REG - Sutton Harbour Grp - Trading Update

Sutton HarbourAnnouncement

16/05/2022 07:00

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RNS Number : 5305L  Sutton Harbour Group PLC  16 May 2022

16 May 2022

 

Sutton Harbour Group plc

(the "Company")

Company Update

Trading Update

The Company is pleased to announce that trading results have continued to make
a strong recovery with sustained high levels of occupancy at the marinas, now
reaching capacity, and car parking revenues back to the peak trading levels of
two years ago. Tenants of the waterfront property estate have weathered the
disruption with occupancy maintained at over 90%.

The resilience and performance of the Company's investments and owner-occupied
assets is shown in the unaudited independent valuers report as at 31 March
2022 which values the portfolio, excluding development sites, at £54.17m (a
£6.85m increase on the 2021 valuation). The valuation of the owner-occupied
assets (marinas, car parks and fisheries) reflects the strong trading by both
the marinas and car parks operations. A summary of the updated valuation,
including comparatives for 2021, can be seen in the table below:

                                As at 31 March 2022  As at 31 March 2021  Increase
 Owner Occupied portfolio       £36.125m             £29.475m             £6.650m
 Investment Property portfolio  £18.045m             £17.845m             £0.200m
 Total Estate portfolio*        £54.170m             £47.320m             £6.850m

*Excludes property held as development inventory

Projects

The Company started construction of Harbour Arch Quay, a 14 apartment
waterfront building, in February 2022 with works now emerging from the ground.
Completion is scheduled for early Spring 2023. Strong interest is being
received from potential purchasers for the high specification units, all of
which have direct south-west facing views over Sutton Harbour.

Revised plans for the Sugar Quay development, on the eastern side of Sutton
Harbour, received unanimous approval from the local planning authority in
April 2022 and pre-construction conditions are expected to be settled in the
coming weeks.

The Company has embarked on consented works to the listed Old Barbican Market
to convert the 7500 sq ft glazed building into three units and to improve the
external public realm. These works will allow the three incoming tenants to
complete fitting out and opening by late Summer 2022. (This property was
vacated by Edinburgh Woollen Mill in May 2021.)

The Company expects to announce its results for the year ended 31 March 2022
in mid-July 2022.

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR").

 

Enquiries

 Sutton Harbour Group plc                                 +44 (0) 1752 204186   Philip Beinhaker, Executive Chairman

                                                                                Corey Beinhaker, Chief Operating Officer

                                                                                Natasha Gadsdon, Finance Director
 Strand Hanson Limited (Nominated and Financial Adviser)  +44 (0) 20 7409 3494  James Spinney

                                                                                James Dance
 Arden Partners plc (Broker)                              +44 (0) 20 7614 5900  Paul Shackleton

                                                                                Elliot Mustoe

 

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.

 

 

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