Interim Results

Sutton Harbour Holdings PLC 30 November 2000 AIRPORT BOOST GIVES RAPID TAKE OFF TO SUTTON INTERIM PROFITS Sutton Harbour Holdings Plc, the Aim listed operator of Plymouth's historic harbour and Plymouth City Airport reports record interim profits for the six months to September 30th 2000 'These results are very satisfactory with a strong contribution from the newly acquired airport and continued growth in trading from our traditional activities. Our strong balance sheet gives us substantial scope to seek further acquisitions and pursue our development agreement with Plymouth City Council.' Ellen Winser, Chairman, Sutton Harbour Holdings Plc. HIGHLIGHTS * Turnover up 91% to £4.97 million (1999 £2.6 million) * Pre Tax profits up 123% to £931,000 (1999 £417,000) * Earnings per share up 57% to 6.55p (1999 4.18p) * Interim dividend per share up 14% to 1.6p (1999 1.4p ) * 17 new flights announced for Plymouth Airport. SUMMARY CHAIRMANS STATEMENT In April we acquired Plymouth City Airport Ltd and already this is having a significant effect on turnover and profits. Our traditional businesses have also performed strongly despite lower returns from Plymouth Fisheries, largely resulting from the poor supply of fish, following this years atrocious weather. Profits before tax were £931,000 including a satisfactory contribution of £ 203,000 before tax from the Plymouth City Airport Limited and a trading profit of £281,000 in respect of the sale of 130 Vauxhall Street. Earnings per share are 6.55pence. This compares with 4.18pence a year ago and 7.97pence for the twelve months ended 31st March 2000. The results are very satisfactory and the Board is pleased to announce an interim dividend of 1.6p, a rise of 14% on last year. Some of this increase represents a rebalancing of the proportion between the interim and final dividends and shareholders should not assume an equivalent increase in the final dividend. The interim dividend applies to all shares on the register on 3 January 2001 and will be paid on 12 January 2001. For further information, contact: Nigel Godefroy, Sutton Harbour Holdings Plc: Tel: 01752 204186 Ken Rees, Winningtons: Tel: 0117 317 9477 Mobile: 07802 466 567 CHAIRMAN'S INTERIM STATEMENT The first six months of our company's year have been of huge significance. In April we acquired Plymouth City Airport Limited and are now laying the foundations for its growth. We have made good progress with our Sutton Agreement with Plymouth City Council and our traditional activities have continued to grow despite lower returns from fishing. Profits before tax were £931,000 including a satisfactory contribution of £ 203,000 before tax from Plymouth City Airport Limited and a trading profit of £281,000 in respect of 130 Vauxhall Street. Earnings per share are 6.55pence per share, or 4.57pence if one excludes 130 Vauxhall Street compared with 4.18pence a year ago and 7.97pence for the twelve months ended 31 March 2000. The results are very satisfactory and your Board is pleased to announce a dividend of 1.6p, a rise of 14% on last year's interim dividend. Some of this increase represents a rebalancing of the proportion between the interim and final dividends and shareholders should not assume an equivalent increase in the final dividend. The interim dividend applies to all shares on the register on 3 January 2001 and will be paid on 12 January 2001. Plymouth airport can currently handle 50 seater aircraft. £8.5 million of public funds have been committed to upgrade the infrastructure around the airport which will allow it to cater for 70 seaters. Brymon Airways, a subsidiary of British Airways plc, our main customer, operates scheduled services to London Gatwick, Paris, Cork, Jersey, Bristol, Newcastle, Glasgow, Edinburgh and Aberdeen. I am very pleased to announce that Brymon will operate new daily flights to Dublin and increase services to Cork and Bristol in the new year. The new routes will be code shared with Aer Lingus which is a first for Plymouth. Additionally these flights will bring British Airways Club Europe to Plymouth for the first time. It is customary for airports to share the risks of new services initially so full income levels will not be reached for the first three years. We continue to encourage other operators to use both Plymouth and Newquay Cornwall airports and we are hopeful to increase both civilian and military use. However, against this positive trend we have been informed that the Post Office will cease the daily mail flight from January 2001. Our Sutton Agreement with Plymouth City Council offers a series of development opportunities in the area. The structure of the agreement allows us to develop, sell on or ground lease. The agreement entitles us to receive the developers' margin and share of profits without the need to purchase the Council owned property until completion. Following the sale of 130 Vauxhall Street we having been working up schemes for the Moon Street development. We hope to be in position to announce the finer details by our year end, but I can say now that it will be a large scale mixed use scheme in excess of 100,000 square feet. Property rentals are holding up well and there is strong evidence that land values around Sutton Harbour are increasing significantly. The marina is fully occupied and the marine leisure businesses have performed well given this summer's poor weather. Our profits from fishing related activities have been depressed, because of the poor supply of fish, high fuel prices and atrocious weather. Prospects for the remainder of the year are satisfactory but Shareholders should be aware that both the airport and marine leisure businesses are less busy during the winter months. The company is in a good financial position with low gearing. The strong balance sheet gives us substantial scope to pursue our strategy of adding to the existing businesses and to pursue the objectives of our Sutton Agreement with Plymouth City Council. The interim report was approved by the Board of Directors on 29 November 2000. Ellen Winser Chairman. CONSOLIDATED SUMMARISED PROFIT AND LOSS ACCOUNT Note 6 months to 6 months Year Ended 30 September 30 September 31 March 2000 1999 2000 (unaudited) (unaudited) (audited) Continuing Acquisitions Total Activities £000 £000 £000 £000 £000 Turnover 2 3,164 1,815 4,979 2,600 4,750 Operating 2 842 203 1,045 540 1,032 Profit Interest 7 (114) - (114) (123) (237) Profit on Ordinary Activities Before £728 £203 £931 £417 £795 Taxation ---------- Taxation 3 on Profit on Ordinary (150) - - Activities Profit on Ordinary Activities After 781 417 795 Taxation Dividends 4 (194) (140) (400) Retained £587 £277 £395 Profit Earnings 5 6.55p 4.18p 7.97p per Share Adjusted 5 Earnings per Share 4.57p - - Dividend 4 1.6p 1.4p 4.0p per Share The Adjusted Earnings per Share is calculated excluding the net profit on sale of 130 Vauxhall Street. There are no recognised gains or losses during the period other than profit as reported. CONSOLIDATED SUMMARISED BALANCE SHEET As at As at As at 30 September 30 September 31 March 2000 1999 2000 (unaudited) (unaudited) (audited) £000 £000 £000 Fixed Assets £26,545 £24,026 £24,183 Current Assets Stock 652 561 671 Debtors 1,992 1,020 1,065 (due within one year) Cash at Bank and in Hand 4 2 1 2,648 1,583 1,737 Creditors (due within one year) Bank Overdraft 3,513 3,833 3,752 Other 2,254 1,515 1,819 5,767 5,348 5,571 (3,119) (3,765) (3,834) Net Current Liabilities Total Assets less Net Current Liabilities 23,426 20,261 20,349 Deferred Income (due after more than one year) (199) (256) (226) Net Assets £23,227 £20,005 £20,123 Shareholders' Funds £23,227 £20,005 £20,123 CONSOLIDATED SUMMARISED CASH FLOW STATEMENT 6 months to 6 months to Year Ended 30 September 30 September 31 March 2000 1999 2000 (unaudited) (unaudited) (audited) £000 £000 £000 Reconciliation of Operating Profit to Net Cash Inflow from Operating Activities Operating Profit 1,045 540 1,032 Depreciation Charges 82 42 94 (Profit) on Sale of 130 Vauxhall Street (281) - - (Profit)/ Loss on Sale of Fixed Assets (1) 2 6 Amortisation of Grants (8) (10) (20) Amortisation of Intangible Fixed Assets 2 - 4 Decrease/(Increase) in Stock 18 44 (66) (Increase) in Debtors (926) (88) (133) Increase/(Decrease) in Creditors 288 (289) 111 Net Cash Inflow from Operating Activities £219 £241 £1,028 CASH FLOW STATEMENT Net Cash Inflow from 219 241 1,028 Operating Activities Returns on Investment and Servicing (128) (130) (260) of Finance Capital Receipts (Expenditure) 359 (102) (300) Acquisitions 241 - - Dividends Paid (260) (140) (519) Financing (189) - - Increase/(Decrease) in Cash in the Period £242 (£131) (£51) Reconciliation of Net Cash Flow to Movement in Net Debt Increase/(Decrease) in Cash in the Period 242 (131) (51) Net Debt Brought Forward (£3,751) (£3,700) (£3,700) Net Debt Carried Forward (£3,509) (£3,831) (£3,751) RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Note 6 months to 6 months to Year Ended 30 September 30 September 31 March 2000 1999 2000 (unaudited) (unaudited) (audited) £000 £000 £000 Reported Profit in Group 781 417 795 Companies for the Period Dividends 4 (194) (140) (400) Retained Profit for the Period 587 277 395 Issue of Shares 8 2,600 - - Expenses in connection with Share Issue (83) - - Opening Shareholders' funds 20,123 19,728 19,728 Closing Shareholders' funds £23,227 £20,005 £20,123 NOTES TO INTERIM REPORT 1. Accounting Basis The Accounts are prepared under the historical cost convention modified to include the revaluation of certain freehold properties and investments. The Accounts are prepared in accordance with applicable accounting standards except where, in the opinion of the Directors, departure is necessary in order to show a true and fair view. The Accounting Policies are consistent with those applied in the Annual Report and Accounts for the year ended 31 March 2000. The interim financial statements are not audited. 2. Segmental Analysis 6 months to 6 months to Year Ended 30 September 30 September 31 March 2000 1999 2000 £000 £000 £000 Turnover Fisheries Related 1,124 1,044 1,874 Marine Leisure 1,042 1,133 1,931 Property 418 423 945 Sale of 130 Vauxhall Street 580 - - Airport Operations 1,815 - - £4,979 £2,600 £4,750 Operating Costs Fisheries Related 892 782 1,530 Marine Leisure 792 906 1,455 Property 108 109 221 Cost of Sale of 130 Vauxhall Street 299 - - Airport Operations 1,612 - - Administration 231 263 512 £3,934 £2,060 £3,718 Operating Profit £1,045 £540 £1,032 3. Taxation The tax charge represents the provision for taxation on the taxable profits for the period. 4. Dividends The interim ordinary dividend of 1.6p (net) per share (1999: 1.4p) totalling £ 194,344 (1999: £139,718) will be paid on 12 January 2001 to Shareholders on the register on 3 January 2001. 5. Earnings per Share Earnings per Share has been calculated by reference to 9,979,848 ordinary shares in issue with the exception of the 6 month period ended 30 September 2000 when the weighted average number of shares in the issue has been applied as follows: Ordinary Shares of 25p nominal value Shares in issue at 1 April 2000 9,979,848 Shares issued 17 April 2000 1,666,667 Shares issued 28 April 2000 500,000 Shares in issue at 30 Sept 2000 12,146,515 The calculation of Earnings per Share is based on the following: 6 months 6 months Year to to Ended 30 30 31 September September March 2000 1999 2000 Earnings per Share Profit for the period attributable to Shareholders (£000) £781 £417 £795 Weighted average number of Shares (000's) 11,927 9,980 9,980 Earnings per Share 6.55p 4.18p 7.97p Adjusted Earnings per Share Profit for the period attributable to Shareholders excluding net profit on sale of 130 £545 - - Vauxhall Street (£'000) Weighted average number of Shares (000's) 11,927 - - Adjusted earnings per Share 4.57p - - 6. Publication of Non-Statutory Accounts The financial information set out in this report does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The figures for the year ended 31 March 2000 have been extracted from the statutory financial statements which have been filed with the Registrar of Companies. The auditors' report on those financial statement was unqualified and did not contain a statement under Section 237(2) of the Companies Act 1985. 7. Interest Interest payable is stated after capitalisation of £11,000 (1999: £NIL) 8. Significant Events during the Period On 17 April 2000, the Group purchased all the shares of Plymouth City Airport Limited for £2,000,000. This was funded by the allotment of 1,666,667 Company shares each at £1.20 to British Airways plc. Additionally, on 28 April 2000 the Group allotted a further 500,000 shares each at £1.20 to Plymouth City Council for a one-off lease premium reducing the rent paid at the airport to a peppercorn. Copies of this report are available to members of the general public from the company's registered office: Sutton Harbour Holdings plc, North Quay House, Sutton Harbour, Plymouth PL4 0RA.

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