Sutton Harbour Group PLC Company Update (7870H)
27 Marzo 2020 - 1:00AM
UK Regulatory
TIDMSUH
RNS Number : 7870H
Sutton Harbour Group PLC
27 March 2020
27 March 2020
Sutton Harbour Group plc
("Sutton Harbour" or the "Company")
Company Update
Year Ended 31 March 2020
The Company reports that trading for the financial year ended 31
March 2020 has been good with strong car parks revenues growth and
steady performance by the investment rental portfolio. Overall
marine segment revenues have held up well although good growth in
marina revenues has been offset by a slow fishery season.
The Company's investment and owner occupied property assets were
valued by independent valuers as at 31 January 2020 at GBP45.985m
(31 January 2019: GBP45.700m) demonstrating the underlying value of
the asset portfolio which underpins the Company's operations.
Coronavirus Update re Year End March 2020
The impact on our businesses of the Coronavirus epidemic on the
current year's results to 31 March 2020 will not have a material
effect on Company revenues as rents and marina berthing fees were
almost entirely collected in advance of the outbreak with the
impact on the Fisheries and Car Parking businesses in confined to
the last trading weeks in March 2020.
Prospects for the Year Ahead
The Government restrictions on business operations and movement
of people will have an effect on the Company businesses:
-- The programme of summer events held around Sutton Harbour,
notably the special Mayflower 400(th) Anniversary commemoration, is
cancelled. The loss of these events, which underpin visitor and
tourist activity, will diminish car parking revenues and undermine
the collectability of tenants' rents, many who are in the tourism
and hospitality sectors and depend upon a good summer season.
-- Whilst pre-paid bookings for berthing at the marinas has been
ahead of 2020 to date, summer season and visitor berthing incomes
will be impacted unless current restrictions are eased by the
summer season.
-- The Fisheries business has seen a sharp decline in business
as fish prices have crashed. However, the obligations of the
Statutory Harbour Authority and designation of the port operations
under Transport provisions, prevent the fishmarket and lock from
being closed.
-- The development projects, for which planning consents have
been secured are on hold until there is greater clarity on the
future outlook and construction supply chains are restored. The
anticipated capital expenditures will be available to support
operations, as may prove necessary.
The Company is actively engaged with local and regional
government and recognised trade bodies with the objective of
securing support for the losses occasioned by the government
restrictions, both in our direct business activities and those of
our tenants, particularly those in the leisure and hospitality
sector. An additional immediate concern is for support for the
Fisheries and Lock operations, which we must sustain despite
minimal income, for which we will work collaboratively with other
ports to secure Government aid, and to lobby for increased support
to landlords to allow greater support to tenants who cannot trade
during this crisis.
In addition, the Company is working closely with its banker. The
bank facilities were committed in November 2019 for a further four
years. The potential cash impact of this crisis has been shared
with the Company's bankers, with whom collaborative discussions
have started to put in place safeguards by way of additional funds,
if such are proved necessary, to assure the Company's continued
successful operations through this period of restriction upon
business activity. The Company has the asset backing of a unique
estate of harbourside facilities, commercial buildings and
development land with planning consents for approved residential
projects, with good prospects for trading growth and development of
consented buildings at Sutton Harbour to bring forward when normal
operations resume.
The Company's executives and Board are closely monitoring all of
these developments, to protect the continuity of operations and to
look after staff, key supply chains and client relationships.
Enquiries
Sutton Harbour Group +44 (0) 1752 204186 Philip Beinhaker, Executive Chairman
plc Corey Beinhaker, Chief Executive Officer
Natasha Gadsdon, Finance Director
Arden Partners (Nominated +44 (0)20 7614 5917 Paul Shackleton, Ben Cryer
Advisor)
Notes to Editors
Sutton Harbour Group plc (SUH) is an AIM listed 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 Group plc 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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END
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