23rd Apr 2020 10:11
(Alliance News) - Vistry Group PLC said Thursday it will recommence work on most of its Partnership building sites, and a "significant number" of housing sites, with effect on Monday next week, in line with guidance from the UK government.
The housebuilder formerly known as Bovis Homes said it has maintained a low level of activity on its Partnership sites since late March, and expects to be active on around 90% of site within the division by next week.
Vistry expressed certainty on realising cash from the sites, which are developed alongside local authorities and housing associations, due to a high level of contracted forward sales.
As for the Housing segment, Vistry will initially focus on homes that are considered watertight, and on which there is clear visibility of completion. Activity levels will start back up slowly, then increase steadily as time goes on.
Since the lockdown started four weeks prior, Vistry said it has taken up 212 gross private reservations, resulting in 132 reservations net of cancellations.
In addition, the group has exchanged on 170 homes and legally completed a total of 193 private sales.
Looking ahead, Vistry said it remains financially strong, even as net debt came in below expectations at GBP440 million as at April 21 compared to GBP435 million at March 24.
"I would like to thank all our colleagues and subcontractors for their remarkable resilience and commitment during these times and am pleased to announce that we will be recommencing activity levels across the majority of our developments on Monday 27.
"Health and safety remains our top priority and a huge amount or work has gone into making sure our people can return to work with confidence in safe and well-planned operating procedures. This first step represents a positive move for the group, as well as the wider economy, and the critically important delivery of new homes," said Chief Executive Officer Greg Fitzgerald.
Shares in Vistry Group were up 5.4% at 765.60 pence on Thursday in London.
By Dayo Laniyan; [email protected]
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