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|08/09/2016 09:52:52||London Stock Exchange||Result of AGM|
|07/09/2016 14:46:42||London Stock Exchange||Annual General Meeting Statement|
|28/06/2016 07:00:06||London Stock Exchange||Preliminary Results for Year Ended 31 March 2016|
|05/05/2016 16:00:02||London Stock Exchange||Form 8 (OPD) (Sutton Harbour Holdings plc)|
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Research reports on SUTTON HARBOUR HOLDINGS PLC
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Sutton Harbour Holdings plc - Interim results for the six months to 30 September 2015
04 Dec 15
Interims – Growing recurring revenues
01 Dec 15
Overview. Interims showed good progress with the strategy to grow recurring revenues and profits with Marine, Real Estate and Car Parking all recording higher operating profits. Regeneration remained busy with development projects but made a small loss, similar to H1 last year, reflecting the absence of any disposal profits, leaving Group operating profits up 17.6% to £0.8m. After finance costs, this left the adjusted PBT up 56% at £0.25m. In addition, there was a fair value gain on investment property of £1.0m, leaving reported PBT up 91% at £1.26m and NAV up to 43.1p/share (March 2015: 42.0p/share)
Finals – Good growth in recurring profits
23 Jun 15
Sutton Harbour Holdings made good progress last year with its strategy of growing recurring “annuity” revenues and also with advancing development opportunities, with adjusted profits up 12.7% to £0.347m and net assets up 5% from 40.0p/share to 42.0p/share.
Boardwalk planning consent granted
16 Feb 15
The Company reports that planning consent has been granted for the ‘Boardwalk’ scheme in the Vauxhall Quay area of Sutton Harbour, Plymouth. The scheme comprises a total 7,807 sq ft (725 m2) of lettable space in two larger units for quality family and visitor-orientated restaurant use and one smaller pavilion unit.
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Fighting the waves
25 Oct 16
Management action in response to a tough trading climate and falling profits should contribute to a sound recovery in profits next year. Following share price weakness, the group is valued at a substantial discount to both the broking market leader Clarkson and to other peers. Meanwhile, if the dividend can be held, the shares offer a well above-average yield, pending an eventual improvement in trading conditions.
21 Oct 16
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FY17 expectations unchanged. Interim dividend maintained
25 Oct 16
Interims reflect tough markets which impacted Technical. Shipbroking delivered a resilient result and Logistics has performed well. The interim dividend has been held at 9.0p. The group anticipate an improvement in H2. The Board’s expectations for the year are unchanged based upon the strength of the order book due in H2, its ongoing market coverage and the benefits of action taken previously. We have retained our FY2017 PBT forecast of £8.7m and a maintained dividend. We reiterate our Buy and adjust our TP to 450p.
Doing things differently
25 Oct 16
Growing pains have impacted on its operational performance (EBIT margins 5.8% FY15 vs 12.2% FY13) and the HSS Hire valuation is at distressed levels (price to book 0.4x vs 1.3x at the time of the float). As the top-line catches up with the expanded cost base and the roll-out of the NDEC leads to greater efficiencies, margins and returns will rebound. Historical experience has shown that price to book ratios typically match these improvements (see Ashtead FY08-FY15, price to book expanded +196%). Therefore, we see scope for material upside in the share price as the expected operational recovery to progress. Our 12 month target of 115p equates to a 0.8x price to net operating assets
Risks discounted leaving significant upside
18 Oct 16
FY 2016 sales grew strongly at +22% but EPS growth lagged at +3% (our revised forecast -1%) as staff attrition and significant investment in new services held back profitability. Conversion of profit into cash improved significantly, at 240% in H2, as shorter payment terms and a lower level of extensions also benefited. We make no major changes to our forecasts and reiterate our view that Utilitywise is at the forefront of a changing energy market, supported by investment in innovative technology. The current valuation is entirely focused on the short-term challenges and ignores the growth potential supported by the new services.