Sutton Harbour Holdings PLC
04 April 2008
Sutton Harbour Holdings plc
(Sutton Harbour or the 'Company')
Year End Trading Statement
The Company announces that results for the financial year ended 31 March 2008
are expected to be in line with market expectations in our marine and transport
sectors.
The results will be reported for the first time under Adopted International
Financial Reporting Standards (Adopted IFRS). The principal effects of IFRS
accounting have been to change the timing of recognition of profits from our
regeneration activities and the inclusion of revaluation movements on investment
properties in the income statement. As a result, overall profits from this sector
in this reporting period will be higher than expectations although certain
development profits, previously recognisable under UK GAAP, will be deferred for
recognition in future periods. The independent revaluation of property assets has
given rise to a surplus of c.£3m.
The Company also announces that these results include the profit on sale of the
investment in LIFT Investments Limited, the company through which the investment
in 'Plymouth NHS LIFT' is held. This transaction was followed by acquisition of
a 50% interest in a joint venture company which holds combined interests in the
'Plymouth NHS LIFT' and other primary healthcare ventures. In addition, the
Company has concluded a successful negotiation with Plymouth City Council
concerning the future transfer of land at Plymouth City Airport. These
transactions, together with recent successful bids for schemes in Portland and
Swansea, represent good progress with the stated strategy of expanding the scale
and geographical spread of the company's regeneration activities in partnership
with the public sector.
The preliminary announcement of the results for the year ended 31 March 2008 is
expected on 29 May 2008.
4 April 2008
Enquiries:
Natasha Gadsdon, Sutton Harbour Holdings plc, 01752 204 186
Bobbie Hilliam, Evolution Securities, 020 7071 4300
This information is provided by RNS
The company news service from the London Stock Exchange