Crystal Amber increases Sutton stake

28th Jan 2011 12:42

Crystal Amber is continuing to add to its holding in AIM-quoted Sutton Harbour following the company's sale of its airline business. AIM-quoted investment company Crystal Amber has added 275,000 shares to take its holding in the Plymouth-based property developer and port operator to 12.14%. Air Southwest was sold to Eastern International Airlines, which paid £1.5m for the airline but there were adjustments for unflown ticket revenues and working capital of £2.8m. That means that there will be a cash outflow of £1.3m. Balance sheet write-offs led to a total loss of £7.3m.Sutton Harbour still has to make a decision what to do with Plymouth Airport. The number of flights has been reduced by Eastern now that it has given up the Gatwick route and the airport is losing money. Sutton Harbour is on a sounder footing and a major uncertainty has been eliminated by the airline sale.