StockMarketWire.com - Harbour property and marina group Sutton Harbour booked a full-year loss, as lockdowns weighed on car parking revenue, and said it expected to raise capital soon to fund developments.

Pre-tax losses for the year through March amounted to £2.37 million, compared to year-on-year losses of £0.76 million. Revenue dropped 18% to £5.4 million.

Sutton Harbour said it had seen a strong recovery in parking revenues in summer 2020 after lockdown ended and the same trend was now apparent for 2021.

The first new development project at Sutton Harbour in a decade, Harbour Arch Quay, was due to start on site imminently.

'The group has used the last year to advance the development projects, invest in a new development site and develop the marketing and operations efficiencies of the marinas business,' executive chairman Philip Beinhaker said.

'The group now wishes to continue its pace of progress.'

'To support the completion of the Harbour Arch Quay development, provide headroom to invest in other strategic sites and support the costs of planning and professional fees the group accordingly intends to make an open offer for new equity capital to enable existing shareholders to participate in future growth of the group in the near future.'


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