Sutton Harbour Group PLC Trading Update (5305L)
May 16 2022 - 2:01AM
UK Regulatory
TIDMSUH
RNS Number : 5305L
Sutton Harbour Group PLC
16 May 2022
16 May 2022
Sutton Harbour Group plc
(the "Company")
Company Update
Trading Update
The Company is pleased to announce that trading results have
continued to make a strong recovery with sustained high levels of
occupancy at the marinas, now reaching capacity, and car parking
revenues back to the peak trading levels of two years ago. Tenants
of the waterfront property estate have weathered the disruption
with occupancy maintained at over 90%.
The resilience and performance of the Company's investments and
owner-occupied assets is shown in the unaudited independent valuers
report as at 31 March 2022 which values the portfolio, excluding
development sites, at GBP54.17m (a GBP6.85m increase on the 2021
valuation). The valuation of the owner-occupied assets (marinas,
car parks and fisheries) reflects the strong trading by both the
marinas and car parks operations. A summary of the updated
valuation, including comparatives for 2021, can be seen in the
table below:
As at 31 March As at 31 March Increase
2022 2021
Owner Occupied portfolio GBP36.125m GBP29.475m GBP6.650m
--------------- --------------- ----------
Investment Property GBP18.045m GBP17.845m GBP0.200m
portfolio
--------------- --------------- ----------
Total Estate portfolio* GBP54.170m GBP47.320m GBP6.850m
--------------- --------------- ----------
*Excludes property held as development inventory
Projects
The Company started construction of Harbour Arch Quay, a 14
apartment waterfront building, in February 2022 with works now
emerging from the ground. Completion is scheduled for early Spring
2023. Strong interest is being received from potential purchasers
for the high specification units, all of which have direct
south-west facing views over Sutton Harbour.
Revised plans for the Sugar Quay development, on the eastern
side of Sutton Harbour, received unanimous approval from the local
planning authority in April 2022 and pre-construction conditions
are expected to be settled in the coming weeks.
The Company has embarked on consented works to the listed Old
Barbican Market to convert the 7500 sq ft glazed building into
three units and to improve the external public realm. These works
will allow the three incoming tenants to complete fitting out and
opening by late Summer 2022. (This property was vacated by
Edinburgh Woollen Mill in May 2021.)
The Company expects to announce its results for the year ended
31 March 2022 in mid-July 2022.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended ("MAR").
Enquiries
Sutton Harbour Group +44 (0) 1752 204186 Philip Beinhaker, Executive
plc Chairman
Corey Beinhaker, Chief Operating
Officer
Natasha Gadsdon, Finance Director
Strand Hanson Limited +44 (0) 20 7409 James Spinney
(Nominated and Financial 3494 James Dance
Adviser)
Arden Partners plc +44 (0) 20 7614 Paul Shackleton
(Broker) 5900 Elliot Mustoe
Notes to Editors
Sutton Harbour Group plc (AIM: SUH) is an AIM quoted company
specialising in marine operations, waterfront regeneration and
destination creation in Plymouth and South West England.
The Company operates Sutton Harbour Marina, King Point Marina
and Plymouth Fisheries. Operational activities include mixed-use
lettings, car parking and support services to harbour users,
property management and regeneration and asset enhancement.
Sutton Harbour is committed to being the leading marine and
waterfront regeneration specialist in Southern England, and to
positioning Sutton Harbour in Plymouth as a destination of national
interest.
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END
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