Sutton Harbour Sees Significant Loss From Air Southwest Disposal

14th Jul 2010 12:14

Sutton Harbour Holdings PLC (SUH-GB), a company which specializes in infrastructure and regeneration activities operating primarily in the South West of England, said today that it is expected that a significant loss will be incurred on disposal of Air Southwest which will be treated as a discontinued operation in the Group's accounts. This loss disappointing but the Board believes it is in the long-term interests of the company to focus on strengths and to eliminate the volatility inherent in airline operations. Trading from continuing operations is currently in line with expectations. The marine sector has made a strong start to the year, although the transport sector's performance continues to be hampered by difficult economic, as well as unforeseen environmental, factors. The period of Icelandic volcanic ash disruption in April 2010 was a set-back and in addition to the immediate losses it has had the effect of deterring some potential passengers. Investment property portfolio is performing well and continues to provide quality earnings. The pipeline of regeneration projects continues to provide visibility of future profits for the Group. Further phases in Exeter, Portland and Swansea are also being prepared to take effect as economic circumstances permit. (MORE TO FOLLOW) Dow Jones Newswires July 14, 2010 07:14 ET (11:14 GMT)