Business
Year end trading statement
Year end trading statement.
About this update from Sutton Harbour Group Plc
[{"type":"text","content":"\n Sutton Harbour Holdings PLC\n04 April 2008\n\n\n Sutton Harbour Holdings plc\n (Sutton Harbour or the 'Company')\n \n Year End Trading Statement\n \n\nThe Company announces that results for the financial year ended 31 March 2008 \nare expected to be in line with market expectations in our marine and transport \nsectors.\n\nThe results will be reported for the first time under Adopted International \nFinancial Reporting Standards (Adopted IFRS). The principal effects of IFRS \naccounting have been to change the timing of recognition of profits from our \nregeneration activities and the inclusion of revaluation movements on investment \nproperties in the income statement. As a result, overall profits from this sector \nin this reporting period will be higher than expectations although certain \ndevelopment profits, previously recognisable under UK GAAP, will be deferred for \nrecognition in future periods. The independent revaluation of property assets has \ngiven rise to a surplus of c.£3m.\n\nThe Company also announces that these results include the profit on sale of the \ninvestment in LIFT Investments Limited, the company through which the investment \nin 'Plymouth NHS LIFT' is held. This transaction was followed by acquisition of \na 50% interest in a joint venture company which holds combined interests in the \n'Plymouth NHS LIFT' and other primary healthcare ventures. In addition, the \nCompany has concluded a successful negotiation with Plymouth City Council \nconcerning the future transfer of land at Plymouth City Airport. These \ntransactions, together with recent successful bids for schemes in Portland and \nSwansea, represent good progress with the stated strategy of expanding the scale \nand geographical spread of the company's regeneration activities in partnership \nwith the public sector.\n\nThe preliminary announcement of the results for the year ended 31 March 2008 is \nexpected on 29 May 2008.\n\n4 April 2008\n\nEnquiries:\n\nNatasha Gadsdon, Sutton Harbour Holdings plc, 01752 204 186\nBobbie Hilliam, Evolution Securities, 020 7071 4300\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2568,"tagName":"div"}]