Business
Results for the year ended 31 March 2022
Results for the year ended 31 March 2022.
About this update from Sutton Harbour Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 20 July 2022\n \n \n \n \n \n \n \n \n \n SUTTON HARBOUR GROUP PLC (the \"Group\")\n \n \n \n \n \n \n \n \n \n Results for the year ended 31 March 2022\n \n \n \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 2022.\n \n \n \n \n \n \n Highlights\n \n \n \n ·\n Net asset value up to £56.211m (43.3p per share), from £47.153m (40.6p per share).\n \n \n ·\n Record trading year for the marinas with near capacity occupancy during year ended 31 March 2022 and maintained at 98% occupancy as of July 2022.\n \n \n ·\n Investment Property occupancy rate of 89% at 31 March 2022 (97% at 31 March 2021). One building under refurbishment for three new tenants.\n \n \n ·\n Strong recovery of parking revenues since summer 2021 and improving trend in 2022.\n \n \n ·\n The first new development project at Sutton Harbour in a decade, Harbour Arch Quay, under construction and due for completion in Spring 2023.\n \n \n ·\n Updated planning consent and s106 agreement for the 170 apartment building at Sugar quay secured.\n \n \n \n \n \n \n \n \n \n Financial Highlights\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Note\n \n \n \n \n 2022\n \n \n \n \n 2021\n \n \n \n \n \n \n Adjusted Profit/(loss) before tax\n \n \n \n \n *\n \n \n \n \n £0.366m\n \n \n \n \n (£0.162m)\n \n \n \n \n \n \n Net financing costs\n \n \n \n \n \n \n \n \n \n \n \n £0.789m\n \n \n \n \n £0.753m\n \n \n \n \n \n \n Net assets\n \n \n \n \n \n \n \n \n \n \n \n £56.2m\n \n \n \n \n £47.2m\n \n \n \n \n \n \n Net asset per share\n \n \n \n \n \n \n \n \n \n \n \n 43.3p\n \n \n \n \n 40.6p\n \n \n \n \n \n \n Valuation of property portfolio\n \n \n \n \n **\n \n \n \n \n £54.3m\n \n \n \n \n £47.3m\n \n \n \n \n \n \n Year-end net debt\n \n \n \n \n \n \n \n \n \n \n \n £24.4m\n \n \n \n \n £26.9m\n \n \n \n \n \n \n \n \n \n \n *Before accounting for fair value adjustments to property asset valuation.\n \n \n \n \n **Comprises investment and owner occupied port...