Sutton Harbour Holdings Regulatory News (SUH)

11 Jul 2007 12:00

Sutton Harbour Holdings PLC11 July 2007 SUTTON HARBOUR HOLDINGS PLC AGM Statement Over the last few years, your company has set clear objectives to grow profitsthrough the development of its transport and regeneration sectors, whilstmanaging risks inherent in both of these activities. We have delivered year onyear growth by following this strategy and your Company is making good progressthis year towards its targets. I am pleased to report the following project update: •The Boatyard project is agreed, subject to contract, with a major national developer and is subject to a lease agreement with the BBC for the commercial space. The site is currently being cleared in preparation for contractors who expect to begin work this Autumn. •We have received planning permission for 40,000 sq ft of commercial space on another Sutton Harbour site that the Group owns known as Salt Quay. It has been our strategy to build our portfolio of commercial tenants and we are delighted that this office is reserved by a major west country firm in the professional service sector. •We are awaiting the outcomes of a number of bids for other projects in the region where we are already shortlisted or preferred bidder. We are currently in detailed and complex discussions with Plymouth City Council,the freeholder of Plymouth City Airport, which we hope to conclude soon. We areconfident that the outcome of these discussions will prove positive for ourshareholders and for the City of Plymouth. After the industry difficulties of last year, Air Southwest has performedsteadily over recent months. We have altered our schedules and we areconcentrating on our core routes and ad hoc charter work. I am pleased to reportthat our passenger numbers on the Newquay-Gatwick route remain buoyant despitethe new competition. Around Sutton Harbour there is no shortage of activity. We have completedfurther improvements to our marina to upgrade customer facilities and have madechanges to berthing layouts to meet demand. Fishing has been goodnotwithstanding the bad run of weather during June. We have been preparing forthe disruption during the lock gates refit and we will be providing interimfacilities for some vessels to discharge outside the harbour. The works, due tocommence this September and run until January 2008, will mean that the lock willbe closed intermittently although open during tidal freeflow periods. Your company is at the advanced stage of bringing several new projects tofruition and there is plenty in the pipeline to follow on. As I step down asChairman, I see your Company well placed to maximise its opportunities and to beconfident of its future. Ellen WinserChairman Enquiries: Nigel Godefroy Group Managing Director Sutton Harbour Holdings PLC 01752 204 186 Paul Van Winningtons 0117 920 0092 Tim Worlledge Evolution Securities Ltd 020 7071 4300 This information is provided by RNS The company news service from the London Stock Exchange