Sutton Harbour rues aviation drag

15th Jun 2011 10:53

Port operator and regeneration group Sutton Harbour's profits fell sharply as its now discarded airline and soon-to-be closed airport proved a "major cash drain." The company posted a pre-tax profit on continuing operations of £1.71m for the period, down from £6.45m the previous year. The company is not paying a dividend."The airline and Plymouth City Airport have recently been a major cash drain for the group and significant losses have been incurred," chairman Michael Knight said."Our recent actions will mean that the group's exposure to cash volatility and the associated business risks will be significantly reduced going forward."Sutton sold Air South West in November and announced in April that Plymouth City Airport are closing. The company now intends to focus on its marine and regeneration activities.It has been named as preferred bidder for the development and operation of a marina in Plymouth.---RG