27th Apr 2020 08:53
(Alliance News) - Redrow PLC said Monday it expects to reopen its sites in the UK in two weeks time, after the government said it would like to see construction sites back in operation.
The FTSE 250 housebuilder had closed all of its sites on March 27 following the implementation of a lockdown in the UK. Redrow now intends to start mobilising sites in the week starting May 11, and start a phased return to construction on May 18.
However, the mobilisation will come with strict social distancing protocols, which Redrow said it will ensureare constantly applied.
Since the lockdown was imposed in late March, Redrow said that net reservations have been running at "very low levels", and that a return to more normal trading conditions was dependent on the government relaxing its advice to Briton on moving homes.
The government's advice has been that home buyers and rental owners should delay moving into a new house while lockdown measures are in place.
Redrow said that it remained financially strong, with an order book of GBP1.30 billion, a revolving credit facility extended to GBP350 million and net debt at the end of June set to be GBP200 million.
"The safety and welfare of our workforce and customers is our main priority. I am grateful to my colleagues and our supply chain partners for the exceptional work they continue to undertake to ensure we can make a measured, responsible and safe return to work next month," said Executive Chair John Tutte.
Shares in Redrow were up 5.5% at 476.00 pence on Monday in London.
By Dayo Laniyan; [email protected]
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