Regenerating the Plymouth waterfront remained a work in progress for Sutton Harbour (SUH), with steady progress made in the first half to September. Headline profits were boosted by a near doubling in the valuation uplift to £1m, although even without this, adjusted profits were up nearly two thirds at £250,000.
A new outlet for The Boston Tea Party in Jamaica House helped to lift the occupancy rate up from 93.3 per cent to 96.2 per cent within the property portfolio, although vacancy at the Sutton Harbour marina was up slightly after a major customer reduced its berthing requirements. However, occupancy at the recently opened King Point Marina exceeded expectations.
Net debt was slightly higher at £21.8m to fund capital investment, most notably a new ice plant at the fisheries business. Plans to reduce debt will focus on using the 1.3 acre Sugar House site for a mix of residential and commercial use, probably involving an investment partner, while progress on developing the old 113 acre Plymouth airport site currently rests with a government review due some time next year.
Analysts at Arden Partners are forecasting adjusted pre-tax profits for the year to March 2016 of £0.42m and EPS of 0.35p (from £0.35m/0.29p in 2015).
| SUTTON HARBOUR (SUH) | ||||
|---|---|---|---|---|
| ORD PRICE: | 29.75p | MARKET VALUE: | £ 29m | |
| TOUCH: | 29.5-30p | 12-MONTH HIGH: | 37p | LOW: 29p |
| DIVIDEND YIELD: | nil | PE RATIO: | 25 | |
| NET ASSET VALUE: | 43p | NET DEBT: | 53% | |
| Half-year to 30 Sep | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2014 | 3.84 | 0.66 | 0.55 | nil |
| 2015 | 3.67 | 1.26 | 1.05 | nil |
| % change | -4 | +91 | +91 | - |
Ex-div:- Payment:- | ||||
