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Sutton Harbour property shock

RESULT: A downward valuation in Sutton Harbour's property portfolio has come as a shock for the board of the company and led to a sharp fall in the share price post results. However, look behind the headline figures and the share price mark down looks an over reaction.
December 12, 2012

Shares in Sutton Harbour (SUH) slid 16 per cent after the waterfront regeneration specialist took a £4.9m hit on the value of its property portfolio, while impairment charges relating to the now closed Plymouth City Airport accounted for a further £639,000 charge. Underlying operating profits halved to £0.84m, but this was entirely down to lower profits on land sales as expected.

IC TIP: Buy at 29.5p