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Sutton Harbour swings to loss as Covid-19 crisis weighs

By BFN News | 02:58 PM | Tuesday 07 July, 2020


Marina and waterfront property group Sutton Harbour swung to a full-year loss after revenue was hurt by the Covid-19 crisis. Pre-tax losses for the year through March amounted to £0.76m, compared to a profit of £1.52m on-year. Revenue fell 4.9% to £6.6m. The company, which owns Sutton Harbour in Plymouth, said lockdowns hurt trading in the final two weeks of its financial year. 'As the lockdown has been relaxed the group has worked to restore operations in accordance with government guidance and as quickly as adaptations can be made to provide safe facilities,' Sutton Harbour said. 'Activity at the marinas is approaching normality helped by a period of fine weather and the car parks have now re-opened to welcome visitors to the area.' The company said it had negotiated a increased facility of £2m above a previous limit of £25m with National Westminster Bank. 'This additional committed financing has been made available until May 2021 with the possibility of an extension for a further year,' it said. At 2:58pm: (LON:SUH) Sutton Harbour Holdings PLC share price was 0p at 19p Story provided by StockMarketWire.com

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