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U&I losses deepen; CEO and CFO standing down

Tue, 19th Jan 2021

Specialist regeneration developer U&I booked a deeper first-half loss and said its chief executive and chief financial officer were both standing down. The company also suspended its interim dividend and said it would accelerate asset sale and cost cutting programmes. Pre-tax losses for the year through September amounted to £50.2 million, compared to year-on-year losses of £23.9 million. The losses largely resulted from a reduction in investment portfolio valuations, operating costs and development and trading losses. A decision on a final dividend would be made during the 2021 financial year, the company said. Chief executive Matthew Weiner had stood down but would remain on the board until the end of May to provide continuity and a smooth transition. He had been replaced as CEO by chief development officer Richard Upton. Marcus Shepherd would stand down as chief financial and chief operating officer after completion of the results for the year ending 31 March 2021. A search for his replacement would commence immediately. 'The last six months has been an incredibly challenging period for the company as we, alongside the real estate sector, have been dealing with the impacts of the wider health crisis and consequent economic uncertainty,' Upton said. 'Whilst we have been agile in changing the way that we work and improving our processes, we recognise the need to make pivotal changes and improve our performance to respond better to external pressures.' At 10:03am: (LON:UAI) U and I Group Plc share price was 0p at 61p Story provided by StockMarketWire.com

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