Last checked at 29 Apr 2021 14:27
29 April 2021
Sutton Harbour Group plc (the "Company")
Company Update
Trading Update
The Company reports that the trading results for the financial year ended 31 March 2021 will reflect the effects of the restrictions imposed by the UK Government to control the spread of Coronavirus. During the Lockdown imposed across the whole of the fourth quarter, the impact was similar to that of the Spring/Summer 2020 restrictions. Car parks revenues, an important cash generating activity for the Company, fell to minimal levels and fisheries activity was slow, whilst the marinas maintained their resilient performance and rent collections were steady through the period, with a small number tenants failing to meet their rental obligations.
With the restrictions gradually being reduced since the year end, activity levels are showing improvement and the Sutton Harbour area is busy with the public making good use of open air bars and cafes. Sales of marina berths for the season starting 1 April 2021 have been the strongest ever recorded at both Sutton Harbour and King Point with a strong uptick in occupancy as the appeal of leisure boating increases. Additional pontoons have been installed at King Point Marina to cater for the demand for larger vessel berthing and they were immediately fully let.
Valuation
The Company's investment and owner occupied property assets were valued by independent valuers as at 31 March 2021 at £49.245m (31 January 2020: £45.985m). The increase of £3.260m includes the acquisition of a new site adjacent to Sutton Harbour, valued at £1.925m, which was completed in December 2020. The owner occupied portfolio assets of the marinas, fisheries and car parks, valuation has increased to £29.475m (31 January 2020: £27.000m), the increase largely reflecting the strong trading performance of the marinas business.
Bank
The Company has continued to maintain close contact with its bankers and before the year end completed the extension of an additional £2m Revolving Credit Facility for a further year until May 2022 to provide additional support as our businesses recover from the impact of the Lockdowns.
The Company expects to announce its results for the year ended 31 March 2021 in early July 2021.
For further information, please contact
Sutton Harbour Group plc Philip Beinhaker - Executive Chairman Corey Beinhaker - Chief Operating Officer Natasha Gadsdon - Finance Director
| 01752 204186 |
Arden Partners (Nomad and Broker) Paul Shackleton Benjamin Cryer
| 020 7614 5924 |