Business
Interim Results to 30 Septemb
Interim Results to 30 Septemb.
About this update from Sutton Harbour Group Plc
[{"type":"text","content":"\n RNS Number : 2392D Sutton Harbour Holdings PLC 30 November 2009 \n \nFor Immediate Release\n30 November 2009 \nSutton Harbour Holdings plc\nInterim Results for the six months ended 30 September 2009\n- a period of considerable progress\n\nSutton Harbour Holdings plc (\"Sutton Harbour\" or \"Group\"), the AIM listed regeneration, infrastructure and transportation specialist, announces Interim Results for the six months ended 30 September 2009.\n\nFinancial highlights:\n\n\n\nRevenues for the period up 18% to £19.20m (2008: £16.19m)\n\n\nOperating profit before fair value adjustments on investment property of £1.85m (2008: £0.68m)\n\n\nProfit before tax up to £1.20m after fair value adjustments on investment property (fair value deficit of £0.50m) (2008: £0.51m profit after fair value deficit £0.52m) \n\n\nInterim dividend maintained at 0.9p per share (2008: 0.9p)\n\n\nEarnings per share (basic and diluted) of 1.65p (2008; 0.72p)\n\n\nGearing reduced to 41.4% (2008: 58.2%)\n\n\nSuccessful share placing in September raising £6.7m net \n\n\nNet assets at period end of £41.9m (31 March 2009: £35.4m)\n\n\n\nOperational highlights:\n\n\n\nRegeneration activities performed well; good progress achieved with pipeline of high quality future projects;\n\n\nAgreement for sale of surplus Plymouth City Airport land completed in June for not less than £11.8m;\n\n\nFacility for Royal Yachting Association (\"RYA\") in Portland nearing completion with pre-sale to RYA already agreed; first phase of mixed-use scheme at Exeter quays also near completion;\n\n\nSelected by NHS Cumbria as private sector partner under the new NHS Express LIFT framework;\n\n\nMarine sector enjoyed strong performance: marina capacity and facilities increased; fishing activities made strong recovery as fuel prices reduced;\n\n\nTransport activities continue to face very challenging conditions, resulting in loss for the period;\n\n\nNew London City route which is performing very satisfactorily;\n\n\nAppointment of Sean Swales as a new non-executive director.\n\n\n\nMichael Knight, Chairman, commented:\n\"Considerable progress has been made in the last half-year period despite difficult economic and trading conditions which have persisted, particularly for our transport di...