Sutton's full-year results hit by economic downturn

19th Jun 2013 08:13

Waterfront regeneration and destination specialist, Sutton Harbour Holdings, posted an annual loss as revenues fell in the face of difficult trading conditions. The company reported a loss before tax of £3.67m for the year ended March 31st, compared to last year's profit before tax of £0.655m.Revenues declined to £7.0m from £9.9m as the group's tenants were hit by the economic downturn which led to delays in gaining new lettings and rental properties. "Equally, opportunities for profitable development are limited; however, our prime sites mean we are well placed to benefit from any up-turn," Sutton said in a statement. "Against this background, the marina and fishing activities have proved resilient."Net assets at the end of the period amounted to £36.6m, down from £41.5m in 2012.Net bank debt stood at £17.4m, up from last year's £15.8m.Gross profit fell to £2.720m from £3.969m, before accounting for impairments and administration costs. Sutton has advised against a final dividend on the year's results.RD