AGM Statement

Sutton Harbour Holdings PLC
23 August 2000


The Annual General Meeting of Sutton Harbour Holdings was held today Wednesday
August 23rd at the Moat House Hotel in Plymouth.

Addressing shareholders Chairman Ellen Winser said:

'Our acquisition of Plymouth City Airport and our development partnership with
Plymouth  City Council have put in place the building blocks for  the  future.
We  now  have  the potential to achieve a period of sustained growth  in  both
profits and dividends and to deliver increased shareholder value.

We now have our strategy firmly in place for the medium term.

The  results  for the year ended 31st March 2000 were satisfactory  and  would
have  been  very  good  but  for a drop in profits from  our  fishing  related
activities.   The downturn affected the fishing industry across the  whole  of
the  UK  but  we  hope  and  believe  it to be  cyclical  and  not  permanent.
Plymouth's  unique electronic auction system which offers the  possibility  of
linking  remote sites to the auction via the internet does offer the  prospect
of some advantage for our market.

The  rest  of  our  business  had a good year.  Fishing,  marine  leisure  and
property  rental now each contribute approximately one-third of total  profits
but  this  proportion  will  be reduced as the  airport  begins  to  make  its
contribution to our profits.

On the development front our partnership with Plymouth City Council is already
producing  some exciting results.  The partnership has just sold  one  of  our
sites,  130  Vauxhall  Street,  to a property  developer  who  will  build  29
harbourside flats.  This sale has yielded us a profit of about £280,000, which
will  be  reflected  in the current year's results as an  exceptional  profit.
Also  the  plan to develop the Elphinstone site between Plymouth Barbican  and
The  Hoe is now taking shape.  This prime waterfront site offers a whole range
of  opportunities for retail and leisure use as well as providing  a  possible
gateway for cruise liners and local water taxis.

There  is  no  doubt  that the opportunities for enhancing  profits  from  the
airport are considerable.  Total turnover of Plymouth City Airport Ltd in  the
year  to 31st March 1999 was £3,225,000 earning profits of £232,000.   In  the
year  just past profits were lower due to a number of non-repetitive items  of
expenditure.   We  believe that we can increase profitability  by  saving  the
annual  rent of £63,000, with tight cost control, by bringing certain services
in-house and economies of scale.  The Airport currently operates substantially
below capacity and work to upgrade the runway will allow larger aircraft  with
up to 70 seats to operate.  The site also comes with significant opportunities
for  land development and all this has been achieved at little or no  risk  to
the  company.   We insisted during the negotiations on implementing  terms  to
protect Sutton Harbour Holdings should the Airport ever become technically  or
economically unviable.'

Dealing  with current trading conditions, Ellen Winser said: 'We  have  had  a
satisfactory start to the year although the fishing business does continue  to
struggle.   However, all other areas of the business are performing well  with
the  airport meeting expectations, the marina being full, and rentals  holding
firm.

The Directors firmly believe that the shares remain under-valued and the price
does  not  properly reflect the potential of the business.   We  look  to  the
future with confidence.'




For further information please contact:

Duncan Godefroy, Managing Director,
Sutton Harbour Holdings Plc.                           01752 204186

John Wakefield, Rowan Dartington & Co Ltd:             0117 9330020

Ken Rees, Winningtons                              0117 930 8839
                                              Mobile:[phone]