Marina and ports operator and property developer Sutton Harbour Holdings says that last year’s trading was in line with expectations but house broker Arden has cut its profit forecast for the year to March 2014.
Arden has maintained its 2012-13 profit forecast at £700,000 but the 2013-14 forecast has been cut from £700,000 to £500,000.
Crystal Amber Fund continues to buy shares and has increased its stake to 28.4%.
Sutton Harbour had already revealed that the BBC will not be moving to the East Quays site at the harbour. The BBC has been dithering about the move for a number of years so at least the situation has been resolved. A new tenant will be required for one-third of the site.
Trading at the fish market has declined from last year’s peak performance. Rental and car parking revenues have held up.
Net debt was £17.5m at the end of March 2014. A further £3.2m investment is required to complete the new 171 berth marina in Plymouth.
At 22.5p a share, Sutton Harbour is valued at £21.7m. Arden reckons that the net asset value is still around 38.5p a share. The shares are trading at a 42% discount to NAV.
The full year figures will be released on 19 June.
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