Sutton Harbour swings to loss, though NAV grows

Sutton Harbour Group, which owns and operates the Sutton Harbour waterfront development in Plymouth, reported net asset value growth of £1.07m, or 0.92p per share, in its full-year results on Tuesday.

The AIM-traded firm said that was despite difficult trading conditions amid the Covid-19 pandemic, and government-imposed restrictions.

It did record an adjusted loss before tax of £0.16m for the 12 months ended 31 March, however, swinging from profit of £0.22m in the 2020 financial year, while net debt widened to £26.9m from £23.5m.

Sutton Harbour reported a “record trading year” for its marinas, as UK-based boating became more popular, with overall occupancy reaching 96% by June.

Its investment property occupancy rate ended the year at 97%, up from 95% a year earlier, with the board also reporting a “strong recovery” in parking revenues in the summer of 2020 after the initial lockdown ended, and a similar trend now apparent for the summer of 2021.

On the development front, the company said the first new development project at Sutton Harbour in a decade, Harbour Arch Quay, was due to start on site imminently.

“The group has used the last year to advance the development projects, invest in a new development site and develop the marketing and operations efficiencies of the marinas business,” said executive chairman Philip Beinhaker.

“The group now wishes to continue its pace of progress.

“To support the completion of the Harbour Arch Quay development, provide headroom to invest in other strategic sites and support the costs of planning and professional fees, the group accordingly intends to make an open offer for new equity capital to enable existing shareholders to participate in future growth of the group in the near future.”

At 0915 BST, shares in Sutton Harbour Group were up 3.2% at 25.8p.