Final Results - Corrective

Sutton Harbour Holdings PLC 05 June 2003 Sutton Harbour announces that the preliminary announcement of its results for the year ended 31 March 2003, issued under RNS number 7085L at 7.00 a.m. on 30 May 2003, contained a misclassification in the Group Profit and Loss Account. A misclassification of expense between Cost of Sales and Net Operating Expenses of £230,000 has been noted since the preliminary announcement was published on 30 May 2003. Cost of Sales is increased by £230,000 to £7,281,000 with a compensating adjustment of the same amount decreasing Net Operating Expenses to £638,000. There is no effect on the Operating Profit of £1,653,000. The full text of the corrected preliminary announcement follows. SEVENTH 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 strong pre-tax profits for the year ended 31 March 2003 'I am delighted to report another successful year for the company, with underlying profit before tax up by 9.5% to £1.54 million' Ellen Winser, Chairman, Sutton Harbour Holdings Plc. HIGHLIGHTS • Turnover up 16.7%to £9.57 million (2002 £8.20 million) • Underlying Pre-tax profits up 9.5% to £1.54 million (2002: £1.41million excluding profits on property disposal) • Adjusted earnings per share up 15% to 8.92p (2002: 7.76p excluding profit on disposal of property) • Total Dividend per share 5p (up 4.2% on 2002) • The Group is in an advanced stage of negotiations with British Airways CitiExpress over the transfer of Gatwick routes and slots to the new subsidiary, Air Southwest Limited FULL TEXT OF CHAIRMAN'S STATEMENT AND ACCOUNTS FOLLOW Or visit our website: www.sutton-harbour.co.uk For further information please contact Duncan Godefroy, Managing Director 01752 204186 Nigel Godefroy, Finance Director and MD Designate 01752 204186 Ken Rees, Winningtons 0117 317 9477 or 07802 466567 Deborah Clark, Deborah Clark and Associates ref. Air Southwest Limited 01872 276276 Chairman's Statement In this past year the Company has completed negotiations on a major phase of harbour-side development and has made significant inroads into planned future stages of that development. It has also recorded its most successful year in marina berthing and has seen an improvement in fishing related income in the second half of the year. Certain developments in the aviation industry have continued to present their challenges, but our undampened enthusiasm has driven us to look for innovative ways for the Company to turn these to our advantage. We recognise that future growth using our regeneration and development skills will need to come from projects away from the harbour-side area and we have been active in our search for opportunities both in Plymouth and further afield. Profit before taxation of £1,543,000 shows little change on the £1,587,000 achieved last year, but last year's total included a £178,000 profit on the disposal of property whereas this year's total is all from trading activity. Underlying profits have therefore grown by a most satisfactory 9.5%. Earnings per share are, like profit before tax, virtually unchanged at 8.92p per share compared with 9.22p per share last year, but adjusted earnings per share, which ignore last year's profit on disposal, have increased by 15% from 7.76p to 8.92p.Your Board is pleased to recommend a final dividend of 3.2p per share making a total dividend for the year of 5p per share, a 4.2% increase on last years total dividend of 4.8p per share. This will leave £476,000 to transfer to reserves (2002: £537,000). The dividend will be payable on 12 September 2003 to shareholders on the register on 29 August 2003. The shares are expected to go ex-dividend on 27 August 2003. I reported last year on the cuts by British Airways CitiExpress to services from Plymouth City Airport. The effect of these cuts is reflected in the reduced profits this year from airport operations. The Company is now in advanced discussions with British Airways CitiExpress about taking over the Plymouth and Newquay Gatwick routes. We have set up a wholly owned subsidiary, Air Southwest Limited, to facilitate the smooth transfer of the Gatwick routes and slots subject to the discussions being satisfactorily concluded. These discussions follows the decision by British Airways CitiExpress to discontinue operating these routes from October 2003 as part of it's own 'size and shape restructuring'. Shareholders will be kept informed as matters progress. In the last year the Company has succeeded in attracting Air Wales to Plymouth City Airport and they now operate a popular daily service to Dublin and Cork and a newly introduced service to Jersey. As already reported our contract to manage Newquay Cornwall Airport ended on 31 March 2003. We have long known the limitations at Plymouth City Airport, that it is situated amidst a residential area and that its runway is too short to accommodate anything larger than a Dash 8. With the Government preparing a White Paper on the future of aviation in the UK, we submitted the Company's proposal to build a new airport just to the east of Plymouth. Our objective was not only to safeguard and promote our own business, but very importantly to maintain a good transport facility for both inward tourism and the region's population. We currently await further news on the outcome of studies into aviation needs in the South West, but it is fair to say that a new airport is definitely a visionary project for the longer term. In the meantime the Company has received confirmation that the South West of England Regional Development Agency will fund runway and safety area improvements at the existing airport. After two years in planning, negotiating and gaining final approvals, the Company concluded the first phase Harbour East regeneration with a payment received during the year. This phase will provide a landmark mixed-use development on the North East quayside of the harbour, and contractors are already on site. Following on from this, the Company is making good progress towards achieving the second phase, another mixed-use development. Although it is too early to report news on any other property related projects at present, the Company is undertaking a number of regeneration consultancy assignments. We have also identified new opportunities for certain public/ private regeneration initiatives within the region. As previously reported to shareholders, the non-executive directors have, following a thorough search and numerous interviews, selected Nigel Godefroy to succeed Duncan Godefroy when he retires next year. Duncan has been with the Company for over 40 years, 30 of them as our Managing Director, a remarkable achievement. Nigel will bring to the position more than a decade of hands-on experience with the Company, the last seven years as our Finance Director. The past year has seen much change as the Company evolves to have a higher profile in the region and its proposals are well documented in the regional, and often national, press. I thank our staff for their continued dedication and support in what are exciting but sometimes turbulent times. I am particularly encouraged that the Company has been re-accredited with the 'Investors in People' standard and that many of our staff continue to invest in shares in the Company and the SAYE scheme. Our objectives for the forthcoming year are to reach the next milestone with our harbour-side regeneration schemes, to work hard to secure our region's vital air links and to maintain the vibrancy that our fishing and marine leisure businesses bring to Plymouth. Ellen Winser Chairman 30 May 2003 Group Profit and Loss Account for the year ended 31 March 2003 2003 2002 £000 £000 Turnover 9,572 8,201 Cost of sales (7,281) (5,862) Gross profit 2,521 2,339 Net operating expenses (638) (614) Operating profit 1,653 1,725 Profit on ordinary activities before interest 1,653 1,725 Interest payable (110) (138) Profit on ordinary activities before taxation 1,543 1,587 Current taxation (228) (154) Deferred taxation (232) (313) Taxation on profit on ordinary activities (460) (467) Profit on ordinary activities after taxation and attributable to shareholders 1,083 1,120 Dividends (607) (583) Retained profit for the year 476 537 Earnings per ordinary 25p share Basic 8.92p 9.22p Deduct profit on sale of property - (1.46p) Adjusted 8.92p 7.76p Diluted 8.83p 9.14p Diluted Adjusted 8.83p 7.69p All figures relate to continuing activities. Balance Sheets 31 March 2003 THE GROUP THE COMPANY 2003 2002 2003 2002 £000 £000 £000 £000 Fixed assets Tangible assets 28,291 27,866 - - Investments 70 63 2,217 2,217 28,361 27,929 2,217 2,217 Current assets Stock 2,431 964 - - Debtors 1,804 1,727 7,188 7,177 Cash at bank and in hand 3 3 8 6 4,238 2,694 7,196 7,183 Creditors (amounts falling due within one year) (5,938) (4,641) (448) (431) Net current (liabilities) / assets (1,700) (1,947) 6,748 6,752 Total assets less current liabilities 26,661 25,982 8,965 8,969 Creditors (amounts falling due after more than one year) (88) (117) - - Provisions for liabilities and charges Deferred taxation (1,450) (1,218) - - 25,123 24,647 8,965 8,969 Capital and reserves Called up share capital 3,037 3,037 3,037 3,037 Share premium account 5,812 5,955 5,812 5,812 Revaluation reserve 8,638 8,638 - - Investment property revaluation reserve 4,369 4,369 - - Other reserves 251 108 - - Profit and loss account 3,016 2,540 116 120 Equity shareholders' funds 25,123 24,647 8,965 8,969 Consolidated Cash Flow Statement For the year ended 31 March 2003 2003 2002 £000 £000 CASH FLOW STATEMENT Net cash inflow from operating activities 662 1,884 Returns on investments and servicing of finance (181) (160) Taxation (155) (118) Capital expenditure (605) (420) Equity dividends paid (595) (559) (Decrease)/increase in cash in the year (874) 627 Reconciliation of net cash flow to movement in net debt (Decrease)/increase in net debt in the year (874) 627 Net debt at the start of the year (1,840) (2,467) Net debt at the end of the year (2,714) (1,840) Consolidated Statement of Total Recognised Gains and Losses For the year ended 31 March 2003 2003 2002 £000 £000 Unrealised surplus on revaluation of properties - 1,546 Reported profit on ordinary activities after taxation 1,083 1,120 Total recognised gains and losses relating to the year 1,083 2,666 Prior year adjustments made last year - deferred tax - (905) Total gains and losses recognised since the previous annual report and financial statements 1,083 1,761 The cumulative effect of the prior year adjustment is £905,000 (2002: £905,000) Note of Consolidated Historical Cost Profits and Losses For the year ended 31 March 2003 2003 2002 £000 £000 Reported profit on ordinary activities before taxation 1,543 1,587 Realisation of property revaluation gains of previous years - 70 Historical cost profit on ordinary activities before taxation 1,543 1,657 Historical cost profit for the year retained after taxation and dividends 476 607 This information is provided by RNS The company news service from the London Stock Exchange LUDGGGXU
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