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Sutton Harbour Holdings

  • BY: Andrew Hore |
  • POSTED: 06/04/2012 |

Marina and ports operator and property developer Sutton Harbour Holdings says that a delayed disposal and the costs of management changes mean that its results will be marginally lower than expected.

The disposal of the Cumbria LIFT healthcare project should be completed by the end of the summer.

The figures from Plymouth City Airport, which closed before Christmas, are included under discontinued activities.

Just before the end of the financial year, Sutton Harbour received a £1.3m payment relating to the Plymouth airport land that it is selling. Bank debt was £16m at the end of March 2012.

There is still plenty of land at the airport that can be developed. The site is 104 acres.

Sutton Harbour is near to finalising the agreement for the development of the Kingpoint Marina facility, at Millbay, Plymouth and this should be ready for the 2013-14 season.

At 23.5p a share, Sutton Harbour is valued at £22.6m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMarch2012_30.pdf

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