Sutton Harbour share price tumbles following publication of interim results

AIM-listed marine and waterfront regeneration specialist Sutton Harbour posted a decline in revenue for the six months to September 30th prompting a sharp decline in its share price on Wednesday.

AIM-listed marine and waterfront regeneration specialist Sutton Harbour posted a decline in revenue for the six months to September 30th prompting a sharp decline in its share price on Wednesday.

The Plymouth-based group's interim results showed that revenue had fallen to £3.93m in the half year to September 30th from £6.06m in the corresponding period in 2011.

Gross operating profit before administration costs and asset impairments fell to £1.49m from £2.74m in the corresponding period last year.

Michael Knight, Chairman of Sutton Harbour, commented: "During the first half year trading has continued in line with our expectations of challenging trading conditions and we have been implementing specific strategies to build profile and to target new markets.

The company has established its position as a niche real estate operator specialising in waterfront destinations and associated marine activities. We are actively pursuing our plans for the delivery of King Point Marina and marketing of berths; making progress with future ideas for "Destination Sutton Harbour" as well as the former airport site; and, managing the Sutton Harbour estate for long-term income and asset growth."

The group provides berthing for 573 vessels. Its share price was down 15.71% to 29.50p at 15:48 on Wednesday afternoon.

MF

Recommended

Share tips of the week - 12 August
Share tips

Share tips of the week - 12 August

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
12 Aug 2022
Britain’s ten most-hated shares – w/e 9 August
Stocks and shares

Britain’s ten most-hated shares – w/e 9 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
10 Aug 2022
Aviva: One for income investors to tuck away
Share tips

Aviva: One for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
10 Aug 2022
Director dealings w/e 5 August: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 5 August: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
9 Aug 2022

Most Popular

UK House Prices Set To Fall? It’s Not So Simple
House prices

UK House Prices Set To Fall? It’s Not So Simple

Figures suggest UK house prices are starting to slide, but we shouldn’t take these numbers at face value, explains Rupert Hargreaves.
11 Aug 2022
Are UK house prices finally heading for a crash?
House prices

Are UK house prices finally heading for a crash?

The latest house price figures show a fall of 0.1% in July. With interest rates rising, inflation hitting double figures and a recession on the cards,…
5 Aug 2022
Three solar stocks to invest in
Renewables

Three solar stocks to invest in

This week, professional investor Nicholas Mersch of the HANetfS&P Global Clean Energy Select HANzero UCITS ETF tells us three solar stocks to invest i…
12 Aug 2022