Sutton Harbour Holdings Regulatory News (SUH)

4 Apr 2008 07:00

Sutton Harbour Holdings PLC04 April 2008 Sutton Harbour Holdings plc (Sutton Harbour or the "Company") Year End Trading Statement The Company announces that results for the financial year ended 31 March 2008 are expected to be in line with market expectations in our marine and transport sectors. The results will be reported for the first time under Adopted International Financial Reporting Standards (Adopted IFRS). The principal effects of IFRS accounting have been to change the timing of recognition of profits from our regeneration activities and the inclusion of revaluation movements on investment properties in the income statement. As a result, overall profits from this sector in this reporting period will be higher than expectations although certain development profits, previously recognisable under UK GAAP, will be deferred for recognition in future periods. The independent revaluation of property assets has given rise to a surplus of c.£3m. The Company also announces that these results include the profit on sale of the investment in LIFT Investments Limited, the company through which the investment in 'Plymouth NHS LIFT' is held. This transaction was followed by acquisition of a 50% interest in a joint venture company which holds combined interests in the 'Plymouth NHS LIFT' and other primary healthcare ventures. In addition, the Company has concluded a successful negotiation with Plymouth City Council concerning the future transfer of land at Plymouth City Airport. These transactions, together with recent successful bids for schemes in Portland and Swansea, represent good progress with the stated strategy of expanding the scale and geographical spread of the company's regeneration activities in partnership with the public sector. The preliminary announcement of the results for the year ended 31 March 2008 is expected on 29 May 2008. 4 April 2008 Enquiries: Natasha Gadsdon, Sutton Harbour Holdings plc, 01752 204 186Bobbie Hilliam, Evolution Securities, 020 7071 4300 This information is provided by RNS The company news service from the London Stock Exchange