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PLYMOUTH - Sutton Harbour Group plc is focusing on debt reduction and refinancing as it navigates challenging market conditions, according to a statement released at the company’s Annual General Meeting on Wednesday.
The property and marina operator is working to meet a deferred £6.5 million bank loan repayment due March 31, 2026, through various measures including asset disposals. The company’s current bank facility expires in December 2026, and management is collaborating with professional advisors to secure new facilities alongside further debt reduction.
The company noted that asset sales completed to date have resulted in "a material decline in rental revenue mostly offset by the savings in interest" following loan reduction payments.
Sutton Harbour reported steady trading at its marinas with revenues comparable to the previous year, while car parking revenues have increased in line with price rises implemented in April 2025. Investment property occupancy has remained consistent throughout the financial year to date.
The company has recovered part of its professional costs related to determining certain clauses within its lock operating agreement with the Environment Agency, costs previously recorded as exceptional in financial statements for years ended March 31, 2024 and 2025.
Plymouth Fisheries continues to maintain facilities despite the closure of the auction by its former operator in May 2024. Fish landed is now transported overland for auction elsewhere, with fisheries revenues stabilized "but at a new lower level."
The board has decided to pause expenditure on new developments until market conditions improve, citing subdued demand for luxury waterfront residential property and commercial development. The company is exploring interim uses for vacant sites to improve revenue and reduce property holding costs.
Sutton Harbour’s interim results for the six-month period ending September 30, 2025, are scheduled for publication in December 2025, according to the press release statement.
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