Interim Results

Sutton Harbour Holdings PLC 28 November 2002 SUTTON HARBOUR HOLDINGS PLC INTERIM REPORT 2002 Chairman's Statement We can be justifiably proud of what we have achieved in the last six months. Your Company has produced good results against a backdrop of uncertainty in regional aviation and in the economy generally. Our work on the development of assets within the Sutton Partnership is coming to fruition and we have never been busier in examining other opportunities for expansion and growth. I am pleased to report that pre-tax profit has increased 6% to Â£722,000 from Â£681,000 in the comparable period last year and net profit and earnings per share are both up 6.5% to Â£507,000 and 4.17p respectively. Your board has decided to declare an interim dividend of 1.8p, 6% higher than last year's interim dividend, payable on 10 January 2003 to shareholders on the register on 13 December 2002. Since my statement at the AGM, we have retained the remaining BA services, and it has been very encouraging that Air Wales has started daily services to both Dublin and Cork from Plymouth. It is their stated intention to use larger aircraft on these routes from next Spring and we would hope they may start other services at that time. We believe Plymouth City Airport offers excellent opportunities for niche operators and I am pleased to announce that Malcolm Naylor, vastly experienced in the aviation industry and former Managing Director of Brymon Airways, has joined us as Head of Aviation Strategy. The local authorities that own Newquay Cornwall Airport recently invited expressions of interest in the management of the facilities there and we have been shortlisted to go through to the next stage in the selection process. In the period under review we bought two important development sites to the East of the Harbour. Some of this land will form part of the Sutton Partnership assets. At present we are progressing planning applications for the first stage of our Harbour East redevelopments. We are due to receive substantial receipts when planning permission is granted and we hope this will be before the end of the current financial year. This scheme is of a size and scale that will create a landmark development for the city of Plymouth providing residential and commercial uses. The effect of these purchases is seen in our balance sheet. The new acquisitions have been added to stock and were paid for by increasing the amount borrowed from the bank. Our traditional harbour activities have made steady progress in the six months under review. Fishing related income was virtually unchanged, but marine leisure contributed more to group profits because we were able to reduce costs in this area. In addition to the appointment of Malcolm Naylor, Simon Cronk joined us in June as Head of Special Projects. Simon was formerly Head of Inward Investment with South West of England Regional Development Agency. It has long been our intention to build teams with expertise to further our business objectives and to capitalise on our urban regeneration and development skills. We are now much better able to identify and resource both aviation and development opportunities. In the short term we are feeling the impact of these increased costs but we are confident of future benefits. Those of you who attended the Annual General Meeting will know that we have now started the process of seeking a successor to Duncan Godefroy who is due to retire in a little less than two years. Duncan recently completed forty years service with the Company - a very considerable achievement. Your Company remains in excellent shape. The number of exciting opportunities available to us is increasing and we have a very strong team in place to take full advantage of this potential. The interim report was approved by the Board of Directors on 27 November 2002. Ellen Winser Chairman For further information contact: Nigel Godefroy, finance director, on 01752 204186 Ken Rees, Winningtons, on 0117 317 9477 0r 07802 466567 Consolidated Summarised Profit and Loss Account Note 6 months to 30 6 months to 30 Year Ended 31 September 2002 September March (unaudited) 2001 (unaudited) 2002 Â£000 Â£000 (audited) Â£000 Turnover 2 4,318 4,228 8,201 ______ ______ ______ Operating Profit 2 758 752 1,725 Net Interest 7 (36) (71) (138) ______ ______ ______ Profit on Ordinary Activities Before Taxation Â£722 Â£681 Â£1,587 Taxation on Profit on Ordinary Activities 3 (115) (100) (154) Deferred Taxation Provided 3 (100) (105) (313) ______ ______ ______ Profit on Ordinary Activities after Taxation 507 476 1,120 Dividends 4 (218) (206) (583) ______ ______ ______ Retained Profit Â£289 Â£270 Â£537 ______ ______ ______ Earnings per Share 5 4.17p 3.92p 9.22p Diluted Earnings per Share 5 4.13p 3.92p 9.14p Adjusted Earnings per Share 5 4.17p 3.92p 7.76p Diluted Adjusted Earnings per Share 5 4.13p 3.92p 7.69p Dividend per Share 4 1.8p 1.7p 4.8p Consolidated Summarised Balance Sheet 6 months to 30 6 months to 30 Year Ended 31 March September 2002 September 2001 2002 (unaudited) (unaudited) (audited) Â£000 Â£000 Â£000 Fixed Assets Â£28,057 Â£26,422 Â£27,929 _______ _______ _______ Current Assets Stock 2,931 693 964 Debtors (due within one year) 1,800 2,383 1,727 Cash at Bank and in Hand 4 4 3 _______ _______ _______ 4,735 3,080 2,694 _______ _______ _______ Creditors (due within one year) Bank Overdraft 4,035 2,924 1,843 Other 2,404 2,590 2,798 _______ _______ _______ 6,439 5,514 4,641 _______ _______ ______- Net Current Liabilities (1,704) (2,434) (1,947) _______ _______ _______ Total Assets less Net Current Liabilities 26,353 23,988 25,982 _______ _______ _______ Deferred Income (due after more than one year) (98) (144) (117) Provisions for Liabilities and Charges Deferred Taxation (1,319) (1,010) (1,218) _______ _______ _______ Net Assets Â£24,936 Â£22,834 Â£24,647 _______ _______ _______ Shareholders' Funds Â£24,936 Â£22,834 Â£24,647 _______ _______ _______ Consolidated Summarised Cash Flow Statement 6 months to 6 months to Year Ended 30 September 30 September 31 March 2002 2002 2001 (audited) (unaudited) (unaudited) Â£000 Â£000 Â£000 Reconciliation of Operating Profit to Net Cash Inflow from Operating Activities Operating Profit 758 752 1,725 Depreciation Charges 76 74 160 Loss on Sale of Tangible Fixed Assets Amortisation of Grants (5) (7) (13) Transfer to Stock of Development Property - - 72 (Increase)/Decrease in Stock (1,927) 80 (114) (Increase)/Decrease in Debtors (72) (283) 372 (Decrease) in Creditors (368) (401) (319) _______ _______ _______ Net Cash (Outflow)/Inflow from (Â£1,538) Â£215 Â£1,884 Operating Activities _______ _______ _______ CASH FLOW STATEMENT Net Cash (Outflow)/Inflow from Operating Activities (1,538) 215 1,884 Returns on Investment and Servicing of Finance (76) (81) (160) Taxation - - (118) Capital Expenditure (200) (235) (420) Dividends Paid (377) (352) (559) _______ _______ ______ (Decrease)/Increase in Cash in the period (Â£2,191) (Â£453) Â£627 _______ _______ _______ Reconciliation of Net Cashflow to Movement in Net Debt (Decrease)/Increase in Cash in the period (2,191) (453) 627 Net Debt Brought Forward (1,840) (2,467) (2,467) _______ _______ _______ Net Debt Carried Forward (Â£4,031) (Â£2,920) (Â£1,840) _______ _______ _______ Statement of Total Recognised Gains and Losses 6 months to 6 months to Year Ended 30 September 30 September 31 March 2002 2002 2001 (audited) (unaudited) (unaudited) Â£000 Â£000 Â£000 Unrealised Surplus on revaluation of properties - - 1546 Reported profit on Ordinary Activities after Taxation 507 476 1120 ______ ______ ______ 507 476 2,666 Prior Year Adjustment - (905) (905) ______ ______ ______ Total Gains and Losses since last Financial Statements Â£507 Â£429 Â£1,761 ______ ______ ______ Reconciliation of Movements in Shareholders' Funds Note 6 months to 6 months to Year Ended 30 September 2002 30 September 2001 31 March 2002 (unaudited) (unaudited) (audited) Â£000 Â£000 Â£000 Reported Profit in Group Companies for the Period 507 476 1,120 Dividends 4 (218) (206) (583) _______ _______ _______ Retained Profit for the Period 289 270 537 Revaluation Reserve Adjustment - - 1,546 Opening Shareholders' funds 24,647 22,564 22,564 _______ _______ _______ Closing Shareholders' funds Â£24,936 Â£22,834 Â£24,647 _______ _______ _______ Opening Shareholders' funds at 1 April 2001 were originally Â£23,469,000 before prior year adjustment of Â£905,000 being Deferred Taxation. 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 2002. The interim financial statements are not audited. 2. Segmental Analysis 6 months to 6 months to Year Ended 30 September 30 September 31 March 2002 2001 2002 Â£000 Â£000 Â£000 Turnover Fisheries Related 1,025 1,059 2,073 Marine Leisure 760 758 1,239 Property 520 409 1,049 Sale of Property - - 250 Airport Operations 2,013 2,002 3,590 _______ _______ _______ Â£4,318 Â£4,228 Â£8,201 Operating Costs Fisheries Related 808 794 1,456 Marine Leisure 497 552 899 Property 70 117 186 Sale of Property - - 72 Airport Operations 1,856 1,746 3,249 Administration 329 267 614 _______ _______ _______ Â£3,560 Â£3,476 Â£6,476 _______ _______ _______ Operating Profit Â£758 Â£752 Â£1,725 _______ _______ _______ 3. Taxation The Corporation Tax charge represents the provision for taxation on the taxable profits for the period. 6 months to 6 months to Year Ended 30 September 30 September 31 March 2002 2001 2002 Â£000 Â£000 Â£000 Corporation Tax 115 100 154 Deferred Taxation Provided 100 105 313 _______ _______ _______ Â£215 Â£205 Â£467 _______ _______ _______ 4. Dividends The interim ordinary dividend of 1.8p (net) per share (2001 : 1.7p net) totalling Â£218,637 (2001: Â£206,491) will be paid on 10 January 2003 to Shareholders on the register on 13 December 2002. 5. Earnings per Share Earnings per Share have been calculated by reference to 12,146,515 ordinary shares. The calculation of Earnings per Share is based on the following : 6 months to 6 months to Year Ended 30 September 30 September 31 March 2002 2001 2002 Basic Earnings per Share Profit for the period attributable to Ordinary Shareholders (Â£000) Â£507 Â£476 Â£1,120 Weighted number of Shares (000s) 12,147 12,147 12,147 _______ _______ _______ Basic Earnings per Share 4.17p 3.92p 9.22p _______ _______ _______ Diluted Earnings per Share Profit for the period attributable to Ordinary Shareholders (Â£000) Â£507 Â£476 Â£1,120 Weighted average number of shares (000) 12,147 12,147 12,147 Weighted average number of shares under option (000) 129 - 103 _______ _______ _______ 12,276 12,147 12,250 _______ _______ _______ Diluted Earnings per Share 4.13p 3.92p 9.14p _______ _______ _______ Adjusted Earnings per Share Profit for the period attributable to Ordinary Shareholders (Â£000) 507 476 1,120 Deduct profit on Sale of Properties - - (178) _______ _______ _______ Â£507 Â£476 Â£942 Weighted average number of shares (000) 12,147 12,147 12,147 _______ _______ _______ Adjusted Earnings per Share 4.17p 3.92p 7.76p _______ _______ _______ Diluted Adjusted Earnings per Share Profit for the period attributable to Ordinary Shareholders (Â£000) 507 476 1,120 Deduct profit on sale of properties - - (178) _______ _______ _______ Â£507 Â£476 Â£942 Weighted average number of shares (000) 12,147 12,147 12,147 Weighted average number of shares under option (000) 129 - 103 _______ _______ _______ 12,276 12,147 12,250 _______ _______ _______ Diluted Adjusted Earnings per Share 4.13p 3.92p 7.69p _______ _______ _______ 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 2002 have been extracted from the statutory financial statements which have been filed with the Registrar of Companies. The auditors' report on those financial statements was unqualified and did not contain a statement under Section 237(2) of the Companies Act 1985. 7. Interest Interest payable in the 6 months to 30 September 2002 is stated after capitalisation of Â£44,000 (2001: Â£9,000). This information is provided by RNS The company news service from the London Stock Exchange

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