AGM Statement

9 Jul 2008 12:46



SUTTON HARBOUR HOLDINGS PLC

AGM Statement

At the AGM held today the Chairman, Michael Knight, made the following statement:-

"As reported in my year end statement in May 2008, the Company is not immune from the difficulties affecting both the property and transport sectors. However the Board continues to believe the Company is well placed to continue its progress and deliver further growth in shareholder value. 

In our Transport Division, new routes have been launched in April 2008 and these have started well. High fuel prices continue to put pressure on the financial results of the division, however we maintain a tight control on costs and we remain confident of its performance in the current environment.

In our Marine Division, we are enjoying a good marina season with our berths fully let for the season. Fisheries related activities are trading steadily. 

The Regeneration Division, our largest division by contribution, continues to make progress on all regeneration pipeline projects, although we expect a second half weighting to the recognition of profits. 

Overall the Board remains confident in its expectations for the full year financial results, although, as highlighted, it expects a weighting towards the second half year as profit is recognised on the regeneration pipeline."

9th July 2008

Enquiries:-

Natasha Gadsdon Tel: +44 (0)1752 204 186

Finance Director 

Bobbie Hilliam Tel: +44 (0)207 071 4300

Evolution Securities