Springfield Properties PLC COVID-19 Update (2993H)
24 Marzo 2020 - 8:00AM
UK Regulatory
TIDMSPR
RNS Number : 2993H
Springfield Properties PLC
24 March 2020
24 March 2020
Springfield Properties plc
("Springfield" or the "Group")
COVID-19 Update
Response to Scottish Government statement and withdrawal of
dividend
Springfield Properties plc (AIM: SPR), a leading housebuilder in
Scotland offering private and affordable housing, provides the
following update regarding COVID-19.
The health and safety of Springfield employees, customers and
the communities in which the Group operates is of paramount
importance to the Board and management team. In response to the
COVID-19 outbreak, Springfield has been following government
guidelines and advice and has implemented a number of measures to
protect the wellbeing of its employees and other stakeholders
whilst ensuring business continuity as far as possible.
As noted in the Group's interim financial results announced on
27 February 2020, Springfield entered the second half of 2019/20
with a strong order book of contracted revenue for the period to 31
May 2020 and was experiencing good growth across the business. The
COVID-19 outbreak has not negatively impacted the Group's
completions or reservations to date. However, the COVID-19
situation is rapidly evolving and the Group notes the statement
made by First Minister Nicola Sturgeon on 23 March 2020 advising
the closing of building sites across Scotland. Further guidance is
expected to be given by the Scottish Government on this matter and
the Group will update the market in due course.
Net debt as of 30 November 2019 was GBP56.0m. The Group has a
GBP67m credit facility with Bank of Scotland, with whom it has an
excellent relationship and has maintained a very constructive
dialogue over the past few weeks regarding the bank's support and
availability of additional funding if required.
While the Group maintains a strong financial position, given the
rising level of uncertainty as to how the situation will develop,
alongside other measures that the Group intends to take to preserve
its cash position, the Board has decided to withdraw the proposed
interim dividend of 1.4 pence per share (amounting to a saving of
GBP1.4m), announced on 27 February 2020. The interim dividend will
therefore not be paid on 26 March 2020 as previously scheduled. The
Board recognises the importance of the dividend to shareholders,
but believes that this is an appropriate and prudent measure to
preserve liquidity in these uncertain times. The Board will
consider the quantum of any final dividend for 2019/20 in light of
the position and outlook of the Group at that time.
Enquiries
Springfield Properties
Sandy Adam, Executive Chairman
Innes Smith, Chief Executive Officer +44 1343 552550
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N+1 Singer
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Shaun Dobson, James Moat (Corporate
Finance)
Rachel Hayes (Corporate Broking) +44 20 7496 3000
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Luther Pendragon
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Harry Chathli, Claire Norbury, Alexis
Gore, Joe Quinlan +44 20 7618 9100
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END
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