Sutton Harbour (SUH) returned to profitability at the half-way stage, posting profits of £0.53m. Additionally, there was a welcome uplift in net asset value from 38p in March to 40.3p.
The group continued to develop the area round the harbour, opening the new King Point Marina and selling 35 of a potential 171 berths. Plans has also been submitted for the Boardwalk scheme that will open up access to a further 16,000 sq ft of space. And while progress is slow, the group is working towards achieving a resolution regarding the redevelopment of the 113 acre site of the former airport.
Group finances remain in good shape, and while costs associated with the new marina pushed net debt up from £17.4m to £20.1m, a new £22m banking facility has been negotiated, running to June 2016.
Analysts at Arden Partners have reduced their pre-tax profit forecast for the year to March 2014 from £0.5m to £0.3m, giving EPS of 0.2p, mainly as a result of higher than expected central costs.
