REG - Sutton Harbour Grp - Results for the year ended 31 March 2023
01/08/2023 07:00
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RNS Number : 8061H Sutton Harbour Group PLC 01 August 2023
1 August 2023
Sutton Harbour Group Plc (the "Group")
Results for the year ended 31 March 2023
Sutton Harbour Group plc ("Sutton Harbour", or the "Company"), the AIM listed
owner and operator of Sutton Harbour in Plymouth and specialist in waterfront
regeneration projects and operation of waterfront real estate, marinas and
Plymouth Fisheries, announces audited results for the year ended 31 March
2023. The statutory accounts for 2023 are expected to be available on the
Group's website (www.suttonharbourgroup.com
(http://www.suttonharbourgroup.com) ) later today.
Highlights
· The first new development project at Sutton Harbour in a decade,
Harbour Arch Quay, is under construction and due for completion in August
2023.
· Successful refurbishment of Old Barbican Market now fully let to
three high quality national retail operators.
· Record trading year for the marinas with near capacity occupancy
during year ended 31 March 2023.
· Strong trading by marinas and car parks reflected in increased
valuation of the owner occupied property portfolio at £38.3m (2022: £36.1m).
· Investment property estate remains 89% occupied (2022: 89%).
· Energy price spike and higher interest costs have contributed to
a loss during the year. Energy prices have declined at the start of the new
financial year and the Company is securing more cost effective supplies.
Financial Highlights
Note 2023 2022
Adjusted (loss)/profit before tax * £(0.096)m £0.366m
Net financing costs £1.150m £0.789m
Net assets £56.1m £56.2m
Net asset per share 43.1p 43.3p
Valuation of property portfolio ** £55.5m £54.3m
Year-end net debt £29.6m £24.4m
*Before accounting for fair value adjustments to property asset valuation.
**Comprises investment and owner occupied portfolios.
Excludes land held as development inventory.
Valuation as at 31 March 2023.
Philip Beinhaker, Executive Chairman, commented:
"The Board is pleased with the successful delivery of new developments to meet
objectives of sustaining and enhancing the attractiveness and amenity of the
Sutton Harbour area and to create long term value growth from the assets. The
investments made in the past year are proof that sustainable success is
achievable with improvements to the Harbour environment for the benefit of
visitors, workers and residents."
For further information, please contact
Sutton Harbour Group plc 01752 204186
Philip Beinhaker - Executive Chairman
Corey Beinhaker - Chief Operating Officer
Natasha Gadsdon - Finance Director
Strand Hanson Ltd (Nomad and Broker) 020 7409 3494
James Dance
Richard Johnson
Executive Chairman's Statement
Introduction
I am pleased to report on a successful year of progress for the year ended 31
March 2023, notwithstanding the material challenges in the economy:
· The Company has been engaged in the delivery of two key property
projects during the financial year, in line with the strategy to improve the
quality, value and sustainability of the Sutton Harbour area:
Harbour Arch Quay - construction of the waterfront 14 apartment building is
due to be substantially completed in August 2023, whereafter occupations of
the 12 (of 14) apartments already exchanged will follow. This is the first new
building developed by the Company at Sutton Harbour since 2009.
Old Barbican Market - the historic former fishmarket building has undergone a
full refurbishment, including a new roof on the listed structure and
separation of the 7,500 sq ft space into three c. 2,500 sq ft retail spaces.
All three units are let to higher quality national operators: Cornish Bakery,
Pavers and Loungers, stimulating footfall and adding to the diversity and
vibrancy of the area.
· Marinas - the marinas achieved another record season with berths
occupied effectively to capacity during the year.
· The nature of the Company's operations and level of debt carried
has exposed the Company to significant cost increases as a result of rising
interest rates and the extreme energy cost spike in the second half of the
year. Energy costs have declined at the start of the current financial year
and the Company is securing more cost effective contracts and with more
stability in supply.
· To support repayment of a third party loan, the Company's
progress with active and future property projects and to improve cash headroom
Related Party Loans totalling £2.955m were drawn down from two major
shareholders during the year. Post-period end, in May 2023, subscription for
new equity shares by the major shareholder provided £2.923m (before expenses)
to further support the Company's operations and projects in the face of
ongoing higher costs and to permit reduction of bank loan debt .
Results and Financial Position
FINANCIAL HIGHLIGHTS 2023 2022
Net Assets £56.067m £56.211m
Net Asset value per share 43.1p 43.3p
(Loss)/Profit before tax from continuing operations (£2.021m) £0.561m
Adjusted profit/(loss) before tax excluding fair value adjustments (£0.096m) (£0.366m)
(Loss) after tax (£2.036m) (£0.259m)
Basic (loss) after tax per share (1.57p) (0.20p)
Dividend per share 0.0p 0.0p
Total Comprehensive Income for the year attributable to shareholders (£0.144m) £5.641m
Total Comprehensive Income per share (0.11p) 4.33p
Net Debt £29.259m £24.408m
Gearing (Net Debt/Net Assets) 52.2% 43.4%
The adjusted loss before taxation for the year was £0.096m (2022: £0.366m
profit before taxation) which excludes non-cash fair value adjustments. In
this financial year these adjustments relate to property asset valuation,
undertaken by external valuers as at 31 March 2023. The loss before taxation
for the year under review as per the Income Statement, inclusive of the
aforementioned adjustments, was £2.021m (2022: £0.561m profit before tax).
Gross profit for the year was £2.246m down £0.102m compared to the previous
period to 31 March 2022 (£2.348m), reflecting the impact of the higher energy
costs in the second half year.
Net debt (including lease liabilities) increased to £29.259m as at 31 March
2023 from £24.408m at 31 March 2022, an increase of £4.851m. This includes
£2.372m at 31 March 2023 in respect of a specific development loan (maximum
£5m facility) for the construction of Harbour Arch Quay. The increase in
development property inventory during the year to £37.048m (31 March 2022:
£31.861m), includes the Harbour Arch Quay development which amounted to
£6.940m at the year end.
Gearing (Net debt: net assets) as at 31 March 2023 stood at 52.2% (31 March
2022: 43.4%). Net finance costs of £1.150m in the year (2022: £0.789m) are
stated after capitalisation of interest of £0.555m (2022: £0.343m).
As at 31 March 2023, net assets were £56.067m (31 March 2022: £56.211m), a
net asset value of 43.1p per ordinary share (31 March 2022: 43.3p per ordinary
share). The movement includes the valuation of the Group's property assets
which gave rise to an overall valuation surplus of £0.510m, as reconciled in
the table below, of which a £1.925m deficit relates to the investment
property portfolio and a net £2.435m surplus relates to the owner-occupied
properties. These valuation results reflect the strength and continued strong
performance of the marina and car park assets, set against the impact of a
general weaker market sentiment towards office and retail space. The Company's
investment portfolio has continued to be well let and with demand for the few
available properties. During the year a 27 year old office building has been
decanted as leases expired with refurbishment of the building intended.
Valuation Surplus/(Deficit) Accounting*
Owner Occupied Portfolio
- Fisheries -
- Marinas £2.024m Credited to the Revaluation Reserve in the Balance Sheet
- Car Parks £0.411m Credited to the Revaluation Reserve in the Balance Sheet
Investment Property Portfolio £(1.925)m Fair valuation adjustment recorded in the Income Statement
TOTAL £0.510m
Financing
In May 2022 the Company repaid a third party loan which had been drawn down in
2020 to purchase strategic land. Security provided to the lender was then
released. This was funded by unsecured Related Party Loans from two major
shareholders totalling £2.3m on better and more flexible terms than could be
secured elsewhere. Later in the financial year (December 2022 and March 2023)
the Related Party Loans were increased by £280,000 and £375,000 respectively
to improve cash liquidity. Terms of the loans allow for interest to be rolled
into the loan principal on a quarterly basis. The Related Party Loans expire
in May 2024.
The Company's general banking facility has been extended by one year giving a
new expiry date of December 2024. The committed facilities of £24.9m reduce
to £21.7m by 31 August 2023. The Company is now preparing to put a new
general banking facility in place within the current financial year. During
the past financial year the Company met all banking covenant tests as agreed
with the bank.
A £5m development facility was put in place to fund the construction costs of
Harbour Arch Quay. This facility will be repaid with the completion of sales
of the apartments before the expiry date of 13 September 2023.
During the financial year under review bank base rate rose from 0.75% as at 1
April 2022 to 4.25% at 31 March 2023. The progressive rises throughout the
year have resulted in material increases in debt servicing costs. The board
has discussed the merits of fixing the interest rate by way of a hedge
instrument every month, but to date has not entered into any agreements due to
the high cost of doing so relative to the rate ruling at the time of obtaining
quotes and the expectation that rates are close to peaking.
Recognising the increasing cost of debt serving costs, the Company has a
strategy to further reduce debt levels and to improve profitability:
· To continue to improve the attractiveness of the Sutton Harbour
asset to benefit the Company's trading profitability and investment property
rentals.
· Deliver profitable redevelopment of existing sites for sale to
improve working capital headroom and to reduce debt, and/or for rent to
improve revenue, profit and capital value growth
· Consideration of the sale of non-strategic assets that have
achieved maturity and stability in value.
· And thus rebalancing the debt : equity ratio of Company to allow
the reduction of debt and consequent saving of interest.
Taking into account the current level of bank borrowing, the board does not
recommend payment of a dividend on the year's results.
Directors and Staff
There have been no Board changes during the year. Headcount as at 31 March
2023 was 30 (31 March 2022: 32).
Operations Report
Marine
Both Sutton Harbour Marina and King Point Marinas achieved record revenues for
the year to 31 March 2023 with respective average occupancies of 97% and 96%.
The Company saw high demand for berthing following the trend of the previous
year and more customers paying some 5 months in advance of the start of the
season to secure their preferred berth. In response to the increased level of
business some additional staffing resource has been introduced to support the
administrative and operational functions running the marinas.
The outlook for the marinas remains strong with King Point Marina fully let
and a new 5 year lease for approximately one third of the total berthing space
to Princess Yachts completed in June 2023. The Company has increased fees, in
line with inflation, as have competitor marinas. Berth-holders at Sutton
Harbour Marina have been offered a discount to reflect the disruption of the
forthcoming lock work and occupancy is slightly lower this season at 95%.
Normal operations will resume by May 2024 once these works are complete with
the expectation that major lock works will not be required for another 12-15
years (more information on these works is given below).
Fisheries trading followed the slow trend of the last couple of years with
high fuel prices, competition from other south western ports, intermittent
poor weather and lower fish stocks all contributing to a decline in the
trading position. Landings of fish in value terms were slightly lower than the
previous year although the volume of fuel sold was up on last year, albeit at
a lower overall margin charged by the Company to support fishermen to go to
sea and improve competitiveness. Against this trading picture, demand for
commercial units at Plymouth Fisheries has been strong, such that all units
are now let to fisheries related businesses and there are no void premises.
Rental incomes and related service charges have therefore improved in the last
year.
The energy price spike that affected the second half of the financial year
under review which took hold after the previous fixed price expired increased
energy prices to 3.5-4 times as much as previous charged, even after allowing
for the Government energy price relief discount. Since 1 April 2023 energy
prices have halved from where they were, although this is still close to
double the price as pre October 2022. The Company will continue to be a
significant energy consumer to operate the harbour, lock and fisheries plant
as well as general heating and lighting consumption across the estate which is
recharged to tenants and other users based on meter readings in the case of
specific supply. To manage the risk of volatility in energy prices the Company
is in the process of entering into a 5 year capped buying arrangement for the
procurement of gas and electricity requirements which offers greater
protection against future price volatility.
Starting in Autumn 2023 the Environment Agency will embark on a six month
programme to replace the cills of the Sutton Harbour Lock, which is a flood
defence to protect the City. These essential works result in restrictions to
harbour users at certain times when passage through the lock will be
constrained. The Group is arranging for back-up alternatives to facilitate
some of the landing of fish at nearby locations which can be transported to
the Fishery Complex for fish processing and auction. This was the same some 13
years previously when works were undertaken on the lock gates, however the
costs relating to the works themselves is being funded by the Environment
Agency.
Real Estate and Car Parking
Tenant occupancy by 31 March 2023 stood at 89% (31 March 2022 89%). There has
been little change in the tenants mix over the reporting year. The main
changes have been the decanting of North Quay House (a 17,750 sq ft 5-floor)
office building and the letting of the refurbished Old Barbican Market.
The Old Barbican Market is fully let with three new national scale tenants
with material covenants and has visibly stimulated increased visitor footfall
to the area. The sensitive and complete restoration of the listed historic
building has enhanced the quality of the built environment and amenity in the
Sutton Harbour/Barbican area for years to come.
North Quay House has been continuously let to office tenants for 27 years.
Following the vacation by most tenants the Company is reviewing options for
the building which would achieve best value for the Company and to stimulate
activity at Sutton Harbour. Demand for office space in Plymouth has weakened
and the Company judges that the cost of refurbishment to modern standard
office space is unlikely to generate returns sufficient to justify the
investment. Following the success of the Harbour Arch Quay residential
development, the Company now intends to submit a planning application to
convert the building to residential accommodation with ground floor commercial
space. Subject to planning consent and financing this development, which could
provide 10 high quality apartments over 5 floors together with on site
parking, could be delivered in 2024.
The car parks traded successfully throughout the financial year achieving the
best revenues to date. Prices have been raised in line with inflation and
other local parking facilities for the new season. The car parks management
agreement is due for renewal at the end of 2023 and discussions with
specialist management companies will take place over the next few months to
secure the best terms for the Company.
The normal events programme organised, by the City Council and other
stakeholders, for the waterfront and nearby City Centre areas have resumed,
increasing visitor numbers which in turn support the trading operations of
many of our tenants. Together with the Company's new developments and
improvements these events promote the vibrancy and popularity of the Sutton
Harbour area for visitors, workers and residents, thereby supporting the
sustainability of the Harbour and values of the Company's property assets.
Regeneration
Harbour Arch Quay
The development construction is due to be completed by mid August 2023, with
occupation of sold apartments due to take place immediately thereafter. Of the
14 apartments, including 2 penthouses, 12 are sold and the remaining two are
being marketed. The Company will be relocating its head office to the ground
floor space of the building. This is the first new development that the
Company has delivered at Sutton Harbour in 14 years and re-establishes the
Company's reputation as an active developer.
North Quay House
This asset has been described in more detail further above.
Sugar Quay
The Company has consent for a 170 apartment building on the eastern quay of
Sutton Harbour. Taking into account the market absorption rate for the Harbour
Arch Quay apartments, the length of the build programme and the current
economic outlook, the Company is now working on modifying the approved plan
for this site that will allow for the development to be delivered in three
distinct phases.
Former Airport Site
The 5 year safeguard protecting against non-aviation uses of the site, as
recommended by the Government's Inspectors of planning policy when the new
Local Plan was determined in 2019, expires in March 2024. Since the airport
closed in December 2011, no funded plan to resume airport operations from the
site has been received. The Company maintains that the site could be put to
better use for the economic and social benefit of the City by mixed use
redevelopment to include institutional, business space and housing provision
with the possibility of an aviation component. The Company intends to submit a
planning application to the Local Planning Authority setting out the plan for
development later this year.
The Company has a long-term lease on the Property of the Former Airport site
with over 130 years remaining. In addition, the Company has the right for an
extension of the said lease. Since the closure of the Airport in December 2011
the Company, under the terms of the agreement with the Plymouth City Council,
has been managing the property faithfully. This management includes the
security of the land assets against trespassers, groundskeeping and
environmental management and site safety, all at considerable cost to the
Company, c £200,000 per annum.
The Company has also collaborated with the local authority (Plymouth City
Council or PCC) and other public bodies to enable them to make productive use
of the property. Some examples are:
· Agreement via sublease to enable the PCC to have a cycle path on the
property alongside some of the adjacent roads;
· Agreement with the local authority to enable the construction
contractor of the PCC to store large reinforced concrete bridge beams on the
property needed for the construction of a major new highway; and
· Use of the site by the Police and other public security services for
various training exercises.
Recently, the Company received a request from the NHS Derriford Hospital to
accommodate part of their need for parking of cars on the site. This need
arose from the construction works on the hospital site, funded by the National
Government, which displaced staff parking. The Company approached the local
authority as free-holder of the site for this temporary use for a few years
for the benefit of the NHS/Derriford Hospital, which request was not granted
by Plymouth City Council.
The Company has more recently been approached by the construction contractor
of the Hospital works, to use some of the land on a temporary basis to store
construction related materials, vehicles and equipment with commitment to
return the site in the same state as before this temporary use. The Company is
making an application to the PCC regarding this request, notwithstanding the
previous temporary car parking rejection, in the hope that the PCC will
recognise the importance of this need to deliver the essential hospital
improvements.
Financial Outlook
Trading at the start of the new financial year is steady and consistent with
recent trading. Demand for the Company's property, services and facilities
continues to be robust. The Company will continue to be challenged with higher
energy prices (although these continue to fall from the winter peak), general
inflation and the consequential costs resulting from the lock cill
replacement. Higher interest rates represent the single biggest cost pressure.
Summary
The Board is pleased with the successful delivery of new developments to meet
objectives of sustaining and enhancing the attractiveness and amenity of the
Sutton Harbour area and to create long term value growth from the assets. The
investments made in the past year are proof that sustainable success is
achievable with improvements to the Harbour environment for the benefit of
visitors, workers and residents. This positive achievement is set against the
emergence of economic challenges of higher energy and interest costs which
have undermined profitability in the past year. Looking to the future, in
order to maintain the momentum with current strategic plans, the Company is in
discussions with the current development funder, based on the productive
results of the work to date, towards securing the additional financing for
development of the Company's existing land assets in the coming year. We look
forward to updating the market in due course.
Philip Beinhaker
EXECUTIVE
CHAIRMAN
31 July 2023
Consolidated Income Statement for
the year ended 31 March 2023
2023 2022
£000 £000
Revenue 8,161 7,194
Cost of sales (5,915) (4,846)
Gross profit 2,246 2,348
Fair value adjustments on investment properties and fixed assets (1,925) 195
Administrative expenses (1,193) (1,193)
Operating (loss)/profit (872) 1,350
Finance income 1 -
Finance costs (1,150) (789)
Net finance costs (1,149) (789)
(Loss)/Profit before tax from continuing operations (2,021) 561
Taxation charge on (loss)/profit from continuing operations (15) (820)
(Loss) for the year from continuing operations (2,036) (259)
(Loss) for the year attributable to owners of the parent (2,036) (259)
Basic and diluted (loss) per share
from continuing operations (1.57p) (0.20p)
Diluted (loss) per share
From continuing operations (1.57p) (0.20p)
Consolidated Statement of Other Comprehensive Income for
the year ended 31 March 2023
2023 2022
£000 £000
(Loss) for the year (2,036) (259)
Items that will not be reclassified subsequently to profit or loss:
Revaluation of property, plant and equipment 2,435 7,016
Deferred tax in respect of property revaluation (543) (1,116)
Items that may be reclassified subsequently to profit or loss:
Effective portion of changes in fair value of cash flow hedges - -
Other comprehensive income for the year, net of tax 1,892 5,900
Total comprehensive (loss)/income for the year attributable to owners of the (144) 5,641
parent
Consolidated Balance Sheet
As at 31 March 2023
2023 2022
£000 £000
Non-current assets
Property, plant and equipment 38,540 36,398
Investment property 17,205 18,195
Inventories 13,363 13,216
69,108 67,809
Current assets
Inventories 23,749 18,734
Trade and other receivables 2,092 1,810
Tax recoverable 5 9
Cash and cash equivalents 1,095 970
26,941 21,523
Total assets 96,049 89,332
Current liabilities
Bank Loans 3,200 -
Other Loans 5,477 2,275
Trade and other payables 3,301 1,880
Lease liabilities 66 165
Deferred income 2,132 2,225
14,176 6,545
Non-current liabilities
Bank loans 21,600 22,863
Lease liabilities 10 75
Deferred government grants 646 646
Deferred tax liabilities 3,550 2,992
25,806 26,576
Total liabilities 39,982 33,121
56,067 56,211
Net assets
Issued capital and reserves attributable to owners of the parent
Share capital 16,406 16,406
Share premium 13,972 13,972
Other reserves 24,072 22,180
Retained earnings 1,617 3,653
56,067 56,211
Total equity
Consolidated Statement of Changes
in Equity
For the year ended 31 March 2023
Share Share Revaluation reserve Merger reserve Hedging reserve Retained earnings Total
capital premium equity
------------Other reserves------------
£000 £000 £000 £000 £000 £000 £000
Balance at 1 April 2021 16,266 10,695 12,409 3,871 - 3,912 47,153
Comprehensive income
Loss for the year - - - - - (259) (259)
Other comprehensive income
Share Issue 140 3,277 - - - - 3,417
Revaluation of property, plant and equipment - - 7,016 - - - 7,016
Deferred tax on revaluation - - (1,116) - - - (1,116)
Total comprehensive income 140 3,277 5,900 - - (259) 9,058
Balance at 1 April 2022 16,406 13,972 18,309 3,871 - 3,653 56,211
Comprehensive income
Loss for the year - - - - - (2,036) (2,036)
Other comprehensive income
Share issue - - - - - -
Revaluation of property, plant and equipment - - 2,435 - - - 2,435
Deferred tax on revaluation - - (543) - - - (543)
Total other comprehensive income - - 1,892 - - (2,036) (144)
Total balance at 31 March 2023 16,406 13,972 20,201 3,871 - 1,617 56,067
Consolidated Cash Flow Statement
For the year ended 31 March 2023
2023 2022
£000 £000
Cash (used in)/generated from total operating activities (2,658) 59
Cash flows from investing activities
Net expenditure on investment property (935) (52)
Expenditure on property, plant and equipment (97) (196)
Proceeds from disposal - 262
Cash (used/(generated) in investing activities (1,032) 14
Cash flows from financing activities
Proceeds from issue of share capital - 3,417
Interest paid (1,009) (1,033)
Loan drawdown 7,263 (2,337)
Loan repaid (2,275) -
Lease finance received - 62
Cash payments of lease liabilities (164) (148)
Grants received - 8
Net cash generated/(used) from financing activities 3,815 (31)
Net increase in cash and cash equivalents 125 42
Cash and cash equivalents at beginning of the year 970 928
Cash and cash equivalents at end of the year 1,095 970
Reconciliation of financing activities for the year ended 31 March 2023
2023 Cash flow 2022 Cash flow 2021
£000 £000 £000 £000 £000
Bank loans 24,800 2,000 22,800 (2,400) 25,200
Other loans 6,306 3,968 2,338 63 2,275
Lease liabilities 76 (164) 240 (87) 327
Total debt 31,182 5,804 25,378 (2,424) 27,802
Segment results
For the year ended 31 March 2023
Marine Real Estate Car Parking Regeneration Total
£000 £000 £000 £000 £000
Revenue 6,016 1,374 771 - 8,161
Segmental Gross Profit before Fair value adjustment and unallocated expenses 974 965 449 (142) 2,246
Fair value adjustment on investment properties and fixed assets (1,925) - - (1,925)
Segmental Profit 321
Unallocated:
Administrative expenses (1,193)
Operating profit (872)
Financial income 1
Financial expense (1,150)
Profit before tax from continuing activities (2,021)
Taxation (15)
Loss for the year from continuing operations (2,036)
Depreciation charge
Marine 355
Car Parking 19
Administration 16
390
Year ended 31 March 2022 Marine Real Estate Car Parking Regeneration Total
£000 £000 £000 £000 £000
Revenue 4,771 1,427 736 260 7,194
Gross profit prior to non-recurring items 1,199 922 389 (162) 2,348
Fair value adjustment on investment properties and fixed assets (185) 380 - - 195
Segment profit 2,543
Unallocated: (1,193)
Administrative expenses
Operating profit 1,350
Finance income -
Finance expenses (789)
Loss before tax from continuing activities 561
Taxation (820)
Loss for the year from continuing
operations
(259)
Depreciation charge
Marine 335
Car Parking 40
Administration 17
392
Notes to the Consolidated Financial Statements
1. General Accounting Policies
Basis of preparation
The results for the year to 31 March 2023 have been extracted from the audited
consolidated financial statements, which are expected to be published by
mid-August 2023.
The financial information set out above does not constitute the Company's
statutory accounts for the years to 31 March 2023 or 2022 but is derived from
those accounts. Statutory accounts for the year ended 31 March 2022 were
delivered to the Registrar of Companies following the Annual General Meeting
on 22 September 2022 and the statutory accounts for 2023 are expected to be
published on the Group's website (www.suttonharbourgroup.com) shortly, posted
to shareholders at least 21 days ahead of the Annual General Meeting ("AGM")
to be held on 13 September 2023 and, after approval at the AGM, delivered to
the Registrar of Companies.
The auditor, PKF Francis Clark, has reported on the accounts for the year
ended 31 March 2023; their report includes a reference to the valuation of
Plymouth City Airport (former airport site) to which the auditors drew
attention by way of emphasis of matter without qualifying their report.
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