25th Mar 2020 14:29
(Alliance News) - Vistry Group PLC on Wednesday postponed its dividend payment, suspended financial guidance, and said that it is in the process of closing construction sites due to the virus pandemic.
The Kent, England-based housebuilder also said that it will close its sales offices but will remain in communication with customers remotely, with the business remaining open to taking new reservations and progressing exchanges.
"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 company commented on current trading.
Vistry's housebuilding reservations currently stand at GBP1.35 billion of which GBP900 million is contracted. In addition, Vistry Partnerships' contracting forward order book totalled GBP800 million.
The company has committed banking facilities totalling GBP750 million and, as of Tuesday, net debt totalled GBP435 million. It holds cash of GBP90 million with a further GBP225 million of undrawn facilities available.
Vistry has postponed its second interim dividend payment of 41.0 pence per share, which was originally scheduled for payment on May 29.
Shares in the company were down 3.3% at 598.50 pence each in London on Wednesday afternoon.
By Tapan Panchal; [email protected]
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