Business
Pre-Close Announcement and Strategic Review
Pre-Close Announcement and Strategic Review.
About this update from Sutton Harbour Group Plc
[{"type":"text","content":"\n \nRNS Number : 8509V Sutton Harbour Holdings PLC 21 April 2016 \n\n21 April 2016 \n \n \nSutton Harbour Holdings plc (the \"Company\")\nPre-Close Announcement, Strategic Review and Commencement of Offer Period\n \n \nPre-Close Announcement\n \nSutton Harbour Holdings plc announces its pre-close trading update for the year ended 31 March 2016.\n \nThe Company expects full year trading results to be in line with management's expectations. The full year results will also incorporate non-cash valuation adjustments for the Company's assets as at 31 March 2016. The Company expects to make preliminary announcement of the results for the year ended 31 March 2016 in late June 2016.\n \nThe Company maintained its high letting occupancy of investment properties throughout the year and recorded another year of strong growth in car parking revenues. Following last year's record season, fish landings at Plymouth Fisheries have returned to normal levels. Lower fuel commodity prices and a new fuel buying strategy have resulted in better margins on fuel sold to commercial fishing boats and the marina operations at Sutton Harbour and King Point have together achieved revenues level with last year.\n \nTowards the end of the year the Company completed and fully commissioned the new grant supported chill chain infrastructure project comprising an ice plant and two chiller rooms at Plymouth Fisheries. These new facilities permit handling of greater volumes and improved reliability of operations as well as improved energy efficiency.\n \nLast month the Company reported that it renewed and extended bank facilities with Royal Bank of Scotland for a three year period commencing March 2016.\n \nStrategic Review \n \nThe Board believes that the Company has significant future growth potential, given its profitable, well invested annuity trading activities underpinned by a strong existing asset base and significant potential for further development around the historic Sutton Harbour. \n \nEven with its recent successful refinancing, the Company's potential remains constrained by its existing capital structure. As such, the Board has determined that it is appropriate to evaluate alternative opportunities to maximise value for the Company's shareholders and to build on Sutton Harbour's succe...