Last checked at 27 Sep 2021 11:41
27 September 2021
Sutton Harbour Group plc (the "Company")
Annual General Meeting Statement
The Chairman of Sutton Harbour Group plc will issue the following update to shareholders attending today's AGM.
Since my last report on trading in early July, I am pleased to update investors that trading throughout Summer 2021 has benefited from the strong recovery in visitor numbers to Sutton Harbour. Car park revenues are now at least at pre-Covid levels and it has been another record season for berthing in the Group's two marina facilities. Sutton Harbour Marina has reached 100% occupancy with King Point Marina achieving 93% occupancy and both marinas now have waiting lists. The Group will launch bookings for the 2022/23 marina season, which starts on 1 April 2022, in November and expects the strong demand to continue. Plymouth Fisheries trading has shown some slow, but steady, improvement since last year. Occupation of the Company's commercial estate has been consistent with just two properties currently unlet, one being the building formerly let to Edinburgh Woollen Mill. The Company intends to convert these premises into three 2,500 ft units, with two units already reserved for national covenant tenants and the third is being actively marketed.
Construction of the 14 apartment building, Harbour Arch Quay, is due to start next month. Separate development financing has now been agreed and marketing of the apartments will begin once construction starts. The building, which also accommodates 1,163 sq ft commercial space on the ground floor, will take 12 to 14 months to complete.
Refinement of the plans for new developments on the newly acquired 13-15 Sutton Road site has continued and it is now expected that the Local Authority Planning Committee will determine consent status early in 2022. Earlier this month the Group acquired a small site immediately adjacent to 13-15 Sutton Road which has allowed improvements to the original access and scheme design for the site.
The Board was delighted with the response from a broad range of shareholders who participated in the Open Offer in August 2021. £3.5m new equity capital was raised to assist with the Harbour Arch Quay development, acquire the further Sutton Road site and improve the working capital position of the Group.
The Interim Results for the 6 month period to 30 September 2021 are due to be published in early December 2021.
Enquiries
Sutton Harbour Group plc | +44 (0) 1752 204186 | Philip Beinhaker, Executive Chairman Corey Beinhaker, Chief Operating Officer Natasha Gadsdon, Finance Director
|
Arden Partners (NOMAD and Broker) | +44 (0)20 7614 5900 | Paul Shackleton, Akhil Shah
|
Notes to Editors
Sutton Harbour Group plc (SUH) is an AIM listed 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 Group plc 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.