Sutton Harbour Group PLC Company Update (1149X)
29 April 2021 - 11:27PM
UK Regulatory
TIDMSUH
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 GBP49.245m (31
January 2020: GBP45.985m). The increase of GBP3.260m includes the
acquisition of a new site adjacent to Sutton Harbour, valued at
GBP1.925m, which was completed in December 2020. The owner occupied
portfolio assets of the marinas, fisheries and car parks, valuation
has increased to GBP29.475m (31 January 2020: GBP27.000m), 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 GBP2m 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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END
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