Sutton Harbour Holdings Plc, the Plymouth-based AIM-listed developer, today reported that it has had a relatively successful year for its FY ended 31 March 2012, reducing debt by £5 million to £15.8 million, increasing net assets by £5 million to £41 million and increasing revenue to £9.9 million from £9.64 million in the previous year.

The firm has focussed itself on Plymouth going forward, disposing of peripheral interests, to concentrate on its 113 acre site at Derriford and the East Quays where a proposed BBC premises would be the anchor for a mixed residential, office and active ground floor use scheme. The development is waiting for BBC commitment.

The Derriford site is former Plymouth Airport land, now owned by the Homes and Communities Agency.

SHH will start construction of the new Millbay Marina in Sutton Harbour, Plymouth and is also about to begin a 171 berth extension to its Kingspoint Marina there. Landings of fish at the Harbour have continued to increase, having doubled since 2009. Last year, 5400 tonnes were auctioned there, making Plymouth the number 2 fishmarket in the UK.

Shares in SHH closed last night at 21p valuing the firm at £21 million, half of net asset value.