Final Results

Sutton Harbour Holdings PLC 31 May 2002 For release 31st May 2002 SIXTH STRAIGHT YEAR OF CORE PROFITS GROWTH FOR SUTTON HARBOUR HOLDINGS Sutton Harbour Holdings plc, the Aim listed operator of Plymouth's historic harbour and Plymouth City Airport reports record pre-tax profits for the year ended 31st March 2002 'I am delighted to report another set of good results, with underlying profit before tax, which excludes irregular profits on sales of properties, up by 14.6% to £1.41 million. We have managed our airport operations through a period of industry turbulence, whilst our traditional harbour-side operations have shown steady growth. There was a welcome recovery in business at Plymouth Fisheries and strong demand for our marina berths and associated services. Meanwhile our unique Sutton Partnership has allowed us to make significant advances in our property regeneration operations.' Ellen Winser, Chairman, Sutton Harbour Holdings Plc. HIGHLIGHTS • Pre Tax profits £1.59m (2001: £1.58m ) • Underlying Pre Tax profits (excluding property sales) up 14.6% to £1.41 million. • Adjusted Earnings per share 7.76p (up 22% on 2001 ) • Final Dividend per share 3.1p, 4.8p for the year (up 6.7% on 2001) • Three major regeneration schemes now in development. • Sutton Harbour Marina fully booked. CHAIRMANS STATEMENT AND ACCOUNTS FOLLOW Visit our website: www.suttonharbour.co.uk For further information please contact Duncan Godefroy, Managing Director Tel: 01752 204186 Ken Rees,Winningtons Tel: 0117 317 9477 Or 07802 466567 Chairman's Statement The year to 31 March 2002 has been challenging. We have made significant advances in the property segment of our operations with the Sutton Partnership. We have managed our airport operations through a period of industry turbulence and achieved many of the objectives we set ourselves last year. Our traditional harbour-side operations have shown steady growth with recovery in fishing and continued buoyant demand for berthing on the marina. I am delighted to report another set of good results. Underlying profit before taxation, that is ignoring the irregular profits on sales of properties, Harbour Avenue this year and Vauxhall Street and Clare Place last year, is up 14.6% from £1.23m to £1.41m. Adjusted earnings per share, taking the same factors into account, are up 22% from 6.36p to 7.76p. These results demonstrate the steady progress and achievement by the Group's core businesses. As I have previously said, we are very optimistic about prospects for the Sutton Partnership but profits from this source will fluctuate both in their amount and in the timing of their arrival. This year profits from property (including the Sutton Partnership) at £178,000 are less than last year (£347,000) so overall net profits and earnings per share are virtually unchanged on a year ago. Your board has decided to recommend a final dividend of 3.1p per share which, with the interim dividend of 1.7p already paid, will make a total dividend of 4.8p per share, an increase of 6.7% on last year. This will leave £537,000 retained profit for the year to transfer to reserves. These good results would not have been achieved but for the hard and effective work of our executives and staff. We are most grateful to them and congratulate them on a job well done. In my introduction I mentioned the challenges the company has faced arising from difficulties in the aviation industry. The tragedy on 11 September 2001 has affected our business both in terms of passenger volumes and increased costs. As part of its well-publicised retrenchment, British Airways has announced cuts in services and personnel, and these cuts have included some Plymouth services. This is obviously disappointing news for our airport, but we are actively inviting other airlines to take up the spare capacity. Following the acquisition of Plymouth City Airport in April 2000, we immediately embarked on a cost re-structuring programme of which the initial phase is now complete. As a result we brought in-house a number of services that had previously been outsourced and this change largely explains the rise in numbers in our employ. The current operating contract to manage Newquay Cornwall International Airport ends on 31 March 2003. We understand that the contract will go to tender later this year. The contribution made by this airport to Group results is small at present. We will review the position, as to whether we bid for the contract, at the appropriate time. Starting with the development of a regeneration scheme and subsequent sale of 130 Vauxhall Street last year, we have continued to work hard to maximise the potential of our unique Sutton Partnership. In the course of the year, we have conceived a comprehensive mixed-use scheme, with first stage culminating in the sale of Harbour Avenue, and gained developer interest for another at Moon Street. Progress with all Sutton Partnership schemes will be a major focus of the coming year's activities. During the year Malcolm Pearce joined us as a non-executive director. He set up a highly successful newspaper distribution business and has extensive experience as a director of other listed companies. We welcome his breadth of experience and entrepreneurial vitality to the Board. Following the retirement of Peter Langmaid, Sheridan Brimacombe, a chartered accountant, now chairs our Audit Committee. Natasha Gadsdon, a chartered accountant employed as Group Accountant, was appointed Company Secretary during the year. We look forward to progressing the potential of our Sutton Partnership and we expect a period of consolidation of our airport activities. We hope that the upturn in fishing will continue and anticipate steady progress from our other harbour activities. Your Company will continue to seek and identify further opportunities to support and expand its present range of activities. Ellen Winser Chairman 30 May 2002 Group Profit and Loss Account For the year ended 31 March 2002 2002 2001 (As re-stated) £000 £000 _____________ _______________ Turnover 8,201 8,691 Cost of Sales 5,862 6,173 _____________ _______________ Gross Profit 2,339 2,518 Net Operating Expenses 614 780 _____________ _______________ Operating Profit 1,725 1,738 Profit on Sale of Fixed Asset Investment - 66 ____________ _______________ Properties Profit on Ordinary Activities Before Interest 1,725 1,804 Net Interest 138 227 ____________ _______________ Profit on Ordinary Activities Before Taxation 1,587 1,577 Current Taxation 154 200 Deferred Taxation 313 265 _____________ ________________ Taxation on Profit on Ordinary Activities 467 465 ____________ ________________ Profit on Ordinary Activities 1,120 1,112 After Taxation and Attributable to Shareholders Dividends 583 547 ____________ _______________ Retained Profit for the Year £537 £565 ____________ _______________ Basic Earnings per Share 9.22p 9.24p ____________ _______________ Diluted Earnings per Share 9.14p 9.24p ____________ _______________ Adjusted Earnings per Share 7.76p 6.36p ____________ _______________ Diluted Adjusted Earnings per Share 7.69p 6.36p ____________ _______________ Balance Sheets 31 March 2002 THE GROUP THE COMPANY 2002 2001 2002 2001 (As re-stated) £000 £000 £000 £000 ________ ____________ _________ _______ Fixed Assets Intangible Assets - - - - Tangible Assets 27,866 26,189 - - Investments 63 63 2,217 2,217 ________ ___________ ________ _______ 27,929 26,252 2,217 2,217 ________ ___________ ________ _______ Current Assets Stock 964 774 - - Debtors 1,727 2,099 7,177 7,164 Cash at Bank and in Hand 3 4 6 4 _______ ___________ ________ _______ 2,694 2,877 7,183 7,168 _______ ___________ ________ _______ Creditors (4,641) (5,490) (431) (412) (amounts falling due within one year) _______ ___________ ________ _______ Net Current (Liabilities)/Assets (1,947) (2,613) 6,752 6,756 _______ ___________ ________ _______ Total Assets less Current Liabilities 25,982 23,639 8,969 8,973 Creditors (amounts falling due after more than one year) (117) (170) - - Provisions for Liabilities and Charges Deferred Taxation (1,218) (905) - - ________ ___________ ________ _______ £24,647 £22,564 £8,969 £8,973 ________ ___________ ________ _______ Capital and Reserves Called Up Share Capital 3,037 3,037 3,037 3,037 Share Premium Account 5,955 5,955 5,812 5,812 Revaluation Reserve 8,638 8,198 - - Investment Property Revaluation Reserve 4,369 3,333 - - Merger Reserve 108 108 - - Profit and Loss Account 2,540 1,933 120 124 ________ ___________ ________ _______ Equity Shareholders' Funds £24,647 £22,564 £8,969 £8,973 ________ ___________ ________ _______ The Financial Statements were approved by the Board of Directors on 30 May 2002. Ellen Winser. Chairman. Group Cash Flow Statement For the year ended 31 March 2002 2002 2001 £000 £000 ________ _______ Reconciliation of Operating Profit to Net Cash inflow from Operating Activities Operating Profit 1,725 1,738 Depreciation Charges 160 161 Amortisation of Grants (13) (16) Amortisation of Intangible Fixed Assets - 32 Loss on Sale of Tangible Fixed Assets 1 - Transfer to Stock of Properties held for Resale 72 299 Increase in Stock (114) (59) Decrease/(Increase) in Debtors 372 (529) (Decrease)/Increase in Creditors (319) 282 ________ _______ Net Cash Inflow from Operating Activities £1,884 £1,908 ________ _______ CASH FLOW STATEMENT Net Cash inflow from Operating Activities 1,884 1,908 Returns on Investments and Servicing of Finance (160) (249) Taxation (118) - Capital Expenditure (420) 33 Acquisitions - 241 Dividends Paid (559) (454) Financing - (195) ________ ________ Increase in Cash in the Year £627 £1,284 ________ ________ Reconciliation of Net Cash Flow to Movement in Net Debt Decrease in Net Debt in the Year 627 1,284 Net Debt at 1 April 2001/1 April 2000 (2,467) (3,751) ________ ________ Net Debt at 31 March 2002/31 March 2001 (£1,840) (£2,467) ________ ________ Group Statement of Recognised Gains and Losses For the year ended 31 March 2002 2002 2001 (As re-stated) £000 £000 __________ ___________ Unrealised surplus on revaluation of properties 1,546 - Reported Profit on Ordinary Activities after Taxation 1,120 1,112 __________ ___________ Total Recognised Gains and Losses relating to the year £2,666 £1,112 __________ ___________ Prior year adjustment (905) __________ Total Gains and Losses recognised since last Annual Report and Financial Statements £1,761 __________ This preliminary announcement is not the Group or Company's statutory accounts. Group Note of Historical Cost Profits and Losses For the year ended 31 March 2002 2002 2001 (As re-stated) £000 £000 __________ ___________ Reported Profit on Ordinary Activities 1,587 1,577 Before Taxation Realisation of property revaluation gains of previous years 70 1 _________ ___________ Historical Cost Profit on Ordinary Activities £1,657 £1,578 Before Taxation _________ ___________ Historical Cost Profit for the year retained after £607 £566 Taxation and Dividends _________ ___________ 2002 2001 (As re-stated) ___________ ____________ EARNINGS PER SHARE BASIC EARNINGS PER SHARE PROFIT FOR THE YEAR ATTRIBUTABLE TO ORDINARY SHAREHOLDERS (£000) £1,120 £1,112 WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES (000) 12,147 12,036 ___________ ___________ BASIC EARNINGS PER SHARE 9.22P 9.24P ___________ ____________ DILUTED EARNINGS PER SHARE PROFIT FOR THE YEAR ATTRIBUTABLE TO ORDINARY SHAREHOLDERS (£000) £1,120 £1,112 WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES (000) 12,147 12,036 WEIGHTED AVERAGE NUMBER OF SHARES UNDER OPTION (000) 103 - ___________ ___________ WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES (000 12,250 12,036 ___________ ___________ DILUTED EARNINGS PER SHARE 9.14P 9.24P ___________ ___________ ADJUSTED EARNINGS PER SHARE PROFIT FOR THE YEAR ATTRIBUTABLE TO ORDINARY SHAREHOLDERS (£000) 1,120 1,112 DEDUCT PROFIT ON SALE OF PROPERTIES (£000) (178) (281) DEDUCT PROFIT ON SALE OF FIXED ASSET INVESTMENT PROPERTY (£000) - (66) ___________ ___________ £942 £765 WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES (000) 12,147 12,036 ___________ ___________ ADJUSTED EARNINGS PER SHARE 7.76P 6.36P ___________ __________ THE ADJUSTED EARNINGS PER SHARE CALCULATIONS ARE STATED NET OF THE NON-RECURRING PROFITS ON SALE OF PROPERTIES. DILUTED ADJUSTED EARNINGS PER SHARE PROFIT FOR THE YEAR ATTRIBUTABLE TO ORDINARY SHAREHOLDERS (£000) 1,120 1,112 DEDUCT PROFIT ON SALE OF PROPERTIES (£000) (178) (281) DEDUCT PROFIT ON SALE OF FIXED ASSET INVESTMENT PROPERTY (£000) - (66) ___________ ___________ £942 £765 WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES (000) 12,147 12,036 WEIGHTED AVERAGE NUMBER OF SHARES UNDER OPTION (000) 103 - ___________ ___________ WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES (000) 12,250 12,036 ___________ ___________ DILUTED ADJUSTED EARNINGS PER SHARE 7.69P 6.36P ___________ ___________ THE DILUTED ADJUSTED EARNINGS PER SHARE CALCULATIONS ARE STATED NET OF THE NON-RECURRING PROFITS ON SALE OF PROPERTIES. PRIOR YEAR ADJUSTMENT Financial Reporting Standard 19, Deferred Tax, became effective during the year. This requires full provision to be made for deferred taxation. Historically we have not provided for deferred taxation in the financial statements on the grounds that the gains that would arise on the disposal of assets would not crystallise. The amount of deferred taxation previously disclosed by way of a note in the accounts but not provided, has now been charged to retained profits as required by Financial Reporting Standard 19. The comparative figures in the primary statements and notes have been restated to reflect the new policy. The effect in 2001 of the implementation of Financial Reporting Standard 19 are summarised below: 2001 £000 _____ Profit and Loss Account Deferred tax charge in year 265 _____ Decrease in profit for the Financial Year £265 _____ 2001 £000 _____ Balance Sheet Deferred Tax provision at beginning of year 640 Charge for year 265 _____ Decrease in net assets - Closing Provision £905 _____ This preliminary announcement is not the Group or Company's statutory accounts. 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