Sutton Harbour Group has announced a strong performance for the summer season, with car parks seeing significant growth in visitor revenue. Meanwhile, their marinas achieved an impressive 99% occupancy rate during the five-month period ending in August.
The marine and waterfront-regeneration specialist also reported a slight improvement in their fisheries unit's performance year-to-date. This growth was largely driven by a substantial 29% increase in fuel sales by volume.
However, Sutton Harbour acknowledged the challenges posed by rising interest rates and the costs associated with servicing their debt. To address this, the company is actively exploring options to secure fixed rates for all or part of their debt, to mitigate any future risks.
In addition to this, Sutton Harbour confirmed that they have already repaid a £1.6 million bank loan and are scheduled to make another payment of the same amount by September 29th. This repayment extension was granted by the bank after the previously agreed deadline of August 31st.
While the company does not anticipate further increases in interest rates as seen over the past 20 months, they are taking strategic measures to factor in the possibility of rates remaining at or near their current levels.
Shares for Sutton Harbour Group remained unchanged at 17.50 pence as of 0849 GMT.