Sutton Harbour (SUH) continues to make progress towards regenerating the Plymouth waterfront. In the year to last March, new lettings in North Quay House and Little Vauxhall Quay helped to boost occupancy rates from 86.4 per cent to 93.3 per cent. And later this summer The Boston Tea Party opens an outlet in Jamaica House.
Profits for the year were boosted by a £0.92m valuation uplift on the investment property portfolio, while both the fisheries plant within the harbour and the car park delivered record turnover. The group also benefited from the first complete operating season of the King Point Marina, with occupancy levels exceeding expectations.
Work for the current year will include developing the boardwalk project in the Vauxhall Quay area. This will involve creating 7,800 sq ft of lettable space built on piles over the water, and will include a walkway that will improve pedestrian access between the western and northern sides of the harbour.
The drop in earnings per share reflected a tax credit that inflated earnings for the previous year, when revenue was also boosted by land sales.
Analysts at Arden Partners forecast adjusted pre-tax profit for the year to March 2016 of £0.42m and EPS of 0.35p (from £0.35m and 0.29p in 2015).
| SUTTON HARBOUR (SUH) | ||||
|---|---|---|---|---|
| ORD PRICE: | 30p | MARKET VALUE: | £29m | |
| TOUCH: | 29-31p | 12-MONTH HIGH: | 40p | LOW: 29p |
| DIVIDEND YIELD: | nil | PE RATIO: | 44 | |
| NET ASSET VALUE: | 42p | NET DEBT: | 53% | |
| Year to 31 Mar | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2011 | 9.64 | 2.51 | 4.30 | nil |
| 2012 | 9.90 | 0.66 | 1.24 | nil |
| 2013 | 7.04 | -3.68 | -2.96 | nil |
| 2014 | 7.05 | 0.27 | 1.37 | nil |
| 2015 | 6.96 | 0.86 | 0.68 | nil |
| % change | -1 | +225 | -50 | - |
Ex-div: na Payment: na | ||||
