Business
Final results for the year ended 31 March 2020
Final results for the year ended 31 March 2020.
About this update from Sutton Harbour Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 2929S\n Sutton Harbour Group PLC\n 07 July 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 July 2020\n \n \n \n \n \n SUTTON HARBOUR GROUP PLC (\"the Group\")\n \n \n \n \n \n Final results for the year ended 31 March 2020\n \n \n \n \n \n Sutton Harbour Group plc (\"Sutton Harbour\", \"the Company\"), the AIM listed owner and operator of Sutton Harbour in Plymouth and specialist in waterfront regeneration projects and operation of waterfront real estate, marinas and Plymouth Fisheries, announces audited results for the year ended 31 March 2020.\n \n \n \n \n \n Highlights\n \n \n · \n 4 year bank facility renewal in December 2019, additional £2m facility agreed in May 2020\n \n \n · \n Car Parking revenue up 25.5% \n \n \n · \n Tenant occupancy at 95% in March 2020\n \n \n · \n Growth in marina occupancy and revenue following a targeted marketing communications programme\n \n \n · \n Completion of new fuel and utilities servery infrastructure at Plymouth Fisheries\n \n \n · \n Corey Beinhaker appointed Executive Director and Chief Operating Officer\n \n \n · \n Progress with Harbour Arch Quay scheme; construction now anticipated to begin in 2020\n \n \n \n \n \n Financial Highlights\n \n \n \n \n \n \n \n \n \n Note\n \n \n \n \n 2020\n \n \n \n \n 2019\n \n \n \n \n \n \n Adjusted profit before tax\n \n \n \n \n *\n \n \n \n \n £0.221m\n \n \n \n \n £0.072m\n \n \n \n \n \n \n Net financing costs\n \n \n \n \n \n \n \n £0.844m\n \n \n \n \n £0.901m\n \n \n \n \n \n \n Net assets\n \n \n \n \n \n \n \n £46.0m\n \n \n \n \n £45.7m\n \n \n \n \n \n \n Valuation of property portfolio\n \n \n \n \n **\n \n \n \n \n £46.0m\n \n \n \n \n £45.8m\n \n \n \n \n \n \n Year-end net debt\n \n \n \n \n \n \n \n £23.5m\n \n \n \n \n £21.4m\n \n \n \n \n \n \n \n \n \n *Before accounting for fair value adjustments to property asset valuation.\n \n \n **Comprises investment and owner occupied portfolios. \n \n \n Excludes land held as development inventory.\n \n \n Valuation as at 31 January 2020, pre Covid-19 lockdown measures\n \n \n \n \n \n \n Philip \n \n \n Beinhaker, Executive Chairman, commented:\n \n \n \n \"Development of the Group's trading strategies had begun to bear fruit with pleasing advan...