AGM Statement

Sutton Harbour Holdings PLC
28 July 2004




Sutton Harbour Holdings plc


FUTURE LOOKS BRIGHT FOR SUTTON HARBOUR HOLDINGS.

At their AGM held in Plymouth today, 28th July 2004, the Aim listed transport,
property and regeneration specialists issued the following update to
shareholders on current trading.

'Our trading businesses have continued to perform steadily and in line with our
expectations since the beginning of the current financial year. Plymouth City
Airport is notably busier with the new services introduced by Air Southwest and
Air Wales. We expect to start works to resurface the runway and to install
centre line lighting at Plymouth City Airport this September. Additionally, a
safety area at the end of the runway will be created. These works will improve
the safety of operations at the airport. The major part of the cost of these
works is being funded by the South West Regional Development Agency.

During the first quarter, Air Southwest revenues have exceeded budget and sales
for the summer months look promising too. The services to Gatwick are showing
growth with excellent occupancy rates and the new services to Manchester have
quickly become an important link to the North West. We have carried 100,000
passengers since we started on 26th October last year and to date we have sold
over 140,000 tickets

The Plymouth Local Improvement Finance Trust project to provide healthcare
facilities in Plymouth is now very close to achieving financial close. We expect
to be able to confirm this when we announce our half-year figures. We are
short-listed on two PFI type partnering schemes with the public sector and we
continue to work with the public and private sectors on other potential schemes
in the region, where opportunities for us are probably better than they have
ever been.

We expect construction to commence on the mixed-use scheme on the western side
of the Moon Street site this autumn and we are at a detailed stage of
negotiations for development of the eastern side. The traditional harbour
activities continue to perform satisfactorily. Landings to the fish market are
holding up well and the marina is fully occupied. Overall, since the beginning
of the new financial year the Company has continued to work towards projects
which I outlined in my statement at the year end and is well on target to meet
its objectives for the year.We believe that the continued focus on our
regeneration and transport related activities will provide balanced performance
and growth and we remain very confident of our future'.

ELLEN WINSER, Chairman, Sutton Harbour Holdings plc

Contact: Ken Rees, Binns Winningtons, 0117 317 9477 or 07802 466567


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