8th Jul 2020 11:27
(Alliance News) - U&I Group PLC on Wednesday said it swung to an annual loss during a "challenging" year for the real estate regeneration company.
Revenue in the year ended March 31 was down 56% at GBP70.0 million from GBP160.1 million and it swung to a pretax loss of GBP58.6 million from a GBP6.3 million profit.
U&I reported a GBP13.2 million loss from its share of joint-venture and associates, compared to a GBP12.1 million gain in the year prior.
It also added the development and trading gains fell 74% to GBP11.0 million from GBP42.8 million. The financial 2020 figure was below the GBP35 million to GBP45 million target range.
"Delivery timings were delayed by significant market uncertainty and third-party delays in decision-making, caused by Brexit, the general election and, more recently, the Covid-19 pandemic," U&I said.
Its total dividend was cut by 76% to 2.4 pence per share from 10.0p.
Chief Executive Matthew Weiner said: "The last twelve months have been challenging, to say the least, and this is reflected in our results. Confidence briefly returned to the market in early 2020 with strong interest in commercial and residential space following the General Election. However, the onset of Covid-19 caused most decision-making and development progress to grind to a halt. The socio-economic impact of Covid-19 will continue, at least for the short-term, driving new trends and behaviours."
Shares in the company were 7.9% lower at 72.80p each in London on Wednesday morning.
By Eric Cunha; [email protected]
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