REG - Sutton Harbour Grp - Interim Results
Tue 07:00
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RNS Number : 7307K Sutton Harbour Group PLC 09 December 2025
9 December 2025
Sutton Harbour Group plc
("Sutton Harbour" or the "Company")
Sutton Harbour Group plc, the AIM-quoted marine and waterfront regeneration
specialist, announces its unaudited interim results for the six-month period
to 30 September 2025 ("H1 2025").
Financial Highlights
· Gross profit £1.259m (6 months to 30 September 2024: gross
profit £1.328m)
· Loss before taxation £0.474m (6 months to 30 September 2024:
loss before tax £0.825m)
· Gross assets £64.804m (31 March 2024: £67.428m)
· Net assets £34.630m (31 March 2024: £35.104m)
· Net asset value per share 24.2p (31 March 2024: 24.6p)
· Net debt £26.061mm (31 March 2024: £26.809m)
· Gearing 75.3% (31 March 2024: 76.4%)
Company Highlights
· Steady trading in core activities
· Two investment properties sold
· £2.190m loan repayment to Company's bankers in H1 2025
· Pause on development expenditure to conserve resources whilst
market demand is weak and to allow options for vacant assets to be
re-appraised
· The Company continues to towards its plans to reduce debt and
refinance the Company
Philip Beinhaker, Executive Chairman, commented:
"The Company's strategy to create value through the profitable development of
sites under its ownership has been set back by economic factors undermining
the viability of new building. The Company has progressively reduced bank
borrowing through the disposal of selected properties, though this has in turn
reduced the income earning asset base. The Company is now working actively
towards a new financing strategy which will allow the Company to weather the
current economic environment, which does not favour new development, whilst
supporting the existing trading activities and intensifying interim uses of
available assets to provide stable returns and to underpin the quality of the
Sutton Harbour location."
Enquiries:
Sutton Harbour Group plc
Philip Beinhaker - Executive Chairman
Corey Beinhaker - Chief Operating Officer
Natasha Gadsdon - Finance Director
Strand Hanson Limited
(Nominated & Financial Adviser and Broker)
James Dance
Richard Johnson
Notes to Editors
Sutton Harbour Group plc (AIM: SUH) is an AIM quoted company specialising in
marine operations, waterfront regeneration and destination creation in
Plymouth and South West England.
The Company operates Sutton Harbour Marina, King Point Marina and Plymouth
Fisheries. Operational activities include mixed-use lettings, car parking and
support services to harbour users, property management and regeneration and
asset enhancement.
Sutton Harbour is committed to being the leading marine and waterfront
regeneration specialist in Southern England, and to positioning Sutton Harbour
in Plymouth as a destination of national interest.
Notes to Editors
Sutton Harbour Group plc (AIM: SUH) is an AIM quoted company specialising in
marine operations, waterfront regeneration and destination creation in
Plymouth and South West England.
The Company operates Sutton Harbour Marina, King Point Marina and Plymouth
Fisheries. Operational activities include mixed-use lettings, car parking and
support services to harbour users, property management and regeneration and
asset enhancement.
Sutton Harbour is committed to being the leading marine and waterfront
regeneration specialist in Southern England, and to positioning Sutton Harbour
in Plymouth as a destination of national interest.
Interim Results
Executive Chairman's Statement
For the six-month period to 30 September 2025
Results and Financial position
The results for the first six months of the financial year ("H1 2025" or the
"Period") reflect trading performance of the Company, which reflect the
revenue impact of further assets sales and certain exceptional items. The
underlying trading activities of the business have performed steadily.
Occupancy of rental properties, excluding those sold, has remained consistent,
the marinas results overall are on par with the same period last year, parking
results have improved in line with inflationary price increases applied and
fisheries trading has stabilised albeit at a lower level than pre FY2024
following the closure in May 2024, at short notice, of the third party company
which operated the auction.
During the Period, gross profit declined to £1.259m from £1.328m for the
comparable period to 30 September 2024 ("H1 2024"), a reduction of £0.069m.
The sale of 5 properties between September 2024 and June 2025 has resulted in
a material reduction in rental income together with one off accounting
adjustments to write off accrued income in the Period. Consequently, real
estate trading results show a decline of £0.243m in revenue when compared to
the same period last year. Exceptional items, net income of £0.217m (H1 2024:
net cost £0.230m), comprise the ongoing legal costs relating to both the
lease of Plymouth City Airport and the future maintenance of Sutton Lock,
offset by recovery of some past costs previously reported as exceptional
costs. The cost of financing continues to be a burden to the Company with
net financing expenses of £1.127m incurred in the period (H1 2024: £1.070m).
Whilst bank interest payments have reduced following loan repayments and
lowering of bank base rates, interest continues to accrue, although not paid,
on the increased Related Party Loan creditor. The loss before taxation for the
six-month period to 30 September 2025 was reduced to £0.474m compared to
£0.825m (loss before taxation) for the comparative period to H1 2024.
As at 30 September 2025, net assets were £34.630m (equal to 24.2 pence per
share), down from £35.104m (equal to 24.6 pence per share) as at 31 March
2025. The decrease in net assets reflects the loss sustained during the
period.
Net debt has decreased to £26.061m, being £0.748m lower than the net debt
position of £26.809m as at 31 March 2025. During H1 2025 bank loan repayments
of £2.190m have been made reducing current bank debt to £18.065m whilst
related party loans have increased by £0.692m (from £7.354m at 31 March 2025
to £8.046m to 30 September 2025), being an additional £0.315m new loan to
fund ongoing working capital needs and £0.377m accrued interest on these
loans. Gearig, measured as net debt as a percentage of net assets, has
decreased to 75.3% as at 30 September 2025 from 76.4% as at 31 March 2025.
Debt Reduction Plan
The Company continues to progress its plans to reduce debt and refinance the
Company. These plans are interrelated and whilst asset sales permit repayments
of the bank loan and interest savings, account must also be taken of the fall
in contribution of those assets that are income producing. Following the fall
in interest rates since the peak in Summer 2024, the Company, together with
its bank and advisors, is considering the merits of each prospective asset
sale in the context of the effect on the overall Company position. Attention
is now being refocused to the sale of non-income producing assets, including
development land, in addition to other asset sales where buyer interest is
being progressed.
The bank facility agreement documents that a further loan repayment of £6.5m
is due by 31 March 2026 and the Company remains in regular contact with the
bank about progress towards this target. The current banking facility expires
in December 2026.
Trading and Operations Report
The Marinas and Car Parks have enjoyed a good summer and early autumn trading
period in line with expectations and slightly above last year. In September
2025, the marina team attended Southampton International Boat Show to prepare
for 2026/27 season. The selling campaign started in early November 2025 and,
to date, approximately half of the current berth-holders have taken up the
promotional incentive and have paid in full for the next season, which starts
1 April 2026.
The Company continues to liaise with stakeholders of Plymouth Fisheries
regarding meaningful opportunities to stimulate activity at the facility.
Since the auction closed in May 2024, the Company has maintained services
provided to fishermen. Fish landings income declined materially after May 2024
as most fish is now landed directly to other ports. Fuel sales, which
initially held up well, have shown some signs of softening in recent months.
Demand remains robust for storage and processing space at the fisheries
complex.
Development / Regeneration
The Company has paused work in connection with pre planning work and planning
submissions for new development and/or redevelopment of existing sites.
Against a backdrop of weak demand at a national and local level, funding
constraints and viability concerns in the current market, this decision has
been made to conserve resources and to reconsider interim and future options
for assets and buildings, as also referred to above in 'Debt Reduction Plan'.
Exceptional items
There is no update to report on the claim made by Plymouth City Council in
respect of the lease of the former airport site. This matter remains active
but progress has been very slow. The costs attributable to this matter
amounted to £0.194m in H1 2025 (H1 2024: £0.070m costs).
£0.411m net income (H1 2024: £0.160m net cost) is also recorded as an
exceptional item, being the ongoing legal costs, net of cost recovery, which
relate to the maintenance of Sutton Lock, in line with disclosure in previous
periods.
The Company is restricted from providing further detailed information about
either of these matters due to the legal restrictions in place.
Summary
The Company's strategy to create value through the profitable development of
sites under its ownership has been set back by economic factors undermining
the viability of new building. The Company has progressively reduced bank
borrowing through the disposal of selected properties, though this has in turn
reduced the income earning asset base. The Company is now working actively
towards a new financing strategy which will allow the Company to weather the
current economic environment, which does not favour new development, whilst
supporting the existing trading activities and intensifying interim uses of
available assets to provide stable returns and to underpin the quality of the
Sutton Harbour location.
Philip Beinhaker
EXECUTIVE CHAIRMAN
9 December 2025
Consolidated Statement of Comprehensive Income
6 months to 6 months to Year Ended
30 September 30 September 31 March
2025 2024 2025
(unaudited) (unaudited) (audited)
£000 £000 £000
Revenue 6,603 4,345 9,240
Cost of Sales (5,344) (3,017) (7,568)
Gross Profit 1,259 1,328 1,672
Impairment adjustment to development property inventory - - (13,019)
Fair value adjustment on fixed assets and investment property - - (3,309)
Administrative expenses (823) (853) (1,484)
Exceptional items 217 (230) (504)
Operating profit/(loss) from continuing operations 653 245 (16,644)
Financial income 1 2 5
Financial expense (1,128) (1,072) (2,082)
Net financing costs (1,127) (1,070) (2,077)
(Loss) before tax from continuing operations (474) (825) (18,721)
Taxation credit on profit from continuing operations - - 1,910
(Loss) from continuing operations (474) (825) (16,811)
Basic and diluted (loss) per share (0.33p) (0.58p) (11.76p)
6 months to 6 months to Year Ended
30 September 30 September 31 March
2025 2024 2025
(unaudited) (unaudited) (audited)
£000 £000 £000
(Loss) from continuing operations (474) (825) (16,811)
Other comprehensive income/(expenses)
Continuing operations:
Revaluation of property, plant and equipment - - (2,905)
Deferred taxation on income and expenses recognised directly - - 729
in the consolidated statement of comprehensive income
Total other comprehensive income - - (2,176)
Total comprehensive income for the period attributable to equity shareholders
(474) (825) (18,987)
Consolidated Balance Sheet
As at As at As at
30 September 30 September 31 March
2025 2024 2025
(unaudited) (unaudited) (audited)
£000 £000 £000
Non-current assets
Property, plant and equipment 31,440 36,778 31,589
Investment property 12,609 17,620 15,230
Inventories 13,820 13,653 13,741
57,869 68,051 60,560
Current assets
Inventories 4,778 17,530 4,720
Trade and other receivables 1,892 1,503 1,112
Cash and cash equivalents 263 572 1,034
Tax recoverable 2 3 2
6,935 19,608 6,868
Total assets 64,804 87,659 67,428
Current liabilities
Bank Loans 6,500 10,135 8,690
Other Loans 8,046 6,112 7,354
Trade and other payables 1,981 2,080 1,633
Finance lease liabilities 39 1 41
Deferred income 1,223 1,215 2,202
17,789 19,543 19,920
Non-current liabilities
Other interest-bearing loans and borrowings 11,565 11,565 11,565
Finance lease liabilities 174 - 193
Deferred government grants 646 646 646
Deferred tax liabilities - 2,639 -
12,385 14,850 12,404
Total liabilities 30,174 34,393 32,324
Net assets 34,630 53,266 35,104
Issued capital and reserves attributable to owners of the parent
Share capital 16,536 16,536 16,536
Share premium 16,744 16,744 16,744
Other reserves 20,854 23,030 20,854
Retained earnings (19,504) (3,044) (19,030)
Total equity 34,630 53,266 35,104
Consolidated Statement of Changes in Equity
Share capital Share premium Revaluation reserve Merger reserve Hedging reserve Retained earnings TOTAL
----------Other Reserves----------
£000 £000 £000 £000 £000 £000 £000
Balance at 1 April 2025 16,536 16,744 16,983 3,871 - (19,030) 35,104
Comprehensive income/(expense)
(Loss) for the period (474) (474)
Total comprehensive (expense) for the 6 month period ended 30 September 2025 - - - - - (474) (474)
Balance at 30 September 2025 16,536 16,744 16,983 3,871 - (19,504) 34,630
Balance at 1 April 2024 16,536 16,744 19,159 3,871 - (2,219) 54,091
Comprehensive income/(expense)
Issue of Shares - - - - - - -
(Loss) for the period (825) (825)
Total comprehensive (expense) for the 6 month period ended 30 September 2024 - - - - - (825) (825)
Balance at 30 September 2024 16,536 16,744 19,159 3,871 - (3,044) 53,266
Balance at 1 October 2024 16,536 16,744 19,159 3,871 - (3,044) 53,266
Comprehensive income/(expense)
(Loss) for the period - - - - - (15,986) (15,986)
Other comprehensive (expense)
Revaluation of property, plant and equipment - - (2,905) - - - (2,905)
Deferred tax on revaluation - - 729 - - - 729
Total comprehensive (expense) for the 6 month period ended 31 March 2025 - - (2,176) - - (19,030) (18,162)
Balance at 31 March 2025 16,536 16,744 16,983 3,871 - (19,030) 35,104
Consolidated Cash Flow Statement
6 months to 6 months to Year Ended
30 September 30 September 31 March
2025 2024 2025
(unaudited) (unaudited) (audited)
£000 £000 £000
Cash generated from total operating activities (739) (1,205) (874)
Cash flows from investing activities
Interest received 1 - 5
Net expenditure on investment property (54) (77) (240)
Expenditure on property, plant and equipment (7) (84) (338)
Proceeds from disposal 2,675 - 1,525
Net cash used in investing activities 2,615 (161) 952
Cash flows from financing activities
Interest paid (751) (804) (1,488)
Related party loan drawdown 315 1,970 2,885
Bank loan (repayment of borrowings) (2,190) - (1,445)
Lease finance drawdown - - 240
Net finance lease (payments)/receipts (21) (10) (18)
Net cash (used in)/generated from financing activities (2,647) 1,156 174
Net increase/(decrease) in cash and cash equivalents (771) (210) 252
Cash and cash equivalents at beginning of period 1,034 782 782
Cash and cash equivalents at end of period 263 572 1,034
Notes to Interim Report
General information
This consolidated interim financial information does not comprise statutory
accounts within the meaning of section 434 of the Companies Act 2006.
Statutory accounts for the year ended 31 March 2025 were approved by the Board
of Directors on 25th September 2025 and delivered to the Registrar of
Companies. The report of the auditors on those accounts was unqualified and
did not contain any statement under section 498 of the Companies Act 2006.
Copies of the Group's financial statements are available from the Company's
registered office, Ground Floor, 2b North East Quay, Sutton Harbour, Plymouth,
England, PL4 0BN and on the Company's website www.sutton-harbour.co.uk.
This consolidated interim financial information has not been audited.
Basis of preparation
The consolidated interim financial information should be read in conjunction
with the annual financial statements for the year ended 31 March 2025, which
have been prepared in accordance with International Financial Reporting
Standards (IFRS) and International Financial Reporting Interpretation
Committee (IFRIC) interpretations as endorsed by the European Union, and those
parts of the Companies Acts 2006 as applicable to companies reporting under
IFRS.
Accounting policies
Except as described below, the accounting policies applied are consistent with
those of the annual financial statements for the year ended 31 March 2025, as
described in those annual financial statements.
Accounting estimates and judgements
The preparation of financial statements in conformity with IFRS requires
management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets and liabilities, income
and expenses. The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be reasonable under
the circumstances, the results of which form the basis of making judgements
that are not readily apparent from other sources. Actual results may differ
from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised, if the revision affects only that period, or in the
period of the revision and future periods, if the revision affects both
current and future periods.
Segment information
Management has determined the operating segments based on the reports reviewed
by the Board of Directors that are used to make strategic decisions.
The Board of Directors considers the business from an operational perspective
as having only one geographical segment, with all operations being carried out
in the United Kingdom.
The Board of Directors considers the performance of the operating segments
using operating profit. The segment information provided to the Board of
Directors for the reportable segments for the period ended 30 September 2025
is as follows:
6 months to 30 September 2025 Marine Real Estate Car Parking Regeneration Real Estate Disposal Total
£000 £000 £000 £000 £000
Revenue 2,879 457 592 - 2,675 6,603
Gross profit prior to non-recurring items 750 150 370 (11) 1,259
-
1,259
Unallocated:
Administrative expenses (823)
Exceptional items 217
Operating profit from continuing operations 653
Financial income 1
Financial expense (1,128)
Loss before tax from continuing operations (474)
Taxation -
Loss for the year from continuing operations (474)
Depreciation charge
Marine 150
Car Parking 6
Administration -
156
Segment Information (continued)
6 months to 30 September 2024 Marine Real Estate Car Parking Regeneration Total
£000 £000 £000 £000 £000
Revenue 3,075 703 567 - 4,345
Gross profit prior to non-recurring items 681 393 334 (80) 1,328
1,328
Unallocated: (853)
Administrative expenses (230)
Operating profit from continuing operations 245
Financial income 2
Financial expense (1,072)
Profit before tax from continuing operations (825)
Taxation -
Profit for the year from continuing operations (825)
Depreciation charge
Marine 188
Car Parking 7
Administration -
195
Segment Information (continued)
Year ended 31 March 2025 Marine Real Estate Real Estate Disposals Car Parking Regeneration Total
£000 £000 £000 £000 £000 £000
Revenue 5,461 1,291 1,525 963 - 9,240
Segmental Gross Profit before Fair value adjustment and unallocated expenses 1,024 690 (105) 516 (453) 1,672
Development inventory impairment
(13,019) (13,019)
Fair value adjustment on investment properties and fixed assets - (3,309) - - (3,309)
1,024 (2,619) 516 (13,019) (14,656)
Segmental Profit (105)
Unallocated:
Administrative expenses (1,484)
Exceptional items (504)
Operating loss (1,988)
Financial income 5
Financial expense (2,082)
Loss before tax from continuing activities (18,721)
Taxation 1,910
Loss for the year from continuing operations (16,811)
Depreciation charge
Marine 336
Parking 13
Administration -
349
30 September 2025 30 September 2024 31 March
2025
£000 £000 £000
Segment assets:
Marine 26,143 28,656 25,803
Real estate 12,818 18,724 15,451
Car Parking 6,688 8,232 6,464
Regeneration 18,626 31,201 18,472
Total segment assets 64,275 86,813 66,190
Unallocated assets:
Property, plant and equipment 30 30 33
Trade & other receivables 236 244 171
Cash & cash equivalents 263 572 1,034
Total assets 64,804 87,659 67,428
Segment Information (continued)
30 September 2025 30 September 2024 31 March
2025
£000 £000 £000
Segment liabilities:
Marine 1,593 1,724 2,494
Real estate 369 529 375
Car Parking 250 92 42
Regeneration 1,123 976 1,122
Total segment liabilities 3,335 3,321 4,033
Unallocated liabilities:
Bank overdraft & borrowings 26,324 27,888 27,843
Trade & other payables 514 544 446
Tax payable 1 1 2
Deferred tax liabilities - 2,639 -
Total liabilities 30,174 34,393 32,324
Unallocated assets included in total assets and unallocated liabilities
included in total liabilities are not split between segments as these items
are centrally managed.
Taxation
The Company has applied an effective tax rate of 25% (2024: 25%) based on
management's best estimate of the tax rate expected for the full financial
year.
Dividends
The Board of Directors do not propose an interim dividend (2024: nil).
Earnings per share
6 months to 6 months to Year Ended
30 September 30 September 31 March
2025 2024 2025
(unaudited) (unaudited) (audited)
pence pence pence
Continuing operations
Basic (loss)/earnings per share (0.33p) (0.58p) (11.76p)
Diluted (loss)/earnings per share* (0.33p) (0.58p) (11.76p)
Basic Earnings per Share:
Basic earnings per share have been calculated using the loss for the period of
£474,000 (6 months ended 30 September 2025: loss £825,000; year ended 31
March 2025: loss £16,811,000). The average number of ordinary shares in
issue, excluding those options granted under the HMRC approved CSOP scheme, of
142,938,478 (2024: 142,938,478; year ended 31 March 2025: 142,938,478) has
been used in our calculation.
Diluted Earnings per Share:
Diluted earnings per share uses a weighted average number of 143,196,450 (30
September 2024: 143,196,450 ; 31 March 2025: 143,196,450) ordinary shares
after adjusting for the effects of share options in issue: 257,972 ordinary
shares (2025: 257,972; year ended 31 March 2025). If the inclusion of
potentially issuable shares would decrease loss per share, the potentially
issuable shares are excluded from the weighted average number of shares
outstanding used to calculate diluted earnings per share.
Property valuation
Freehold land and buildings and investment property have been independently
valued by Jones Lang LaSalle as at 31 March 2025, in accordance with the
Practice Statements in the Valuations Standards (The Red Book) published by
the Royal Institution of Chartered Surveyors.
A further valuation will be commissioned for the year ending 31 March 2026, as
in previous years.
Cash and cash equivalents
As at As at As at
30 September 2025 30 September 2024 31 March 2025
(unaudited) (unaudited) (audited)
£000 £000 £000
Cash and cash equivalents per balance sheet and cash flow statement 263 572 1,034
Cash flow statements
6 months to 6 months to Year Ended
30 September 2025 30 September 2024 31 March 2025
(unaudited) (unaudited) (audited)
£000 £000 £000
Cash flows from operating activities
(Loss) for the period (474) (825) (16,811)
Adjustments for:
Loss on disposal - - 105
Taxation - - (1,910)
Financial income (1) (2) (5)
Financial expense 1,128 1,072 2,082
Fair value adjustment on investment property - - 1,460
Revaluation of property, plant and equipment - - 1,848
Depreciation 156 195 349
Cash generated from operations before changes in working capital and
provisions
809 440 (12,882)
(Increase)/ Decrease in inventories (138) (370) 12,352
(Increase)/ Decrease trade and other receivables (780) (193) 198
Increase/(Decrease) in trade and other payables 347 (114) (561)
(Decrease)/Increase in deferred income (977) (968) 19
Cash generated from operations (739) (1,205) (874)
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Copyright 2019 Regulatory News Service, all rights reservedRecent news on Sutton Harbour
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