Vistry Group PLC - COVID-19 update
During these unprecedented times, the safety, health and wellbeing of our employees, customers, suppliers and wider society, is our top priority and we are committed to doing all we can to support them during these challenging times and help prevent the spread of the Coronavirus.
Current trading and FY20 financial guidance
We have been very encouraged by the trading performance of the Group during 2020, with increased levels of consumer demand and positive momentum on underlying pricing. However, in the last week we have seen a negative impact on performance as a result of COVID-19. The Group has a strong forward sales position, with housebuilding reservations totalling
Excellent progress has been made with the integration of
Following the latest
We have commenced the process of closing our construction sites, with our priority on ensuring our sites are safe and secure. The handover of completed units scheduled for the next two weeks will continue where our customers would like to move in, and we will follow strict health and safety protocols. Our site teams are ensuring the protection of partially completed works to avoid deterioration or loss of value during site closure, facilitating orderly resumption as soon as possible.
Most of our office-based employees are in a position to work from home.
We will be submitting valuations totalling c.
Given the rapidly evolving situation and the dynamic
Cash preservation and FY19 second interim dividend
The Group has committed banking facilities totalling
Notwithstanding the strength of our liquidity, the Board is taking prudent decisions to best support the business through this period of uncertainty, including measures to protect the Group's cash position, liquidity and maintain a robust balance sheet.
The Board has taken the decision to postpone the second interim dividend payment of
The Executive Leadership Team is fully focused on managing the business to balance the protection of profitability and preservation of operating cash flow with the long-term needs of the Group, and is identifying and implementing specific measures that will increase cash generation and reduce cash outflow. All discretionary land spend has stopped and working capital is being very tightly managed.
The Group will continue to work on future Partnership development opportunities, in particular with Homes England.
We also highlight the unprecedented Government commitment to support industry through this national crisis and we will seek to utilise this support where appropriate and available to our business.
"On behalf of the Board and Executive Leadership Team, I would like to thank all our employees, subcontractors, supply chain, and customers for their adaptability and commitment during these difficult times. Whilst health, safety, and wellbeing are our top priorities, decisive actions are being taken now to protect the future prospects of the Group. I am confident that Vistry will come through this current uncertainty in a great position to build the high-quality new homes this country needs."
For further information please contact:
Vistry Group PLC
020 7250 1446
This information is provided by RNS, the news service of the
Quick facts: Vistry Group PLC
Market Cap: £1.87 billion
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