Pre-Close Announcement

RNS Number : 4732D

Sutton Harbour Holdings PLC

27 April 2017

 

 27 April 2017

Sutton Harbour Holdings plc (the "Company")

Pre-Close Announcement and Update on Strategic Review

Pre-Close Announcement

Sutton Harbour Holdings plc announces its pre-close trading update for the year ended 31 March 2017.

The Company expects full year profit before tax to be slightly below the results achieved last year. While marinas, fisheries and car parks have all performed in line with expectations, lower occupancy of investment properties at 90.0% (2016: 96.3%) has impacted revenue and the depreciation charge has increased due to newly installed plant. Enquiries for commercial space have improved following a brief hiatus post the EU referendum.

The Company expects to announce preliminary results for the year ended 31 March 2017 in late June 2017 and these results will also incorporate the non-cash valuation adjustment to the Company's assets as independently valued at 31 March 2017.

During the year, the Company has been highly engaged in preparations for its submissions to the new local planning framework consultation. Following the statutory public consultation, which ended on 26 April 2017, the Company awaits notice of the appointment of a Government Inspector and confirmation of the public hearing, which is expected to take place within the current financial year. The Company's representations comprise submissions of detailed evidence to support the development of the redundant 113 acre 'former airport site', which was closed in December 2011, into a mixed-use garden suburb, anchored by education, sports, healthcare and community facilities, to provide c.1,500 new homes. Other submissions have been made to support options for development around Sutton Harbour in line with our vision to further establish the area as a significant destination. However, progression of the Company's plans for the former airport site and Sutton Harbour remain contingent upon the outcome of the public hearing and subsequent planning approvals.

Update on Strategic Review

The Board has continued to work with its appointed Financial Adviser, Rothschild, throughout the year on a review of strategic options. This process remains active and shareholders will be updated on developments in due course.

 For further information, please contact:

Sutton Harbour Holdings plc Jason Schofield - Chief Executive Natasha Gadsdon - Finance Director	01752 204186
Arden Partners (Nomad and Broker) John Llewellyn Lloyd Benjamin Cryer	020 7614 5917
Rothschild (Financial Adviser) John Byrne Stephen Griffiths	020 7280 5000
Yellow Jersey PR Charles Goodwin	07747 788221

This announcement contains information which, prior to its disclosure, was inside information for the purpose of the Market Abuse Regulation

 

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