Sutton Harbour Grp - Company Update

Sutton Harbour

29/04/2021 14:27

RNS Number : 1149X

Sutton Harbour Group PLC

29 April 2021

 

29 April 2021

Sutton Harbour Group plc (the "Company")

Company Update

Trading Update

The Company reports that the trading results for the financial year ended 31 March 2021 will reflect the effects of the restrictions imposed by the UK Government to control the spread of Coronavirus. During the Lockdown imposed across the whole of the fourth quarter, the impact was similar to that of the Spring/Summer 2020 restrictions. Car parks revenues, an important cash generating activity for the Company, fell to minimal levels and fisheries activity was slow, whilst the marinas maintained their resilient performance and rent collections were steady through the period, with a small number tenants failing to meet their rental obligations.

With the restrictions gradually being reduced since the year end, activity levels are showing improvement and the Sutton Harbour area is busy with the public making good use of open air bars and cafes. Sales of marina berths for the season starting 1 April 2021 have been the strongest ever recorded at both Sutton Harbour and King Point with a strong uptick in occupancy as the appeal of leisure boating increases. Additional pontoons have been installed at King Point Marina to cater for the demand for larger vessel berthing and they were immediately fully let.

Valuation

The Company's investment and owner occupied property assets were valued by independent valuers as at 31 March 2021 at £49.245m (31 January 2020: £45.985m). The increase of £3.260m includes the acquisition of a new site adjacent to Sutton Harbour, valued at £1.925m, which was completed in December 2020. The owner occupied portfolio assets of the marinas, fisheries and car parks, valuation has increased to £29.475m (31 January 2020: £27.000m), the increase largely reflecting the strong trading performance of the marinas business.

Bank

The Company has continued to maintain close contact with its bankers and before the year end completed the extension of an additional £2m Revolving Credit Facility for a further year until May 2022 to provide additional support as our businesses recover from the impact of the Lockdowns.

The Company expects to announce its results for the year ended 31 March 2021 in early July 2021.

 

For further information, please contact

 

Sutton Harbour Group plc
Philip Beinhaker - Executive Chairman
Corey Beinhaker - Chief Operating Officer
Natasha Gadsdon - Finance Director
01752 204186
Arden Partners (Nomad and Broker)
Paul Shackleton
Benjamin Cryer
020 7614 5924

 

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