Sutton Harbour's (SUH) full-year performance was better than these headline figures suggest - operating profits from marine operations and real estate holdings held up well, despite the tough trading climate. But underlying operating profit still fell from £3.97m to £2.72m, as realisations from the land inventory virtually ground to a halt.
The biggest hit to headline profits came from a further £3.43m write-down on the value of the property portfolio. That's down to surveyors having used a net initial yield of 9.12 per cent to value the portfolio, rather than the 8.07 per cent figure used last year - an approach that chief executive Jason Schofield suggested was on the cautious side.
Management is still developing the potential of its harbour front assets, and has yet to secure the future of its lease on the 113-acre former airport site - although there's now an opportunity to submit a planning application for alternative use. Furthermore, and while the BBC decided not to proceed with occupying a third of the prime East Quays site, this frees up the whole site for redevelopment. Later this year, meanwhile, work will finish on the new 171 berth King Point Marina, increasing the group's berthing capacity by a third.
Broker Arden Partners has maintained forecasts for 2014 at underlying pre-tax profit of £0.5m, giving EPS of 0.39p.
| SUTTON HARBOUR (SUH) | ||||
|---|---|---|---|---|
| ORD PRICE: | 25p | MARKET VALUE: | £24.1m | |
| TOUCH: | 25-26p | 12-MONTH HIGH: | 35p | LOW: 20.5p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| NET ASSET VALUE: | 38p | NET DEBT: | 48% | |
| Year to 31 Mar | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2009 | 29.3 | -3.45 | -4.86 | 2.26 |
| 2010 | 39.3 | 2.52 | 3.64 | 1.81 |
| 2011 | 9.64 | 2.51 | 4.30 | nil |
| 2012 | 9.90 | 0.66 | 1.24 | nil |
| 2013 | 7.04 | -3.68 | -2.96 | nil |
| % change | -29 | - | - | - |
Ex-div: - Payment: - | ||||
