneration specialist in Southern England, and to positioning Sutton Harbour in Plymouth as a destination of national interest.
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