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.

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