Business
Results for the year ended 31 March 2023
Results for the year ended 31 March 2023.
About this update from Sutton Harbour Group Plc
[{"type":"text","content":"\n\n \n \n \n \n1 August 2023\n \nSutton Harbour Group Plc (the \"Group\")\n \nResults for the year ended 31 March 2023\n \nSutton Harbour Group plc (\"Sutton Harbour\", or 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 2023. The statutory accounts for 2023 are expected to be available on the Group's website (www.suttonharbourgroup.com) later today.\n \nHighlights\n· The first new development project at Sutton Harbour in a decade, Harbour Arch Quay, is under construction and due for completion in August 2023.\n· Successful refurbishment of Old Barbican Market now fully let to three high quality national retail operators.\n· Record trading year for the marinas with near capacity occupancy during year ended 31 March 2023.\n· Strong trading by marinas and car parks reflected in increased valuation of the owner occupied property portfolio at £38.3m (2022: £36.1m).\n· Investment property estate remains 89% occupied (2022: 89%).\n· Energy price spike and higher interest costs have contributed to a loss during the year. Energy prices have declined at the start of the new financial year and the Company is securing more cost effective supplies.\n \n \n \nFinancial Highlights\n\n\n\n\n \n\n\nNote\n\n\n2023\n\n\n2022\n\n\n\n\nAdjusted (loss)/profit before tax\n\n\n*\n\n\n£(0.096)m\n\n\n£0.366m\n\n\n\n\nNet financing costs\n\n\n\n\n\n£1.150m\n\n\n£0.789m\n\n\n\n\nNet assets\n\n\n\n\n\n£56.1m\n\n\n£56.2m\n\n\n\n\nNet asset per share\n\n\n\n\n\n43.1p\n\n\n43.3p\n\n\n\n\nValuation of property portfolio\n\n\n**\n\n\n£55.5m\n\n\n£54.3m\n\n\n\n\nYear-end net debt\n\n\n\n\n\n£29.6m\n\n\n£24.4m\n\n\n\n\n \n*Before accounting for fair value adjustments to property asset valuation.\n**Comprises investment and owner occupied portfolios.\n Excludes land held as development inventory.\n Valuation as at 31 March 2023.\n \nPhilip Beinhaker, Executive Chairman, ...