Pre Close Trading Update

RNS Number : 5885J

Sutton Harbour Holdings PLC

01 April 2010

 



For Immediate Release                                                                                                1 April 2010

Sutton Harbour Holdings plc (the "Company" or  the "Group")

Pre Close Trading Update

Further to our announcement of 25 February 2010 the Group makes the following pre-close trading update.

The Regeneration Division has a good portfolio of income earning assets which have performed well during the year. The Group achieved completion on the first two (of four) sales of tranches of surplus land at Plymouth City Airport, with individual options over the remaining two tranches exercisable before October 2010 and October 2011 respectively.  Completion of the sale of the building in Portland to the Royal Yachting Association was concluded just before Christmas 2009. The first phase of the Exeter canal-side scheme is now complete, with the Group retaining ground floor commercial premises, and second phases of both the Portland and Exeter schemes are programmed to follow. Discussions with the BBC continue positively towards the development on the East Quays site at Sutton Harbour and we would expect to report further progress on this scheme later in the year. The property asset portfolio will be revalued by independent valuers as at 31 March 2010.

The Transport Division results, which include Air Southwest, as highlighted in the Company's February 2010 trading statement have been affected by the prolonged bad weather experienced during both December 2009 and January 2010. For the past two months trading in this division has steadily improved.

The Marine Division has performed strongly throughout the year. Sutton Harbour Fisheries, the Plymouth fishmarket, will record its best ever landings of fish this financial year since the market opened in 1995 and it has continued to develop into an important regional hub for the auction of fish landed across the south west. During the year the marina has benefited from the creation of additional berthing facilities.

As a consequence of the strong performance of the Regeneration and Marine Divisions part of the shortfall of the Transport Division has been made up and the Group's results will therefore be in line with current market expectations.  

The Company expects to make preliminary announcement of results for the year ended 31 March 2010 in the latter part of May 2010.

Sutton Harbour Holdings plc
Nigel Godefroy	Tel [phone]
Evolution Securities
Tim Worlledge	Tel [phone]
Arden Partners plc
Richard Day	Tel [phone]
Winningtons Financial
Paul Vann	Tel [phone]

 

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