Preliminary Results

Sutton Harbour Holdings PLC
31 May 2000

                                       
                                       
 SUTTON PREPARES FOR LIFT OFF AS AIRPORTS COME ON LINE


 The AIM listed harbour and airport operators announce preliminary results for
                        the year ended March 31st 2000.
                                       
                                       

'With the acquisition of Plymouth Airport and our development partnership with
Plymouth  City  Council we are well placed for a period  of  sustained  profit
growth with a stronger balance sheet and increased shareholder value.'   Ellen
Winser, Chairman.


HIGHLIGHTS:

  Turnover up 19% to £4,750,000 (1999: £4,004,000)
  Profit after tax and interest up 8.5% - £795,000 (1999: £480,000after       
  exceptionals)
  Earnings per share 7.97p (1999: 4.81p)
  Acquisition of Plymouth City Airport plus management contract for
  Newquay, Cornwall, Airport.
  Plymouth Fish Market pioneers electronic auction system.

CHAIRMAN'S STATEMENT

Financial Highlights

The  year  has been one of considerable progress and a great deal of work  has
been done to provide your company with an excellent platform for growth in the
future.  Turnover and profits are both up despite difficult trading conditions
in some areas.

Turnover is up by 19% to £4,750,000 whilst profit after interest and tax is up
by  8.5%  if one ignores last year's exceptional write off of unrelieved  ACT.
Earnings per share are up by a similar amount   Once again your Company is not
liable to tax.

The  directors propose a final net dividend of 2.6p making 4.0p for the  year,
an  increase of 5.3%.   The dividend will be paid on 29th September  2000   to
shareholders  on  the  register on 15th September 2000.

Overview

Last  year, I  wrote of our ambition to maximise the development potential  of
land  around the harbour and waterfront, whether owned by our Company or  not,
and also to expand your range of trading activities.

This  is already being realised with our ground breaking partnership agreement
with  Plymouth  City Council whereby we will work together  to  develop  prime
sites  in  and around Sutton Harbour and the Barbican.  It is already  working
well to the ultimate advantage of our shareholders and the people of Plymouth,
with  a  number of exciting and valuable projects already underway or  in  the
planning stage.

Entirely  in  line  with our strategy is the acquisition  of  Plymouth  City
Airport, combined with agreeing Heads of Terms for a new 150 year  lease  with
Plymouth City Council, the freeholders. Whilst the acquisition came after  our
year  end   and  is  not  reflected in these results, I expect  it  to  play 
a significant  part  in  increasing earnings per share and  overall 
shareholder value in the years to come.

The  numbers of visitors to the harbour area, drawn by the variety and quality
of  the  attractions available have again risen. The National Marine  Aquarium
and  the  Dartington Glassworks, both on our  land,  continue  to increase in
popularity.

We  expect this trend to continue as Plymouth City Council's plans move nearer
to  completion.   These include creating a public walkway around  the  harbour
plus  the  proposed heritage centre telling the history of Sutton Harbour  and
the  Barbican.    Numerous businesses around the harbour, including  those  of
your company, stand to benefit from these additional visitors and in turn
their success  attracts further development.   This coming year will  also 
see  the Mayflower  steps  refurbished in a lottery funded project  supported 
by  your Company and Carlton-West Country Television.


Trading

The  commercial property scene in Plymouth is buoyant and likely to remain  so
unless interest rates rise significantly from present levels.   Despite  this,
our  own property income has remained virtually unchanged, because none of 
our leases came up for review during the year.   Our revenue from property is 
now 16.5%  of  total turnover and we believe your Company continued to qualify
for Reinvestment  Relief, during the period, for those shareholders who 
bought  our shares  at  the relevant time. All our properties are currently 
in  excellent condition.

The  majority of properties are now fully let and I am pleased to  inform  you
that  we  now have as a tenant the Maritime Coastguard Agency, adding to 
SWERDA and  MAFF, so  we  now  have three Government offices as  tenants.  
Also,  the Government  Office for the South West has an office not on Company
land,  but overlooking  the harbour.  The area is becoming quite a magnet for 
Government offices within the South West region.

Under  the terms of our partnership with Plymouth City Council,we are  working
together  to  develop  our  site at Vauxhall  St., the council's site at Moon
Street, and to regenerate Elphinstone Phoenix  Wharf,a  nationally important
site of some 2-3 acres between Plymouth's Barbican and the Hoe.   Other
smaller plots of land are also included in our current plans. We  are
delighted and indeed flattered that the City Council has faith in your
company and agrees that we can access grants, speed the planning process,  cut
costs  and develop much more exciting schemes by working together.   All  this
work  represents  a logical extension of what we have been successfully  doing
for the past eight years.

The  marina has remained fully occupied and visitor numbers were significantly
higher last summer than the previous year. We have created two additional mini
marinas catering for some 100 boats to help cope with the demand for moorings.
The  main marina has been totally renewed in the past two years and is now one
of the finest in the west Country.

Our  boatyard  has  been busy all year and its order book  is  now  full,
although  it  is traditionally a quiet time of the year.   The marine  leisure
business  continued  to  grow  during the last year.    Our  more  established
business  at  Sutton  Harbour increased turnover by an impressive  17%  though
profits  grew  more  modestly and Torbay Boating Centre  made  a  satisfactory
maiden contribution to group profits.

Fishing

In  October,  the  Plymouth Trawler Agents, the auctioneers  on  Plymouth 
Fish Market,  became the first independent auction firm in this country to
have  an electronic  auction.   This  should have the  effect  of  boosting 
prices  and consequently,  in due course, increase throughput of the  fish 
market.  What  is  crucial to its success however, are the links to remote
sites in  this country  and  Europe,  and  these  will be connected  shortly. 
We  have  not therefore yet seen the full benefit of this innovation.

The fishing industry in the South West will welcome the installation of remote
sites because at the moment it is going through a difficult time.  Fuel
prices have never been higher; the strength of the pound is depressing export
values  - 60% of Plymouth fish is exported - and in this past winter  the
supply  of fish was poor.  As a result, our income from fishing has fallen, 
in line  with other South West ports.  Nevertheless, at Plymouth although we 
have only one quarter of the fish landed in the area, the clock auction will
enable us to increase our ability to sell fish brought overland from other
ports.  We are sure that there are better times ahead.

Airport Acquisition

One of the most significant events in your company's history took place after
our year end - the acquisition of Plymouth City Airport, including  a
management contract for the Newquay Cornwall Airport.

The City Council, together with the South West of England Regional Development
Agency are investing £8.5m to upgrade the infrastructure around the airport
which will eventually allow 70/80 seaters to land on our present runway.  The
airport serves a population of more than one third of a million in an area
isolated from the main commercial centres and thus represents an important
transport link for local businesses and the general community.

We have acquired an existing trading business with strong synergy with our
own. The growth potential is considerable. Plymouth City Airport currently
operates at approximately one-third of capacity so the opportunities to
enhance profits are significant.

The Company's position is protected if the viability of the airport is
threatened, as we will have first charge on the land and we have secured a
three year revenue guarantee from British Airways plc.  The purchase of
Plymouth City Airport Limited, therefore, offers the Group considerable
benefits and has been undertaken at little risk.

In addition to the ownership of Plymouth City Airport Limited the acquisition
involves a short term management contract at Newquay Cornwall Airport.  We
believe that it is beneficial that both of these regional airports are managed
together for the development of the South West region and we are negotiating
to extend this contract.

The acquisition of Plymouth City Airport Limited was funded by the allotment
of 1,666,667 shares to British Airways plc at £1.20 ex dividend.  We also
allotted 600,000 shares at the same price to Plymouth City Council for a lease
premium, which means that we will pay a peppercorn rental for at least the
next 100 years.


Personnel

We  realise  that with a growing Company there is much  pressure on management
resources and as I am pleased to announce that we have appointed John Humphrey
to  the  Board  as  Executive  Director.   John,  who  has  thirty-five  years
experience  in  the  airport industry, will remain Airport Director, but  will
support the other Executive Directors in running all aspects of the business.

Now  that the direction of our immediate future is clearer, it is our
intention to  strengthen  our team further with the appointment of one  or 
more  senior people  with  experience in property development, project work
and  marketing. They  will  join a staff that is experienced, dedicated and
highly  motivated. Once  again  this  year,  led  by the Executive Directors, 
they  have  worked effectively and with enthusiasm.   I thank them all most
warmly.

Future Prospects

Against the backdrop of a fall in fishing income of some 14%, which is  beyond
the  Board's  control,  the  increase in profit  of  some  8.5%   is  more 
than satisfactory.   Indeed,  I  believe your Company now  has  a  springboard
for excellent growth in the forthcoming years.

The  partnership  agreement with Plymouth City Council provides  your  Company
with considerable scope to apply its expertise in the regeneration  and
development of  sites in and around the harbour area.  The first fruits of the
partnership are  likely to accrue in the next three months and plans for the
next  ventures are  taking  shape  now.    We  hope  and  expect  the 
contributions  to  our profitability  from  this  partnership to have a 
significant  impact  on  our affairs for several years to come.

We are particularly excited by the prospects offered by the acquisition of
Plymouth  City  Airport Limited where we are convinced there is a  significant
opportunity to improve its operating profits from present levels.

In  conclusion, therefore, your Company has never been  better  placed  for  a
period  of  sustained profit growth, with a strategy mapped out for  the  next
three  to  four  years which will increase profits, create a stronger  balance
sheet, and enhance shareholder value.


Ellen Winser
Chairman
30 May 2000


For further information, please contact:
Duncan  Godefroy, Managing Director, 
Sutton Harbour Holdings ply:                           Tel:  [phone]
Ken Rees, Winningtons:                                 Tel: [phone]
                                                    Mobile: [phone]


G R O U P   P R O F I T   A N D   L O S S   A C C O U N T
FOR THE YEAR ENDED 31 March 2000

                                           2000             1999
                                           £000             £000

Turnover                                  4,750            4,004
Cost of Sales                             2,935            2,258
                                          ______________________

Gross Profit                              1,815            1,746
   
Net Operating Expenses                      783              731
                                          ______________________
Operating Profit                          1,032            1,015

Interest Payable                            237              282
                                          ______________________

Profit on Ordinary Activities
Before Taxation                             795              733
                                          ______________________

Taxation on Profit on Ordinary
Activities

Current year Taxation                         -                -
Write off of ACT Debtor                       -              253
                                          ______________________
Profit on Ordinary Activities
After Taxation and Attributable
to Shareholders                             795              480


Dividends                                   400              379
                                          ______________________

Retained Profit for the Year               £395             £101

                                          ______________________

Earnings per Share                         7.97p            4.81p
                                          ______________________

Earnings per Share - fully diluted         7.97p            4.81p
                                          ______________________

Alternative Earnings per Share             7.97p            7.34p
                                          ______________________


                                       
B A L A N C E   S H E E T S
31 March 2000
                                       
                                      THE               THE
                                    GROUP               COMPANY

                                     2000     1999      2000      1999
                                     £000     £000      £000      £000
Fixed Assets
Intangible Assets                      32       27         -         -
Tangible Assets                    24,088   23,878         -         -
Investments                            63       63       172       172
                                   ___________________________________        
                          
                                   24,183   23,968       172       172
                                   ___________________________________
Current Assets
Stock                                 671      605         -         -
Debtors (due within one year)       1,065      932     6,600     6,721
Cash at Bank and in Hand                1        2         8         5
                                   ___________________________________
                                    1,737    1,539     6,608     6,726
                                   ___________________________________
Creditors
(due within one year)              (5,571)  (5,494)     (319)     (431)
                                   ___________________________________
Net Current (Liabilities)/Assets   (3,824)  (3,955)    6,289     6,295
                                   ___________________________________
Total Assets less
Current Liabilities                20,349   20,013     6,461     6,467
                                   ___________________________________
Deferred Income
(due after more than one year)       (226)    (285)        -         -
                                   ___________________________________

                                  £20,123  £19,728    £6,461    £6,467
                                   ___________________________________
Capital and Reserves
Called Up Share Capital             2,495    2,495     2,495     2,495
Share Premium Account               3,981    3,981     3,838     3,838
Revaluation Reserve                 8,198    8,198         -         -
Investment Property 
  Revaluation Reserve               3,334    3,334         -         -
Merger Reserve                        108      108         -         -
Profit and Loss Account             2,007    1,612       128       134
                                   ___________________________________

Equity Shareholders' Funds        £20,123  £19,728    £6,461    £6,467


The Financial Statements were approved by the Board of Directors on 
30 May 2000.
M. Ellen Winser.
Chairman.
                                       
Group Statement of Recognised
Gains and Losses
FOR THE YEAR ENDED 31 March 2000
                                       

                                       

                                            2000         1999
                                            £000         £000

Grants and contributions for 
North Quay House, new Fish Market
and old  Barbican Fish Market 
developments                                   -           58

Net deficit on revaluation of properties       -         (332)

Reported Profits in the Group Companies      795           480
                                         _______________________

Total Recognised Gains and 
Losses for the Year                         £795         £206
                                         _______________________              
                     
                                       
                                       
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 March 2000
                                       
                                                     2000        1999
                                                     £000        £000

Reconciliation of Operating Profit 
to Net Cash inflow from Operating Activities

Operating Profit                                    1,032       1,015

Depreciation Charges                                   94          90

Amortisation of Grants                                (20)        (25)

Amortisation of Intangible Fixed Assets                 4           1

Loss/(Profit) on Disposal of Tangible Fixed Assets      6          (4)

Profit on Disposal of Investments                       -          (9)

(Increase)/Decrease in Stock                          (66)         65

(Increase) in Debtors                                (133)        (36)

Increase in Creditors                                 111         218
                                                   ___________________
Net Cash inflow from Operating Activities          £1,028      £1,315
                                                   ___________________


CASH FLOW STATEMENT

Net Cash inflow from Operating Activities           1,028       1,315

Returns on Investments and Servicing of Finance      (260)       (298)

Taxation                                                -         (89)

Capital Expenditure                                  (300)     (1,121)

Dividends Paid                                       (519)       (235)

Financing                                               -          26
                                                   ___________________
(Decrease) in Cash in the Year                       (£51)      (£402)
                                                   ___________________
Reconciliation of Net Cash Flow to
Movement in Net Debt

(Increase) in Net Debt in the Year                    (51)       (402)

Net Debt at 1 April 1999/1 April 1998              (3,700)     (3,298)
                                                   ___________________
                                                      
Net Debt at 31 March 2000/31 March 1999           (£3,751)    (£3,700)
                                                   ___________________