Sutton Harbour (SUH) has continued to make progress regenerating the Plymouth harbour waterfront, and pre-tax profit was boosted by an upward portfolio valuation of £1.45m, up from £920,000 a year earlier.
The company also operates a vibrant fishing plant where work has just completed on upgrading facilities. An expected increase in revenue here, helped by higher fuel margins (on fuel sold to trawlers) will come through in the current year.
Progress on resolving the future of the 113-acre former site airport remains glacial, and a resolution on its future is now unlikely before next year. Finances were strengthened in February with a new £25m facility through to March 2019, part of which has been hedged.
Capital funding restraints prompted the company to appoint Rothschild to undertake a strategic review of options that could include selling the company, and the review remains ongoing.
