Marina, airline and regeneration group Sutton Harbour, coming up to the end of its half-year, admits to being ‘happy’ with performance so far and confirms that a number of exciting deals may be in the offing.

Market observers believe the company is poised to complete an important property transaction in the near future, with comments at the company’s annual meeting pointing towards Plymouth Airport as the likely location. Although Sutton does not own the leasehold to the airport, chairwoman Ellen Winser said in July that management was in ‘detailed and complex discussion’ with the city council, the current freeholder.

Sutton has long been trying to further improve and develop the services at the site, and five years ago proposed to build a new £150 million airport in south Devon and redevelop the Plymouth airstrip for housing.

Managing director Nigel Godefroy acknowledged today that, in regard to its property redevelopment arm, ‘a number of announcements may be coming up’.

House broker Blue Oar suggests a net asset value for the group of 308p per share and forecasts pre-tax profits of £4.4m for the year to next March. Interim results are due in the last week of November.

Godefroy hopes that a forthcoming bonus share issue might have the same ‘favourable effect’ as the last time the company made such a move to increase liquidity. The shares now trade at 308p, up from Growth Company Investor’s recommendation at 269p in February last year, and offer decent asset-backed appeal.

Sutton Harbour	AIM	£21.71m	43.00p	0.00p
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