Interim Results

Sutton Harbour Holdings PLC
21 November 2005


                  SUTTON HARBOUR HOLDINGS PLC INTERIM RESULTS


                     SUTTON HARBOUR DELIVERS 150% GROWTH IN
                        PRE-TAX PROFITS AT THE HALF YEAR

  Sutton Harbour Holdings plc, the AIM listed transport and regeneration group
announces record results and an increased dividend for the six months ended 30th
                                September 2005.

'The company has grown quickly in the recent past and we are deliberately
developing a mix of business activities designed to spread risk while providing
a platform for yet more growth. Our expectations remain optimistic.'
Ellen Winser, Chairman, Sutton Harbour Holdings plc.

HIGHLIGHTS

   • Interim Operating Profit up 152% to £2.089 million

(2004: £828,000).

   • Pre-tax profit up 150% to £1.96 million (2004: £783,000).
   • Earnings per share up 150% to 5.64p per share (2004: 2.26p)
   • Interim Dividend up 27% to 1.4p per share.
   • Air Southwest performing strongly with passenger numbers sharply up, new
     routes opening and a new aircraft being acquired.
   • Major office building for Department for Work and Pensions now under
     construction with completion scheduled for Summer 2006.
   • New healthcare facility built under 'LIFT' public private partnership is
     now open with other schemes in prospect.
   • Plymouth Fisheries and Sutton Harbour Marina trading well.


Full text of Chairman's statement and accounts tables attached
or visit our website: www.sutton-harbour.co.uk

For further information please contact:
Nigel Godefroy, Managing Director 01752 204186
Natasha Gadsdon, Finance Director 01752 204186
Paul Vann/Ken Rees, Winningtons 0117 9200092 or 07802 466567





                  SUTTON HARBOUR HOLDINGS PLC INTERIM RESULTS

                              Chairman's Statement

Your company has continued to grow very quickly both in terms of turnover and
profitability during the first half of the current financial year. Air Southwest
has
contributed most to this growth and has traded well during the period. There is
good progress to report on our regeneration projects and we are in the process
of bidding for a number of private/public partnership schemes. Our longer term
objective is to achieve a more even balance between our transport and
regeneration sectors in order to maintain the overall risk profile of the group.

I am pleased to report that operating profit for the first half of the year at
£2.089m is up 152% on the £828,000 recorded in the corresponding period a year
ago. Pretax profit at £1.96m is also 150% higher (£783,000 in 2004) and earnings
per share are 150% ahead of last year (2.26p per share) at 5.64p per share.
Total debt has increased because we are financing the cost of the Moon Street
office development for the Department for Works and Pensions and have paid for
additional aircraft. Nevertheless total gearing remains relatively modest at
28%.

Last year we paid a total dividend of 3.2p per share, made up of an interim 1.1p
per share and a final of 2.1p per share. Last year's interim was raised by more
than the final in order to reduce the disparity between the two payments and 
your Board wishes to continue that process. We have therefore decided to pay an 
interim dividend of 1.4p per share, an increase of 27% on last year's interim 
dividend, but shareholders should not assume a similar increase in this year's 
final. The dividend will be paid on 6 January 2006 to shareholders on the 
register on 9 December 2005. Our shares will be quoted ex-dividend on 7 December
2005.

The new routes started by Air Southwest in April 2005 have proved successful and
good occupancy rates have held the network load factor at 74%. In the six months
under review we have carried 151,000 passengers compared with 103,000 in the
same six months a year ago. Profits from the airline have again exceeded our
initial expectations in this period. We are inevitably incurring extra fuel
costs as the price of oil remains high and have yet to experience fully the
winter seasonality pattern of our new routes. We are pleased with the progress
of the airline business, which has now traded for two years, and we have
therefore decided to acquire another aircraft (making five in all) to operate
recently announced new services including Newquay - Cardiff - Manchester and
Bristol - Norwich starting in Spring 2006.

As I have explained, it is our intention in the longer term to balance the
airline's contribution by extending rental incomes and revenues from 
regeneration projects. We have begun purchasing the ground floor commercial 
space of our recent harbourside developments which we will rent out and we 
intend to do the same with other similar projects in progress. The frame of the 
57,000 sq ft office building that we are constructing for the Department for 
Works and Pensions is now at its full eight storey height. Rental income will 
start when the tenants occupy the building in Summer 2006. We are actively 
involved in a number of bids for regeneration schemes in the region and are 
working with Plymouth City Council on future Sutton Partnership schemes.

Last month, the first healthcare facility built by ReSound (Health), the
Plymouth Local Investment Finance Trust company, was opened. ReSound Health,
37.2% owned by your company, also has a £15million local care centre facility
under construction and is planning future development tranches to follow on. The
long run, lower risk returns from this type of public/private partnership (PPP)
initiative continue to be attractive to your company. We are currently bidding
for other PPP schemes, with bid partners, and intend to create a portfolio of
such investments. In doing so, your company will incur bid costs which are
chargeable as they arise, but recouped if a bid is successful. We recently
appointed a specialist in this field to join our regeneration team and who will
lead our efforts in these bids.

Plymouth Fisheries has traded well in the first half year and we are pleased
that we have attracted a major scalloping business to base a grading and packing
operation on the complex. We are mindful of the difficulties that high fuel
prices have created for our fishing customers, although to date, we have not
seen a downturn in trade. The electronic auction system, soon to be linked to
the internet, has supported good prices for Plymouth-landed fish which are
essential to cover high fuel costs.

The marina continues to be fully occupied and we enjoyed good visitor numbers
during the summer.

We are most grateful to our staff who have continued to work hard to meet the
company's objectives. To encourage sharing of the Group's success we will launch
a new Inland Revenue Approved SAYE Scheme after announcement of these results in
accordance with the approval granted at the Annual General Meeting. Employees
will be invited to participate in a 3, 5 or 7 year scheme.

In recent statements I have referred to the evaluation of the Board we have done
with the help of outside consultants. As a result we have identified certain
requirements to strengthen our team and I hope soon to announce the appointment
of an additional non-executive director.

During the first half year the Group has achieved excellent growth and has
worked towards the next stages of development of our business activities. We are
deliberately developing a mix of business activities designed to spread risks
while providing a platform for yet more growth. Our expectations for the future 
remain optimistic.

This interim report was approved by the Board on 21st November 2005.

Ellen Winser
Chairman







                  SUTTON HARBOUR HOLDINGS PLC INTERIM RESULTS

                Consolidated Summarised Profit and Loss Account


                                 6 months to    As restated *    As restated *
                                30 September      6 months to       Year Ended
                                        2005     30 September         31 March
                                 (unaudited)             2004             2005
                                        £000      (unaudited)        (audited)
                                                         £000             £000

Turnover                              14,007            9,929           20,479
                                   ___________________________________________
Operating Profit                       2,089              828            2,534

Net Interest                            (129)             (45)            (142)
                                   ___________________________________________
Profit on Ordinary                     1,960              783            2,392
Activities Before
Taxation

Taxation on Profit on
Ordinary Activities                     (294)            (118)            (471)

Deferred Taxation                       (294)            (117)            (266)
                                   ___________________________________________
Profit on Ordinary
Activities After Taxation              1,372              548            1,655

Dividends                               (511)            (449)            (717)
                                   ___________________________________________
Retained Profit                          861               99              938
                                   ===========================================
Earnings per Share                      5.64p            2.26p            6.81p
Diluted Earnings per                    5.60p            2.24p            6.76p
Share

* Dividends have been restated to comply with FRS 21 - Events after the balance
sheet date.

                  SUTTON HARBOUR HOLDINGS PLC INTERIM RESULTS

                     Consolidated Summarised Balance Sheet

                                         As at   As restated *   As restated *
                                  30 September           As at           As at
                                          2005    30 September        31 March
                                   (unaudited)            2004            2005
                                          £000     (unaudited)       (audited)
                                                          £000            £000

Fixed Assets                            37,901          32,910          36,120
                                   ___________________________________________
Current Assets
Stock                                    7,381           3,060           4,406
Debtors (due within one year)            3,453           2,414           3,793
Cash at Bank and in Hand                     3               3               4
                                   ___________________________________________
                                        10,837           5,477           8,203
                                   ___________________________________________
Creditors (due within one year)
Bank Overdraft                           8,701           2,411           5,262
Other                                    3,618           2,446           3,515
Deferred Income                          3,167           2,537           3,442
                                   ___________________________________________
                                       (15,486)         (7,394)        (12,219)
                                   ___________________________________________
Net Current Liabilities                 (4,649)         (1,917)         (4,016)
                                   ___________________________________________
Total Assets less Net                   33,252          30,993          32,104
Current Liabilities
                                   ___________________________________________
Deferred Income                            (37)            (57)            (46)
(due after more than one year)

Provisions for Liabilities
and Charges
Deferred Taxation                       (2,209)         (1,664)         (1,915)
                                   ___________________________________________
Net Assets                              31,006          29,272          30,143
                                   ===========================================
Shareholders' Funds                     31,006          29,272          30,143
                                   ===========================================

* The Balance Sheets have been restated to comply with FRS 21 - Events after the
balance sheet date.


                  SUTTON HARBOUR HOLDINGS PLC INTERIM RESULTS

                  Consolidated Summarised Cash Flow Statement

                             6 months to    6 months to             Year Ended
                            30 September   30 September               31 March
                                    2005           2004                   2005
                             (unaudited)    (unaudited)              (audited)
                                    £000           £000                   £000
Reconciliation of
Operating
Profit to Net Cash
(Outflow)/Inflow from
Operating Activities
Operating Profit                   2,089            828                  2,534
Depreciation Charges                 220            136                    312
Loss on Sale of Tangible
Fixed Fixed                            -              3                     36
Assets
Amortisation of                       17             17                     35
Intangible Assets
Amortisation of Grants                (3)            (3)                    (2)
(Increase) in Stock               (2,922)          (157)                (1,461)
Decrease/(Increase) in               341            (75)                (1,455)
Debtors
Increase/(Decrease) in              (322)          (428)                 1,377
Creditors
                                   ___________________________________________
Net Cash (Outflow)/                 (580)           321                  1,376
Inflow from
Operating Activities
                                   ___________________________________________

CASH FLOW STATEMENT
Net Cash (Outflow)/                 (580)           321                  1,376
Inflow from
Operating Activities
Returns on Investment
and Servicing of                    (181)           (45)                  (196)
Finance
Taxation                            (151)          (160)                  (240)
Capital Expenditure               (2,019)        (1,104)                (4,542)
Dividends Paid                      (511)           450)                  (717)
Financing                              2              -                     31
                                   ___________________________________________

(Decrease) in Cash                (3,440)        (1,438)                (4,288)
in the period
                                   ___________________________________________

Reconciliation of Net
Cashflow to Movement in Net Debt
(Decrease) in Cash                (3,440)        (1,438)                (4,288)
in the period
Net Debt Brought Forward          (5,298)          (970)                  (970)
                                   ___________________________________________

Net Debt Carried Forward          (8,698)        (2,408)                (5,258)
                                   ===========================================




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