Vistry Group PLC COVID-19 update (5674K)
23 Aprile 2020 - 8:00AM
UK Regulatory
TIDMVTY
RNS Number : 5674K
Vistry Group PLC
23 April 2020
23 April 2020
COVID-19 update - Controlled re-opening of sites
Vistry Group PLC (the "Group") is today providing a further
update on COVID-19 and the measures it is taking.
The Group's priority remains the safety, health and wellbeing of
our employees, customers and suppliers and we are doing our utmost
to support them during these unprecedented times.
In accordance with strict guidance and protocol from the
Government, Public Heath England and the HSE, we have taken the
decision to recommence work on c.90% of our Partnership sites and a
significant number of our housing sites from 27th April 2020. We
have been in close dialogue with our supply chain partners who are
supportive of our plans.
Our sales teams remain in close communication with existing and
prospective customers remotely, with the business open to taking
virtual tours, new reservations, progressing exchanges and handing
over completed homes.
Since the lock down commenced (four weeks ago) we are encouraged
to have taken 212 gross private reservations, resulting in 132
reservations net of cancellations. In addition, we have exchanged
on 170 homes and legally completed a total of 193 private sales.
Our levels of website traffic and prospects remain strong, an
indication of the continued underlying demand.
Our office-based employees will continue to work from home where
possible.
Partnerships
We have maintained a low level of activity on a number of our
Partnership sites since our previous announcement on the 25th
March, and with the support of our clients, expect to be active on
c.90% of sites next week. The high level of contracted forward
sales within this business provides certainty of the cash
realisation from these sites.
The level of new activity remains strong and Partnerships
continues to progress a significant number of opportunities,
including the recently announced portfolio of transactions with
Homes England.
Housing
Our initial focus will be on homes which are watertight and
where we have clear visibility of completion and hence cash
realisation. Activity levels will commence in a measured way,
increasing steadily, and maintaining a tight control on work in
progress.
Further actions
The Board has and continues to take prudent decisions to support
the business through this period of uncertainty, including measures
to protect the Group's cash position and maintain a robust balance
sheet. These include the suspension of all discretionary land
spend.
We have furloughed the majority of our staff during the period
of site closure, and expect this level of furloughed staff to
reduce as activity on sites increases. Furloughed employees are
receiving 100% of their regular pay until at least the end of May
2020. These staff have been encouraged to support the broader
community and many are involved in a wide range of initiatives
including sourcing and transporting PPE and other equipment to the
front line, joining the NHS National Army and working as on-call
firefighters.
In March, all Executive Directors, the wider senior leadership
team, the Chairman and the Non-Executive Directors volunteered a
20% reduction in base salary and fees, effective from 1 April
2020.
The Group is utilising this period to accelerate the integration
of IT systems across the combined business, to align processes and
to progress the delivery of synergies through our commercial and
technical teams, which is going well.
Funding and liquidity
The Group remains financially strong. As at 21 April the Group's
net debt was below our expectations at GBP440m (24 March 2020:
GBP435m) with a balance of c. GBP40m of revenues from work already
completed at the end of March expected to be received in the next
two weeks.
The Group has committed banking facilities totalling GBP770m
with well spread maturities out to 2027.
Appointment of a Joint Corporate Broker
The Group is pleased to announce the appointment of HSBC Bank
plc as joint Corporate Broker, alongside the Group's existing
broker, Numis Securities Limited.
Greg Fitzgerald, Chief Executive commented,
"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 27th. Health
& 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."
For further information please contact:
Vistry Group PLC 01242 388789
Earl Sibley, Chief Financial Officer 020 7250 1446
Susie Bell, Head of Investor Relations
Powerscourt
Justin Griffiths, Nick Dibden, Victoria
Heslop
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END
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