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12 Mar 2009 07:00
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Sutton Harbour Holdings plcΒ ("the "Company")
DisposalΒ and Trading Update
The Company is pleased to announceΒ that following the completion of the development of the Salt Quay offices (Plymouth), it hasΒ completedΒ the sale of theΒ 42,000 sq ftΒ investment property for Β£8.7m.Β
In line with the Company's focus on maintaining a stable base and financial structure,Β this transaction permits a welcomeΒ and substantial reduction in the Company's overallΒ debt, with the full repayment of the development facility secured on the project and a reduction in theΒ general banking facilities (excluding development loans) drawnΒ toΒ Β£19.8m out ofΒ theΒ Β£25mΒ available.Β Following this reduction the Company's overall gearing based on the net assets of the Company as at 30 September 2008 is c.56%.
Other regeneration projects are in an advanced state of realisation, butΒ due to the second half weighting of these projects anyΒ delay in their completion will delay theΒ recognition ofΒ revenues into the next financial year. Whilst the marine division is performing in line with expectations, the transport division is currently tradingΒ at c.Β£500,000 below budget, and is experiencing trading pressures inΒ common with much of the aviation industry.
12Β March 2009Β
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Enquiries:Β
Β
Natasha Gadsdon,Β
Sutton Harbour Holdings plc +44 (0)175 220 4710Β
Β
Bobbie Hilliam,Β
Evolution Securities +44 (0)20 7071 4300
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