Sutton Harbour Group PLC - Plymouth, England-based marine and waterfront regeneration specialist - Updates on trading at today’s annual general meeting. Reports that summer trading has been successful, with particularly strong performance recorded by the car parks. Notes both marinas are currently trading at close to capacity each with 96% occupancy. Adds increasing visitor revenue has taken the overall equivalent occupancy rate of the marinas to 99% in the five-month period to the end of August. Points out fisheries trading is slightly improved in the trading year to date compared with the prior period, buoyed particularly by fuel sales by volume up 29%. In April, the company took the decision to reduce the margin charged on fuel sold to support the fishing industry and to attract more vessels and this increased sales volume is assisting to restore and grow profit on fuel sold.

Further, says the construction of the Harbour Arch Quay building at Sutton Harbour is now nearing completion. Of the total 14 apartments, 12 have exchanged and 2 are pending exchange. Development finance is expected to be fully repaid by mid October 2023.

In addition, cautions the cost of servicing debt has become an increasing burden as interest rates have risen. Continues to consider instruments to fix rates on all/part of the debt, subject to securing acceptable terms.

Current stock price: 15.00 pence

12-month change: down 38%

Copyright 2023 Alliance News Ltd. All Rights Reserved.