Last checked at 12 Mar 2009 07:00
Sutton Harbour Holdings plc ("the "Company")
Disposal and Trading Update
The Company is pleased to announce that following the completion of the development of the Salt Quay offices (Plymouth), it has completed the sale of the 42,000 sq ft investment property for £8.7m.
In line with the Company's focus on maintaining a stable base and financial structure, this transaction permits a welcome and substantial reduction in the Company's overall debt, with the full repayment of the development facility secured on the project and a reduction in the general banking facilities (excluding development loans) drawn to £19.8m out of the £25m available. 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, but due to the second half weighting of these projects any delay in their completion will delay the recognition of revenues into the next financial year. Whilst the marine division is performing in line with expectations, the transport division is currently trading at c.£500,000 below budget, and is experiencing trading pressures in common with much of the aviation industry.
12 March 2009
Enquiries:
Natasha Gadsdon,
Sutton Harbour Holdings plc +44 (0)175 220 4710
Bobbie Hilliam,
Evolution Securities +44 (0)20 7071 4300