Interim Results

Sutton Harbour Holdings PLC
30 November 2000


                 AIRPORT BOOST GIVES RAPID TAKE OFF TO SUTTON

                               INTERIM PROFITS

 Sutton Harbour Holdings Plc, the Aim listed operator of Plymouth's historic
 harbour and Plymouth City Airport reports record interim profits for the six
                        months to September 30th 2000

'These results are very satisfactory with a strong contribution from the newly
acquired airport and continued growth in trading from our traditional
activities. Our strong balance sheet gives us substantial scope to seek
further acquisitions and pursue our development agreement with Plymouth City
Council.' Ellen Winser, Chairman, Sutton Harbour Holdings Plc.

HIGHLIGHTS

  * Turnover up 91% to £4.97 million      (1999 £2.6 million)
  * Pre Tax profits up 123% to £931,000     (1999 £417,000)
  * Earnings per share up 57% to 6.55p (1999 4.18p)
  * Interim dividend per share up 14% to 1.6p      (1999 1.4p )
  * 17 new flights announced for Plymouth Airport.

SUMMARY CHAIRMANS STATEMENT

In April we acquired Plymouth City Airport Ltd and already this is having a
significant effect on turnover and profits. Our traditional businesses have
also performed strongly despite lower returns from Plymouth Fisheries, largely
resulting from the poor supply of fish, following this years atrocious
weather.

Profits before tax were £931,000 including a satisfactory contribution of £
203,000 before tax from the Plymouth City Airport Limited and a trading profit
of £281,000 in respect of the sale of 130 Vauxhall Street. Earnings per share
are 6.55pence. This compares with 4.18pence a year ago and 7.97pence for the
twelve months ended 31st March 2000.

The results are very satisfactory and the Board is pleased to announce an
interim dividend of 1.6p, a rise of 14% on last year. Some of this increase
represents a rebalancing of the proportion between the interim and final
dividends and shareholders should not assume an equivalent increase in the
final dividend. The interim dividend applies to all shares on the register on
3 January 2001 and will be paid on 12 January 2001.

For further information, contact:

Nigel Godefroy, Sutton Harbour Holdings Plc:     Tel: [phone]

Ken Rees, Winningtons:      Tel: [phone] Mobile: [phone]

CHAIRMAN'S INTERIM STATEMENT

The first six months of our company's year have been of huge significance. In
April we acquired Plymouth City Airport Limited and are now laying the
foundations for its growth. We have made good progress with our Sutton
Agreement with Plymouth City Council and our traditional activities have
continued to grow despite lower returns from fishing.

Profits before tax were £931,000 including a satisfactory contribution of £
203,000 before tax from Plymouth City Airport Limited and a trading profit of
£281,000 in respect of 130 Vauxhall Street. Earnings per share are 6.55pence
per share, or 4.57pence if one excludes 130 Vauxhall Street compared with
4.18pence a year ago and 7.97pence for the twelve months ended 31 March 2000.

The results are very satisfactory and your Board is pleased to announce a
dividend of 1.6p, a rise of 14% on last year's interim dividend. Some of this
increase represents a rebalancing of the proportion between the interim and
final dividends and shareholders should not assume an equivalent increase in
the final dividend. The interim dividend applies to all shares on the register
on 3 January 2001 and will be paid on 12 January 2001.

Plymouth airport can currently handle 50 seater aircraft. £8.5 million of
public funds have been committed to upgrade the infrastructure around the
airport which will allow it to cater for 70 seaters. Brymon Airways, a
subsidiary of British Airways plc, our main customer, operates scheduled
services to London Gatwick, Paris, Cork, Jersey, Bristol, Newcastle, Glasgow,
Edinburgh and Aberdeen. I am very pleased to announce that Brymon will operate
new daily flights to Dublin and increase services to Cork and Bristol in the
new year. The new routes will be code shared with Aer Lingus which is a first
for Plymouth. Additionally these flights will bring British Airways Club
Europe to Plymouth for the first time. It is customary for airports to share
the risks of new services initially so full income levels will not be reached
for the first three years.

We continue to encourage other operators to use both Plymouth and Newquay
Cornwall airports and we are hopeful to increase both civilian and military
use. However, against this positive trend we have been informed that the Post
Office will cease the daily mail flight from January 2001.

Our Sutton Agreement with Plymouth City Council offers a series of development
opportunities in the area. The structure of the agreement allows us to
develop, sell on or ground lease. The agreement entitles us to receive the
developers' margin and share of profits without the need to purchase the
Council owned property until completion.

Following the sale of 130 Vauxhall Street we having been working up schemes
for the Moon Street development. We hope to be in position to announce the
finer details by our year end, but I can say now that it will be a large scale
mixed use scheme in excess of 100,000 square feet.

Property rentals are holding up well and there is strong evidence that land
values around Sutton Harbour are increasing significantly. The marina is fully
occupied and the marine leisure businesses have performed well given this
summer's poor weather. Our profits from fishing related activities have been
depressed, because of the poor supply of fish, high fuel prices and atrocious
weather.

Prospects for the remainder of the year are satisfactory but Shareholders
should be aware that both the airport and marine leisure businesses are less
busy during the winter months.

The company is in a good financial position with low gearing. The strong
balance sheet gives us substantial scope to pursue our strategy of adding to
the existing businesses and to pursue the objectives of our Sutton Agreement
with Plymouth City Council.

The interim report was approved by the Board of Directors on 29 November 2000.


Ellen Winser

Chairman.



CONSOLIDATED SUMMARISED PROFIT AND LOSS ACCOUNT
            Note             6 months to           6 months        Year Ended
                            30 September       30 September          31 March
                                    2000               1999              2000
                             (unaudited)         (unaudited)         (audited)
                 Continuing Acquisitions Total
                 Activities
                       £000         £000  £000         £000              £000

Turnover       2      3,164        1,815 4,979        2,600             4,750
Operating      2        842          203 1,045          540             1,032
Profit

Interest       7      (114)            - (114)         (123)             (237)

Profit on
Ordinary
Activities

Before                £728          £203 £931          £417              £795
Taxation
----------
Taxation       3
on Profit
on
Ordinary                                 (150)            -                 -
Activities

Profit on
Ordinary
Activities

After                                      781          417               795
Taxation

Dividends      4                         (194)         (140)             (400)

Retained                                  £587         £277              £395
Profit

Earnings       5                         6.55p         4.18p             7.97p
per Share

Adjusted       5
Earnings
per Share                                4.57p           -                  -

Dividend       4                          1.6p         1.4p               4.0p
per Share

The Adjusted Earnings per Share is calculated excluding the net
profit on sale of 130 Vauxhall Street.

There are no recognised gains or losses during
the period other than profit as reported.




CONSOLIDATED SUMMARISED BALANCE SHEET


                                          As at            As at          As at
                                   30 September     30 September       31 March
                                           2000             1999           2000
                                    (unaudited)      (unaudited)      (audited)
                                           £000             £000           £000

Fixed Assets                            £26,545          £24,026        £24,183

Current Assets

Stock                                       652              561            671

Debtors                                   1,992            1,020          1,065
(due within one year)

Cash at Bank and in Hand                      4                2              1

                                          2,648            1,583          1,737

Creditors (due within one year)

Bank Overdraft                            3,513            3,833          3,752

Other                                     2,254            1,515          1,819

                                          5,767            5,348          5,571

                                        (3,119)          (3,765)        (3,834)

Net Current Liabilities

Total Assets less Net

Current Liabilities                      23,426           20,261         20,349

Deferred Income
(due after more than one year)            (199)            (256)          (226)

Net Assets                              £23,227          £20,005        £20,123

Shareholders' Funds                     £23,227          £20,005        £20,123




CONSOLIDATED SUMMARISED CASH FLOW STATEMENT

                                           6 months to   6 months to Year Ended
                                          30 September  30 September   31 March
                                                  2000          1999       2000
                                           (unaudited)   (unaudited)  (audited)
                                                  £000          £000       £000

Reconciliation of Operating
Profit to Net Cash Inflow
from Operating Activities
Operating Profit                                 1,045           540      1,032
Depreciation Charges                                82            42         94
(Profit) on Sale of 130 Vauxhall Street          (281)             -          -
(Profit)/ Loss on Sale of Fixed Assets             (1)             2          6
Amortisation of Grants                             (8)          (10)       (20)
Amortisation of Intangible Fixed Assets              2             -          4
Decrease/(Increase) in Stock                        18            44       (66)
(Increase) in Debtors                            (926)          (88)      (133)
Increase/(Decrease) in Creditors                   288         (289)        111

Net Cash Inflow from
Operating Activities                              £219          £241     £1,028

CASH FLOW STATEMENT
Net Cash Inflow from                               219           241      1,028
Operating Activities
Returns on Investment and Servicing              (128)         (130)      (260)
of Finance
Capital Receipts (Expenditure)                     359         (102)      (300)
Acquisitions                                       241             -          -
Dividends Paid                                   (260)         (140)      (519)
Financing                                        (189)             -          -

Increase/(Decrease) in Cash
in the Period                                     £242        (£131)      (£51)

Reconciliation of Net Cash Flow
to Movement in Net Debt

Increase/(Decrease) in Cash
in the Period                                      242         (131)       (51)
Net Debt Brought Forward                      (£3,751)      (£3,700)   (£3,700)

Net Debt Carried Forward                      (£3,509)      (£3,831)   (£3,751)




RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

                                 Note  6 months to   6 months to     Year Ended
                                      30 September  30 September       31 March
                                              2000          1999           2000
                                       (unaudited)   (unaudited)      (audited)

                                              £000          £000           £000
Reported Profit in Group                       781           417            795
Companies for the Period
Dividends                           4        (194)         (140)          (400)

Retained Profit for the Period                 587           277            395
Issue of Shares                     8        2,600             -              -
Expenses in connection
with Share Issue                              (83)             -              -
Opening Shareholders' funds                 20,123        19,728         19,728

Closing Shareholders' funds                £23,227       £20,005        £20,123



NOTES TO INTERIM REPORT

1. Accounting Basis

The Accounts are prepared under the historical cost convention modified to
include the revaluation of certain freehold properties and investments. The
Accounts are prepared in accordance with applicable accounting standards
except where, in the opinion of the Directors, departure is necessary in order
to show a true and fair view. The Accounting Policies are consistent with
those applied in the Annual Report and Accounts for the year ended 31 March
2000.

The interim financial statements are not audited.




2. Segmental Analysis

                                      6 months to     6 months to    Year Ended
                                     30 September    30 September      31 March
                                             2000            1999          2000
                                             £000            £000          £000

Turnover
Fisheries Related                           1,124           1,044         1,874
Marine Leisure                              1,042           1,133         1,931
Property                                      418             423           945
Sale of 130 Vauxhall Street                   580               -             -
Airport Operations                          1,815               -             -
                                           £4,979          £2,600        £4,750
Operating Costs
Fisheries Related                             892             782         1,530
Marine Leisure                                792             906         1,455
Property                                      108             109           221
Cost of Sale of 130 Vauxhall Street           299               -             -
Airport Operations                          1,612               -             -
Administration                                231             263           512
                                           £3,934          £2,060        £3,718
Operating Profit                           £1,045            £540        £1,032


3. Taxation

The tax charge represents the provision for taxation on the taxable profits
for the period.

4. Dividends

The interim ordinary dividend of 1.6p (net) per share (1999: 1.4p) totalling £
194,344 (1999: £139,718) will be paid on 12 January 2001 to Shareholders on
the register on 3 January 2001.

5. Earnings per Share

Earnings per Share has been calculated by reference to 9,979,848 ordinary
shares in issue with the exception of the 6 month period ended 30 September
2000 when the weighted average number of shares in the issue has been applied
as follows:


                                                  Ordinary Shares of
                                                  25p nominal value
Shares in issue at 1 April 2000                   9,979,848
Shares issued 17 April 2000                       1,666,667
Shares issued 28 April 2000                       500,000
Shares in issue at 30 Sept 2000                   12,146,515




The calculation of Earnings per Share is based on the following:

                                                     6 months  6 months    Year
                                                           to        to   Ended
                                                           30        30      31
                                                    September September   March
                                                         2000      1999    2000
Earnings per Share
Profit for the period attributable
to Shareholders (£000)                                   £781      £417    £795

Weighted average number of Shares (000's)              11,927     9,980   9,980

Earnings per Share                                      6.55p     4.18p   7.97p
Adjusted Earnings per Share
Profit for the period attributable to
Shareholders excluding net profit on sale of 130         £545         -       -
Vauxhall Street (£'000)
Weighted average number of Shares (000's)              11,927         -       -

Adjusted earnings per Share                             4.57p         -       -


6. Publication of Non-Statutory Accounts

The financial information set out in this report does not constitute statutory
accounts as defined in section 240 of the Companies Act 1985. The figures for
the year ended 31 March 2000 have been extracted from the statutory financial
statements which have been filed with the Registrar of Companies. The
auditors' report on those financial statement was unqualified and did not
contain a statement under Section 237(2) of the Companies Act 1985.

7. Interest

Interest payable is stated after capitalisation of £11,000 (1999: £NIL)

8. Significant Events during the Period

On 17 April 2000, the Group purchased all the shares of Plymouth City Airport
Limited for £2,000,000. This was funded by the allotment of 1,666,667 Company
shares each at £1.20 to British Airways plc. Additionally, on 28 April 2000
the Group allotted a further 500,000 shares each at £1.20 to Plymouth City
Council for a one-off lease premium reducing the rent paid at the airport to a
peppercorn.

Copies of this report are available to members of the general public from the
company's registered office: Sutton Harbour Holdings plc, North Quay House,
Sutton Harbour, Plymouth PL4 0RA.