Interim Results

Sutton Harbour Holdings PLC 27 November 2003 SUTTON HARBOUR RESULTS POINT THE WAY TO GROWTH Aim listed Sutton Harbour Holdings plc are transport operators and award-winning specialists in development and regeneration. The Group today announces satisfactory Interim results for the period ended 30th September 2003 'We are proud of our achievements in this six month period. They demonstrate the Group's ability to plan strategically, deliver projects on time and meet profitability expectations' Ellen Winser, Chairman, Sutton Harbour Holdings plc. HIGHLIGHTS • Operating profits up 6.3% to £806,000 (excluding airline start up costs to date ) • Interim Dividend maintained at 1.8p • SHH consortium chosen as 'preferred bidder' in a public/private development partnership for major new NHS primary healthcare facilities in Plymouth. • Other significant projects now coming on line across the region, including the regeneration of Penzance waterfront. • Sutton Partnership with Plymouth City Council delivers third major development within three years • Air Southwest performing encouragingly with very strong passenger demand and new Manchester route planned. • New Air Wales services to Cardiff, Liverpool and Newcastle set to boost Plymouth City Airport. • Traditional activities, including Harbour, Marina and Plymouth Fisheries performing in line with expectations. FULL CHAIRMAN'S STATEMENT AND FINANCIAL TABLES FOLLOW Please also visit our website on www.sutton-harbour.co.uk For further information, interviews or photographs please call: Nigel Godefroy, Managing Director, Designate - Sutton Harbour Holdings plc 01752 204186 Barrie Newton, Rowan Dartington and Co, 0117 330011 Ken Rees/Paul Vann, Binns Winningtons 0117 317 9477 Chairman's Statement The first half year of our financial year has been a period of significant achievement. Our regeneration activities have moved ahead strongly and we have created our airline, Air Southwest. It is pleasing that despite increases in costs associated with developing new sources of revenue for the future, I am able to report growth in operating profits of 6.3% (excluding Air Southwest start-up costs to date). However, we have incurred those start-up costs and as a result earnings per share are slightly down at 3.67p per share (2002: 4.17p per share). For this reason your Board has decided to hold the interim dividend at 1.8p per ordinary share (the same as last year). The dividend will be payable to Shareholders on the register at 12 December 2003 on 9 January 2004 and the shares will go ex-dividend on 10 December 2003. Our key achievements in the six months have included the delivery of another major property scheme within Sutton Harbour, confirmation of our appointment as masterplanning partners to Penwith District Council for the urban regeneration of Penzance waterfront and significantly, our selection as the preferred bidder on a public/private partnership to develop healthcare facilities in Plymouth. The Company is now close to finalising the second phase of the Harbour East development. This phase includes the development of residential and commercial premises on the site known as Shepherd's Wharf. The initial tranche of revenues has been received with final receipts from the residential development expected at around our year end. Following on from the Vauxhall Street and Harbour Avenue developments, Shepherd's Wharf represents the third milestone for the Sutton Partnership in under three years. Our ambitions to use our regeneration expertise outside the harbour area are well known and our active efforts in this direction are now showing results. We are presently involved in three regeneration/development projects, all outside Plymouth. I have already mentioned our work in Penzance; in addition we have been selected as preferred bidder on a mixed use scheme in St Austell and we have been shortlisted for a scheme in the Torbay area. Earlier in the year we tendered for a PFI style scheme to build, lease and maintain local health care facilities to the NHS under the government's Local Improvement Finance Trust scheme. We were delighted to be selected, with Midas Group Limited, as the preferred bidder. We are now working towards the financial close stage, expected to be in Spring 2004.The scheme is a 25 year public-private partnership with Plymouth Primary Care Trust, Partnerships for Health and others. Our financial commitment will be of the order of £2 million over the life of the trust. A return of 12.5% can be expected, plus a share of the Trust's profits. The total build cost of the health facilities is likely to be in the order of £55 million. This scheme has the potential to be a major development for the company and further enhances our partnering credentials with the public sector in the South West. I have previously explained our strategic motivation to start a new airline to take on the Plymouth Newquay Gatwick routes. The Air Southwest services began on October 26th and to date we are encouraged by the level of bookings and huge interest generated by our 'Breath of Fresh Air' marketing campaign. The airline is targeted as a regional, low-cost carrier with online booking via the www.airsouthwest.com website. Our second route, Plymouth Bristol Manchester commences 1st March 2004, and other routes are under consideration. However, we are well aware of the risks associated with new routes and our first priority will be to consolidate our initial services. Plymouth City Airport had a stable first half year and improving passenger loads from services operated by Air Wales were a welcome boost. We are also delighted that Air Wales has recently announced that it will commence services from Plymouth to Cardiff, Newcastle and Liverpool on 8th December 2003.These complement the services operated by Air Southwest. The Group has also undertaken the modernisation of the terminal building with a new concourse and check-in area. Traditional activities of the Group have performed satisfactorily over the period with results very similar to the same period last year. We are proud of our achievements in this six month period which demonstrate the Group's ability to plan strategically, deliver on time and meet profitability expectations. I particularly want to congratulate the executive team and all the staff on their very hard work in these recent months. We are now entering a phase of consolidating and maximising performance of the Group's activities. Your Company has enhanced its standing in the local and regional arena and has set a high standard for project delivery for the South West region. This interim report was approved by the Board on 26 November 2003. Ellen Winser Chairman Consolidated Summarised Profit and Loss Account Note 6 months to 6 months to Year Ended 30 September 30 September 31 March 2003 2002 2003 (unaudited) (unaudited) (audited) £000 £000 £000 ------------------------------------- Turnover 2 Continuing Operations 3,590 4,318 9,572 Airline Operations - - - --------------------------------------- 3,590 4,318 9,572 --------------------------------------- Operating Profit 2 Continuing Operations 806 758 1,653 Airline Operations (135) - - -------------------------------------- 671 758 1,653 -------------------------------------- Net Interest 7 (43) (36) (110) --------------------------------------- Profit on Ordinary £628 £722 £1,543 Activities Before Taxation Taxation on Profit on Ordinary Activities 3 (92) (115) (228) Deferred Taxation 3 (90) (100) (232) -------------------------------------- Profit on Ordinary Activities After Taxation 446 507 1,803 Dividends 4 (218) (218) (607) -------------------------------------- Retained Profit £228 £289 £476 ===================================== Earnings per Share 5 3.67p 4.17p 8.92p Diluted Earnings per Share 5 3.64p 4.13p 8.83p Dividend per Share 4 1.8p 1.8p 5.0p Consolidated Summarised Balance Sheet As at As at As at 30 September 30 September 31 March 2003 2002 2003 (unaudited) (unaudited) (audited) £000 £000 £000 ----------------------------------------- Fixed Assets £28,627 £28,057 £28,361 ---------------------------------------- Current Assets Stock 2,606 2,931 2,431 Debtors (due within one year) 1,859 1,800 1,804 Cash at Bank and in Hand 2 4 3 ------------------------------------- 4,467 4,735 4,238 ------------------------------------- Creditors (due within one year) Bank Overdraft 2,049 4,035 2,717 Other 4,077 2,404 3,221 ------------------------------------- 6,126 6,439 5,938 -------------------------------------- Net Current Liabilities (1,659) (1,704) (1,700) --------------------------------------- Total Assets less Net Current Liabilities 26,968 26,353 26,661 -------------------------------------- Deferred Income (due after more than one year) (77) (98) (88) Provisions for Liabilities And Charges Deferred Taxation (1,540) (1,319) (1,450) --------------------------------------- Net Assets £25,351 £24,936 £25,123 ======================================= Shareholders' Funds £25,351 £24,936 £25,123 ======================================= Consolidated Summarised Cash Flow Statement 6 months to 6 months to Year Ended 30 September 30 September 31 March 2003 2002 2003 (unaudited) (unaudited) (audited) £000 £000 £000 ----------------------------------------------------- Reconciliation of Operating Profit to Net Cash Inflow From Operating Activities Operating Profit 671 758 1,653 Depreciation Charges 63 76 194 Loss/ (Profit) on Sale of Tangible Fixed Assets 1 - (12) Amortisation of Grants (4) (5) (10) (Increase) in Stock (139) (1,927) (1,398) (Increase) in Debtors (55) (72) (76) Increase/(Decrease) in Creditors 1,026 (368) 311 ---------------------------------------------------- Net Cash Inflow(Outflow) from Operating Activities £1,563 (£1,538) £662 ------------------------------------------------------ CASH FLOW STATEMENT Net Cash Inflow/(Outflow) from Operating Activities 1,563 (1,538) 662 Returns on Investment and Servicing of Finance (79) (76) (181) Taxation (102) - (155) Capital Expenditure (326) (200) (605) Dividends Paid (389) (377) (595) ------------------------------------------------------ Increase/(Decrease) in Cash in the period 667 (2,191) (874) ------------------------------------------------------ Reconciliation of Net Cashflow to Movement in Net Debt Increase/(Decrease)in Cash in the period 667 (2,191) (874) Net Debt Brought Forward (2,714) (1,840) (1,840) ------------------------------------------------------ Net Debt Carried Forward (2,047) (4,031) (2,714) ===================================================== Consolidated Statement of Total Recognised Gains and Losses 6 months to 6 months to Year Ended 30 September 30 September 31 March 2003 2002 2003 (unaudited) (unaudited) (audited) £000 £000 £000 ---------------------------------------- Reported profit on Ordinary Activities after Taxation 446 507 1,083 ---------------------------------------- Total Gains and Losses since last Financial Statements £446 £507 £1,083 ======================================== Reconciliation of Movements in Shareholders' Funds Note 6 months to 6 months to Year Ended 30 September 30 September 31 March 2003 2002 2003 (unaudited) (unaudited) (audited) £000 £000 £000 ----------------------------------------- Reported Profit in Group Companies for the Period 446 507 1,083 Dividends 4 (218) (218) (607) ------------------------------------------ Retained Profit for the Period 228 289 476 Opening Shareholders' funds 25,123 24,647 24,647 ----------------------------------------- Closing Shareholders' funds £25,351 £24,936 £25,123 ========================================= 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 2003. The interim financial statements are not audited. 2. Segmental Analysis 6 months to 6 months to Year Ended 30 September 30 September 31 March 2003 2002 2003 (unaudited) (unaudited) (audited) £000 £000 £000 -------------------------------------------- Turnover Fisheries Related 972 1,025 2,029 Marine Leisure 754 760 1,254 Property 718 520 2,430 Airport Operations 1,146 2,013 3,859 Airline Operations - - - -------------------------------------------- £3,590 £4,318 £9,572 Operating Costs Fisheries Related 765 808 1,466 Marine Leisure 482 497 859 Property 113 70 1,186 Airport Operations 1,149 1,856 3,770 Airline Operations 135 - - Administration 275 329 638 -------------------------------------------- £2,919 £3,560 £7,919 -------------------------------------------- Operating Profit £671 £758 £1,653 ============================================ 3. Taxation The Corporation Tax charge represents the provision for taxation on the taxable profits for the period. 6 months to 6 months to Year Ended 30 September 30 September 31 March 2003 2002 2003 £000 £000 £000 ----------------------------------------------- Corporation Tax 92 115 228 Deferred Taxation Provided 90 100 232 ----------------------------------------------- £182 £215 £460 ----------------------------------------------- 4. Dividends The interim ordinary dividend of 1.8p (net) per share (2002 : 1.8p net) totalling £218,637 (2002: £218,637) will be paid on 9 January 2004 to Shareholders on the register on 12 December 2003. 5. Earnings per Share Earnings per share have been calculated using the profit for the period of £446,000 (2002: £507,000) and the 12,146,515 (2002: 12,146,515) ordinary number of shares in issue excluding those options granted under the SAYE scheme. Diluted Earnings per share uses an average number of 12,250,000 (2002:12,276,000) ordinary shares in issue which takes account of the outstanding options under the SAYE scheme in accordance with Financial Reporting Standard 14 Earnings per share. 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 2003 have been extracted from the statutory financial statements which have been filed with the Registrar of Companies. The auditors' report on those financial statements was unqualified and did not contain a statement under Section 237(2) of the Companies Act 1985. 7. Interest Interest payable in the 6 months to 30 September 2003 is stated after capitalisation of £40,000 (2002: £44,000). This information is provided by RNS The company news service from the London Stock Exchange

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