TIDMSUH
RNS Number : 4477Y
Sutton Harbour Holdings PLC
05 December 2017
05 December 2017
SUTTON HARBOUR HOLDINGS PLC ("the Group")
Interim results for the six-month period to 30 September
2017
Sutton Harbour Holdings plc ("Sutton Harbour", the "Company"),
the AIM-listed marine and waterfront regeneration specialist,
announces its interim results for the six-month period to 30
September 2017.
Financial Highlights
-- Adjusted* profit before tax GBP0.136m (2016: GBP0.232m);
-- Loss before tax of GBP0.702m (2016: loss of GBP0.038m);
-- Net assets of GBP39.084m (31 March 2017: GBP40.141m);
-- Net debt GBP22.965m (31 March 2017: GBP22.458m).
*Excluding fair value adjustments
Highlights
-- The Company has concentrated on preparations for the public
hearing of the 'Plymouth and South West Devon Joint Local Plan'
("Joint Local Plan") commencing January 2018.
-- Pre-planning work has continued in respect of the Sugar House
site and the Harbour Arch Quay site at Sutton Harbour
-- Slower activity at Plymouth Fisheries during first half year
off-set with sustained recovery since September 2017.
-- Further infrastructure works underway at Plymouth Fisheries
Auction Hall with match grant funding.
Events post six-month period
-- On 23(rd) November 2017, the Company and FB Investors LLP
jointly announced a Recommended Partial Cash Offer for the Company
for up to 70% of the Company plus a Proposed Share Subscription of
GBP2.75m (the "Offer").
-- Further details of the Partial Offer, Share Subscription and
General Meeting in relation to the Share Subscription are set out
in an Offer Document, Form of Acceptance and Form of Proxy which
are being sent to shareholders shortly.
Graham Miller, Chairman, commented:
"The Company is looking forward to taking an active part in the
forthcoming public hearing of the 'Joint Local Plan', as well as
continuing to promote its proposed regeneration schemes, whilst
supporting the trading activities through strategic investment and
new initiatives for operational improvements. After the half-year
period ended, we were pleased to announce that FB Investors LLP had
made a Recommended Partial Cash Offer for the Company. This allows
Shareholders the opportunity to realise a significant proportion of
their investment in the Company whilst retaining a meaningful stake
in future value growth which the Board believes will be enhanced by
the proposed share subscription and expertise of the incoming
investors."
For further information, please contact
Sutton Harbour Holdings
plc
Jason Schofield - Chief
Executive
Natasha Gadsdon - Finance
Director 01752 204186
Arden Partners (Nomad
and Broker)
John Llewellyn-Lloyd
Benjamin Cryer 020 7614 5917
Rothschild (Financial
Advisor)
John Byrne 020 7280 5000
DCA (Financial PR)
Philip Ranger 07768 534641
Chairman and Chief Executive's Statement
INTERIM RESULTS
Excluding fair value adjustments, the adjusted profit before
taxation for the six-month period ending 30 September 2017 was
GBP0.136m (2016: GBP0.232m).
As at 30 September 2017, net assets were GBP39.084m compared to
GBP40.141m as last reported as at 31 March 2017. The decrease of
GBP1.057m incorporates the results of the independent property
valuation as at 30 September 2017. This valuation gave rise to a
surplus of GBP25,000 on the investment portfolio. The deficit of
GBP1,225,000 on the owner occupied property assets resulted
primarily from a slow first quarter's trading at Plymouth Fisheries
and a capital expenditure reserve. Since the balance sheet date,
trading at Plymouth Fisheries has recovered significantly and the
board believes the capital investment programme will underpin
future prospects for this business.
Net debt (comprising net bank debt and outstanding finance
leases) stood at GBP22.965m, up from GBP22.458m at 31 March 2017
reflecting the normal annual cash cycle which peaks at the start of
the year as rents and annual berthing fees are received and lowers
until new season berthing fees are paid from the end of the
calendar year onwards. As at 30 September 2017, gearing stood at
58.8%, up from 55.9% as at 31 March 2017.
The board does not recommend payment of an interim dividend.
REGENERATION
During the first half year the Company has continued to prepare
for the forthcoming public hearing of the proposed 'Joint Local
Plan' which will determine the planning framework for Plymouth and
South West Devon until 2034. This has particular significance for
the Former Airport Site, a c.113 acre brownfield site redundant for
the last six years, in which the Company has legal interest, and
also for further development and improvement of the Sutton Harbour
area where the Company holds significant freehold land and
property. On 13 November 2017 the appointed planning inspectors
issued a timetable with specific topics for the public hearing
which is scheduled to start on 30 January 2018 and anticipated to
run until March 2018.
Pre-planning work has been actively progressed for both the
Sugar House, East Quays site and for a smaller mixed use building
known as Harbour Arch Quay, which is another site fronting the
Harbour. MMO licensing for the 'Boardwalk' scheme is expected to be
received before the end of the financial year.
TRADING
Whilst marina berthing revenue remained level with last year and
car parks revenue increased by 6% compared to the first half of
last year, activity at Plymouth Fisheries was unusually slow in the
first quarter. Fisheries trading has significantly strengthened
from July 2017 onwards. During the period the Company expensed
GBP49,000 to remove an abandoned vessel in the harbour which had
been the subject of a 13 year-long dispute. The vessel owner is
being pursued for costs.
Investment property occupancy has remained stable during the
first three months and the Company continues to actively market
vacant office space.
INFRASTRUCTURE
Match grant funded works to undertake essential improvements at
Plymouth Fisheries are in progress comprising installation of
energy efficient boilers and LED lighting and hygienic wall
cladding to the auction hall building. The Company has made a
further grant application to modernise the fuel and utility servery
points and associated fuel storage infrastructure.
At King Point Marina the wave gates, which were never
commissioned, have now been removed and the installation of an
alternative replacement wave mitigation structure, a 'wave break
pontoon' is under construction and due for completion by mid-2018.
The cost of these works is being borne by the contractor.
The Company is consulting with lawyers to determine respective
responsibilities of the Environment Agency and the Company in
agreements in relation to the Sutton Lock and the associated
footbridge which date back to the 1990s. In the meantime, the
Company is working with stakeholders, including the Environment
Agency, to agree a plan to instigate the repair of the
out-of-action footbridge as soon as possible.
RECOMMED PARTIAL OFFER BY FB INVESTORS LLP ("FB INVESTORS")
On 23 November 2017, FB Investors and Sutton Harbour jointly
announced that they had reached agreement on the terms of a
recommended partial cash offer (the "Partial Offer") to be made by
FB Investors to acquire up to 70 per cent. of the issued ordinary
share capital of Sutton Harbour. In connection with the Partial
Offer, FB Investors and Sutton Harbour also have entered into a
conditional share subscription agreement (the "Share Subscription")
pursuant to which GBP2.75m of proceeds will be raised by Sutton
Harbour, which will be used to assist Sutton Harbour in its
regeneration activities as well as provide additional working
capital and the payment of costs incurred in relation to the Formal
Sales Process.
Further details of the Partial Offer and Share Subscription are
set out in an Offer Document, Form of Acceptance and Form of Proxy
which are being sent to shareholders shortly.
This announcement follows the strategic review and formal sales
process the Company announced on 21 April 2016 to assess all
options to generate value for Sutton Harbour shareholders.
OUTLOOK
As was noted at the time of the announcement on 23 November
2017, with the assistance and investment of FB Investors, Sutton
Harbour will seek to continue to deliver the Group's vision for the
area in and around Sutton Harbour, with the aim of establishing the
Company as a leading waterfront destination in the UK.
FB Investors supports the management team's vision for the
former airport site at Plym Vale and will support their long-term
aspiration to develop it - the Company is looking forward to taking
an active part in the forthcoming public hearing of the 'Joint
Local Plan'. We continue to promote our proposed regeneration
schemes and we are supporting our trading activities through
strategic investment and new initiatives for operational
improvements.
GRAHAM MILLER JASON SCHOFIELD
Chairman Chief Executive
Consolidated Statement of 6 months 6 months Year Ended
Comprehensive Income to to
30 September 30 September 31 March
2017 2016 2017
(unaudited) (unaudited) (audited)
Note GBP000 GBP000 GBP000
-------------- -------------- -----------
Revenue 3 3,473 3,633 6,718
Cost of sales before onerous
leases (2,155) (2,120) (4,130)
Onerous leases - - (173)
Cost of Sales (2,155) (2,120) (4,303)
Gross Profit 1,318 1,513 2,415
-------------- -------------- -----------
Fair value adjustment on
fixed assets and investment
property (838) (270) (105)
Administrative expenses (720) (770) (1,300)
Operating profit from continuing
operations 3 (240) 473 1,010
Financial income - - -
Financial expense (462) (511) (957)
Net financing costs (462) (511) (957)
(Loss)/profit before tax
from continuing operations 3 (702) (38) 53
Taxation (charge)/credit
on profit from continuing
operations 4 (27) 7 (13)
(Loss)/profit from continuing
operations (729) (31) 40
============== ============== ===========
Basic (loss)/earnings per
share 6 (0.76)p (0.03)p 0.04p
Diluted (loss)/earnings per
share 6 (0.76)p (0.03)p 0.04p
6 months 6 months Year Ended
to to
30 September 30 September 31 March
2017 2016 2017
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
-------------- -------------- -----------
(Loss)/profit from continuing
operations (729) (31) 40
Other comprehensive (expense)/income
Continuing operations:
Revaluation of property,
plant and equipment (374) (742) (765)
Deferred taxation on income
and expenses recognised directly - - -
in the consolidated statement
of comprehensive income
Effective portion of changes
in fair value of cash flow
hedges 46 (71) (3)
Total other comprehensive
expense (328) (813) (768)
-------------- -------------- -----------
Total comprehensive expense
for the period attributable
to equity shareholders (1,057) (844) (728)
============== ============== ===========
Consolidated Balance Sheet As at As at As at
30 September 30 September 31 March
2017 2016 2017
(unaudited) (unaudited) (audited)
Note GBP000 GBP000 GBP000
-------------- -------------- -----------
Non-current assets
Property, plant and equipment 7 24,966 26,153 26,289
Investment property 7 19,485 19,460 19,460
44,451 45,613 45,749
-------------- -------------- -----------
Current assets
Inventories 20,759 20,389 20,569
Trade and other receivables 2,030 1,781 2,060
Cash and cash equivalents 8 281 123 703
Tax recoverable 14 37 13
23,084 22,330 23,345
-------------- -------------- -----------
Total assets 3 67,535 67,943 69,094
-------------- -------------- -----------
Current liabilities
Other interest-bearing - - -
loans and borrowings
Trade and other payables 1,038 1,010 1,173
Finance lease liabilities 111 100 123
Deferred income 1,083 979 1,479
Provisions 9 70 26 71
Derivative financial instruments - - -
-------------- -------------- -----------
2,302 2,115 2,846
-------------- -------------- -----------
Non-current liabilities
Other interest-bearing
loans and borrowings 22,950 22,500 22,800
Finance lease liabilities 185 260 238
Deferred government grants 1,146 1,193 1,169
Deferred tax liabilities 1,670 1,622 1,642
Provisions 9 168 84 182
Derivative financial instruments 30 144 76
26,149 25,803 26,107
-------------- -------------- -----------
Total liabilities 3 28,451 27,918 28,953
-------------- -------------- -----------
Net assets 39,084 40,025 40,141
============== ============== ===========
Issued capital and reserves
attributable to owners
of the parent
Share capital 16,069 16,069 16,069
Share premium 5,368 5,368 5,368
Other reserves 12,355 12,638 12,683
Retained earnings 5,292 5,950 6,021
Total equity 39,084 40,025 40,141
============== ============== ===========
Consolidated Statement Share Share Revaluation Merger Hedging Retained TOTAL
of Changes in Equity capital premium reserve reserve reserve earnings
----------Other Reserves----------
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1 April
2016 16,069 5,368 9,653 3,871 (73) 5,981 40,869
Comprehensive
income/(expense)
Profit for the period - - - - - (31) (31)
Other comprehensive
income/(expense)
Revaluation of property,
plant and equipment - - (742) - - - (742)
Effective portion
of changes in fair
value of cash flow
hedges - - - - (71) - (71)
--------- --------- ------------- --------- --------- ---------- ----------
Total other comprehensive
income/(expense)
- period ended 30
September 2016 - - (742) - (71) - (813)
--------- --------- ------------- --------- --------- ---------- ----------
Total comprehensive
income/(expense)
- period ended 30
September 2016 - - (742) - (71) (31) (844)
--------- --------- ------------- --------- --------- ---------- ----------
Balance at 30 September
2016 16,069 5,368 8,911 3,871 (144) 5,950 40,025
--------- --------- ------------- --------- --------- ---------- ----------
Balance at 1 October
2016 16,069 5,368 8,911 3,871 (144) 5,950 40,025
Comprehensive
income/(expense)
Profit for the period - - - - - 71 71
Other comprehensive
income/(expense)
Revaluation of property,
plant and equipment - - (23) - - - (23)
Effective portion
of changes in fair
value of cash flow
hedges - - - - 68 - 68
--------- --------- ------------- --------- --------- ---------- ----------
Total other comprehensive
income/(expense)
- period ended 31
March 2017 - - (23) - 68 - 45
--------- --------- ------------- --------- --------- ---------- ----------
Total comprehensive
income/(expense)
- period ended 31
March 2017 - - (23) - 68 71 116
--------- --------- ------------- --------- --------- ---------- ----------
Balance at 31 March
2017 16,069 5,368 8,888 3,871 (76) 6,021 40,141
--------- --------- ------------- --------- --------- ---------- ----------
Balance at 1 April
2017 16,069 5,368 8,888 3,871 (76) 6,021 40,141
Comprehensive
income/(expense)
Loss for the period - - - - - (729) (729)
Other comprehensive
income/(expense)
Revaluation of property,
plant and equipment - - (374) - - - (374)
Effective portion
of changes in fair
value of cash flow
hedges - - - - 46 - 46
--------- --------- ------------- --------- --------- ---------- ----------
Total other comprehensive
income/(expense)
- period ended 30
September 2017 - - (374) - 46 - (328)
--------- --------- ------------- --------- --------- ---------- ----------
Total comprehensive
income/(expense)
- period ended 30
September 2017 - - (374) - 46 (729) (1,057)
--------- --------- ------------- --------- --------- ---------- ----------
As at 30 September
2017 16,069 5,368 8,514 3,871 (30) 5,292 39,084
========= ========= ============= ========= ========= ========== ==========
Consolidated Cash Flow Note 6 months 6 months Year Ended
Statement to to
30 September 30 September 31 March
2017 2016 2017
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
----- -------------- -------------- -----------
Cash generated from total
operating activities 10 95 99 1,008
Cash flows from investing
activities
Net expenditure on investment (2) - -
property
Expenditure on property,
plant and equipment (138) (111) (296)
Net cash used in investing
activities (140) (111) (296)
-------------- -------------- -----------
Cash flows from financing
activities
Interest paid (462) (512) (957)
Loan drawdowns/(repayment
of borrowings) 150 - 300
Net finance lease (payments)/receipts (65) (39) (38)
Net cash generated from
financing activities (377) (551) (695)
-------------- -------------- -----------
Net (decrease)/increase
in cash and cash equivalents (422) (563) 17
Cash and cash equivalents
at beginning of period 703 686 686
Cash and cash equivalents
at end of period 8 281 123 703
============== ============== ===========
1. General information
This consolidated interim financial information does not
comprise statutory accounts within the meaning of section 434 of
the Companies Act 2006. Statutory accounts for the year ended 31
March 2017 were approved by the Board of Directors on 27 June 2017
and delivered to the Registrar of Companies. The report of the
auditors on those accounts was unqualified and included an
'Emphasis of matter' which referred to the valuation of inventory
relating to the former Plymouth Airport site.
Copies of the Group's financial statements are available from
the Company's registered office, Tin Quay House, Sutton Harbour,
Plymouth, PL4 0RA and on the Company's website
www.sutton-harbour.co.uk.
This consolidated interim financial information has not been
audited.
2. Basis of preparation
The consolidated interim financial information should be read in
conjunction with the annual financial statements for the year ended
31 March 2016, which have been prepared in accordance with
International Financial Reporting Standards (IFRS) and
International Financial Reporting Interpretation Committee (IFRIC)
interpretations as endorsed by the European Union, and those parts
of the Companies Acts 2006 as applicable to companies reporting
under IFRS.
Accounting policies
Except as described below, the accounting policies applied are
consistent with those of the annual financial statements for the
year ended 31 March 2017, as described in those annual financial
statements.
Adoption of new International Financial Reporting Standards
The following new standards, amendments to standards or
interpretations have been issued, but are not effective for the
financial year beginning 1 April 2017 and have not been adopted
early:
IFRS 15 Revenue from Contracts with Customers: *1 January
2018
IFRS 9 Financial Instruments: * 1 January 2018
* mandatory effective date is periods commencing on or after
Accounting estimates and judgements
The preparation of financial statements in conformity with IFRS
requires management to make judgements, estimates and assumptions
that affect the application of policies and reported amounts of
assets and liabilities, income and expenses. The estimates and
associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making
judgements that are not readily apparent from other sources. Actual
results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised, if the revision
affects only that period, or in the period of the revision and
future periods, if the revision affects both current and future
periods.
3. Segment information
Management has determined the operating segments based on the
reports reviewed by the Board of Directors that are used to make
strategic decisions.
The Board of Directors considers the business from an
operational perspective as having only one geographical segment,
with all operations being carried out in the United Kingdom.
The Board of Directors considers the performance of the
operating segments using operating profit. The segment information
provided to the Board of Directors for the reportable segments for
the period ended 30 September 2016 is as follows:
6 months
to 30 September Real Car
2017 Marine Estate Parking Regeneration Total
GBP000 GBP000 GBP000 GBP000 GBP000
Revenue 2,399 765 309 - 3,473
Gross profit
prior to
non-recurring
items 602 573 197 (54) 1,318
Non-recurring
items:
Onerous leases - - - - -
------- -------- --------- ------------- -------
Segmental
Operating
Profit before
Fair value
adjustment
and unallocated
expenses 602 573 197 (54) 1,318
Fair value
adjustment
on fixed
assets and
investment
property
assets (861) 23 - (838)
(259) 596 197 (54) 480
Unallocated:
Administrative
expenses (720)
Operating
profit from
continuing
operations (240)
Financial
income -
Financial
expense (462)
-------
Loss before
tax from
continuing
operations (702)
Taxation (27)
-------
Loss for
the year
from continuing
operations (729)
=======
Depreciation
charge
Marine 148
Car Parking 8
Administration 28
-------
184
=======
3. Segment Information (continued)
6 months
to 30 September Real Car
2016 Marine Estate Parking Regeneration Total
GBP000 GBP000 GBP000 GBP000 GBP000
Revenue 2,529 808 296 - 3,633
Gross profit
prior to
non-recurring
items 761 628 180 (56) 1,513
Non-recurring
items:
Onerous leases - - - - -
------- -------- --------- ------------- -------
Segmental
Operating
Profit before
Fair value
adjustment
and unallocated
expenses 761 628 180 (56) 1,513
Fair value
adjustment
on fixed
assets and
investment
property
assets (553) 111 172 - (270)
1,243
Unallocated:
Administrative
expenses (770)
Operating
profit from
continuing
operations 473
Financial
income -
Financial
expense (511)
-------
Loss before
tax from
continuing
operations (38)
Taxation 7
-------
Loss for
the year
from continuing
operations (31)
=======
Depreciation
charge
Marine 142
Car Parking 3
Administration 16
-------
161
=======
3. Segment Information (continued)
Year ended
31 March Real Car
2017 Marine Estate Parking Regeneration Total
GBP000 GBP000 GBP000 GBP000 GBP000
Revenue 4,626 1,609 483 - 6,718
Gross profit
prior to
non-recurring
items 1,207 1,211 291 (121) 2,588
Non-recurring
items:
Onerous leases - (173) - - (173)
Segmental
Operating
Profit before
Fair value
adjustment
and unallocated
expenses 1,207 1,038 291 (121) 2,415
Fair value
adjustment
on fixed
assets and
investment
property
assets (428) 110 213 - (105)
2,310
Unallocated:
Administrative
expenses (1,300)
Operating
profit from
continuing
operations 1,010
Financial
income -
Financial
expense (957)
--------
Profit before
tax from
continuing
operations 53
Taxation (13)
--------
Profit for
the year
from continuing
operations 40
========
Depreciation
charge
Marine 308
Car Parking 12
Administration 16
--------
336
========
30 September 30 September 31 March
2017 2016 2017
GBP000 GBP000 GBP000
Segment assets:
Marine 21,463 22,591 22,865
Real estate 20,259 20,106 20,165
Car Parking 4,182 3,995 4,178
Regeneration 20,802 20,506 20,668
Total segment assets 66,706 67,198 67,876
Unallocated assets:
Property, plant and equipment 94 107 100
Trade & other receivables 454 515 432
Cash & cash equivalents 281 123 686
Total assets 67,535 67,943 69,094
============= ============= =========
3. Segment Information (continued)
30 September 30 September 31 March
2017 2016 2017
GBP000 GBP000 GBP000
Segment liabilities:
Marine 2,059 2,128 2,361
Real estate 449 387 531
Car Parking 75 64 121
Regeneration 830 843 932
Total segment liabilities 3,413 3,422 3,945
Unallocated liabilities:
Bank overdraft & borrowings 23,246 22,500 23,161
Trade & other payables 92 230 129
Financial Derivatives 30 144 76
Tax payable - - -
Deferred tax liabilities 1,670 1,622 1,642
------------- ------------- ---------
Total liabilities 28,451 27,918 28,953
============= ============= =========
Unallocated assets included in total assets and unallocated
liabilities included in total liabilities are not split between
segments as these items are centrally managed.
4. Taxation
The Company has applied an effective tax rate of 20% (2016: 20%)
based on management's best estimate of the tax rate expected for
the full financial year and is reflected in a movement in deferred
tax.
5. Dividends
The Board of Directors do not propose an interim dividend (2016:
nil).
6. Earnings per share
6 months 6 months Year Ended
to to
30 September 30 September 31 March
2017 2016 2017
(unaudited) (unaudited) (audited)
pence pence pence
-------------- -------------- -----------
Continuing operations
Basic earnings per share (0.76) (0.03) 0.04
Diluted earnings per
share* (0.76) (0.03) 0.04
Basic Earnings per Share:
Basic earnings per share have been calculated using the loss for
the period of GBP729,000 (2016: loss GBP31,000, year ended 31 March
2017 profit GBP40,000). The average number of ordinary shares in
issue, excluding those options granted under the SAYE scheme, of
96,277,086 (2016: 96,277,086; year ended 31 March 2017: 96,277,086)
has been used in our calculation.
Diluted Earnings per Share:
Diluted earnings per share uses an average number of 96,277,086
(2016: 96,277,086; year ended 31 March 2017 96,277,086) ordinary
shares in issue, and takes account of the outstanding options under
the SAYE scheme in accordance with IAS 33 'Earnings per share'.
There are no outstanding options under expire SAYE schemes.
7. Property valuation
Freehold land and buildings and investment property have been
independently valued by Jones Lang LaSalle as at 30 September 2017,
in accordance with the Practice Statements in the Valuations
Standards (The Red Book) published by the Royal Institution of
Chartered Surveyors.
A further valuation will be commissioned for the year ending 31
March 2018, as in previous years.
8. Cash and cash equivalents
As at As at As at
30 September 30 September 31 March
2017 2016 2017
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
------------- ------------- ----------
Cash and cash equivalents
per balance sheet and
cash flow statement 281 123 703
============= ============= ==========
9. Provisions
Onerous Total
leases
GBP000 GBP000
------- ------
Balance at 1 April
2016 141 141
Provisions made during - -
the year
Provisions utilised
during the year (31) (31)
Balance at 30 September
2016 110 110
======= ======
Provisions made during
the year 173 173
Provisions utilised
during the year (30) (30)
------- ------
Balance at 31 March
2017 253 253
======= ======
Provisions made during - -
the year
Provisions utilised
during the year (15) (15)
------- ------
Balance at 30 September
2017 238 238
======= ======
Current 70 70
Non-current 168 168
238 238
======= ======
10. Cash flow statements
6 months 6 months Year Ended
to to
30 September 30 September 31 March
2017 2016 2017
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
-------------- -------------- -----------
Cash flows from operating
activities
(Loss)/profit for the
period (729) (31) 40
Adjustments for:
Taxation 27 (7) 13
Financial income - - -
Financial expense 462 511 934
Fair value adjustment
on fixed assets and
investment property 838 270 105
Depreciation 184 161 336
Amortisation of grants (23) (23) (45)
Loss on sale of property,
plant and equipment 4 11 9
Cash generated from
operations before changes
in working capital and
provisions 763 892 1,392
Increase in inventories (151) (332) (472)
Decrease/(increase)
in trade and other receivables 29 240 (18)
(Decrease)/increase
in trade and other payables (135) (107) 57
Decrease in deferred
income (396) (563) (63)
(Decrease)/increase
in provisions (15) (31) 112
Cash generated from
operations 95 99 1,008
============== ============== ===========
11. Capital Commitments
At 30 September 2017 the Group has engaged contractors to
perform GBP0.2m of work in the Fisheries complex. Some of this cost
will be set off by grant contribution.
12. Post Balance Sheet Events
On 23 November 2017, the Company and FB Investors LLP jointly
announced a Recommended Partial Cash Offer for the Company for up
to 70% of the Company plus a Proposed Share Subscription of
GBP2.75m (the "Offer").
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BDBDDDDGBGRU
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