AGM Statement

Sutton Harbour Holdings PLC
07 August 2002


7th August 2002


                          SUTTON HARBOUR HOLDINGS PLC

 Summary of statement by the Chairman, Mrs Ellen Winser, at the Annual General
                            Meeting on 7 August 2002


Key points:

• Your Company has performed well in the last year.

• We have strengthened our management team.

• The Sutton Partnership is now producing results, and has good prospects to
  contribute to future growth.

• We have a defined action plan to revitalise Plymouth City Airport.



Summary of the statement:

In a year of considerable turbulence, not only in the aviation industry after
September 11 but also in stock markets around the world, your company has
demonstrated its resilience. Our profits have risen, our assets have increased
in value and our share price has performed admirably.



Our small but committed management team has been strengthened by the addition of
specialists in Human Resources, Aviation Marketing and Special Project
Management.



I am delighted to report good progress with our unique arrangement with Plymouth
City Council, the Sutton Partnership, which has been extended a further 5 years
until 2008, and will include additional sites. The ground floor long leasehold
of 130 Vauxhall Street has been returned to the Company, and we have secured a
restaurant tenant, who will start paying rent in the near future.



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We are working to a defined action plan to revitalise Plymouth City Airport. We
have researched the routes that are likely to prove most popular. We believe an
airport in Plymouth is vital to the transport links of the area.

The daily Newquay-Stansted service operated by Ryanair is proving an extremely
popular route so far, and is excellent news for Newquay Cornwall International
Airport and indeed for Cornwall.

I reported last year of the downturn in fishing, though we did see some recovery
towards the end of the financial year. This was very encouraging but we continue
to operate with generally difficult fishing conditions and the weather in June
was awful!

Our marina continues to be full and our marine leisure businesses continue to
operate as a good support to it.

We have many exciting new opportunities in all fields of the Group's business.
We are now busier than ever before. We can look forward to a challenging year
ahead.


ENDS


For further information contact:

Duncan Godefroy, Sutton Harbour Holdings plc on 01752 204186

Ken Rees, Winningtons on 0117 3179477 or 07802 466567



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