Crest Nicholson Holdings PLC COVID-19 Update (6952M)
13 Maggio 2020 - 8:00AM
UK Regulatory
TIDMCRST
RNS Number : 6952M
Crest Nicholson Holdings PLC
13 May 2020
Crest Nicholson Holdings plc
(the "Company" or "Crest Nicholson")
COVID-19 Update
Crest Nicholson Holdings plc is today providing an update on the
impact that COVID-19 is having on the business.
The health and safety of our workforce and customers is our
number one priority. We have developed a detailed set of working
practices and protocols so that our construction sites can operate
safely and in line with the latest guidance from Government, Public
Health Authorities and the Construction Leadership Council. From 18
May 2020 we will start to remobilise activity on our sites in a
phased and controlled manner. This will give us time to make the
necessary adjustments to site safety and to properly train our
employees, suppliers and subcontractors on the new requirements and
ways of working. We will actively monitor compliance with these new
working practices and ensure we evolve them in line with any
developing guidance in the future.
Although all of our sites and operations have been shut since
early April and reservation levels have been impacted by COVID-19,
reflecting associated customer uncertainty and wider transaction
constraints, we have continued to take moderate numbers of new
sales and have also been able to process legal completions during
this time.
We also continue to make good progress in implementing our
updated strategy. We were delighted to be awarded five-star status
by the HBF customer satisfaction scheme in March this year which
was one of our five strategic priorities announced in January
2020.
We continue to take proactive steps to protect our balance sheet
and prioritise cash flow. As at half year, 30 April 2020, net debt
was GBP93.6m (HY2019: GBP68.3m) and the Company had GBP255.2m cash
at bank. The increased cash position, up from available cash of
GBP185.3m announced on 19 March 2020, reflects a strong focus on
receipt collections, disciplined build spend as activity was wound
down, and where possible deferral of land spend. Net debt is higher
than the prior half year as a result of the impact of COVID-19 and
the strong contribution from joint ventures and partnerships in the
first half comparative of last year.
In consideration of the joint regulatory guidance from the FCA,
the FRC and the PRA, regarding reporting timeframes in the current
environment, Crest Nicholson will announce its Interim results,
originally planned for Tuesday 9 June 2020, on Wednesday 24 June
2020.
For further information, please contact:
Crest Nicholson
Jenny Matthews, Head of Investor Relations +44 (0) 7557 842720
Finsbury +44 (0) 20 7251 3801
Faeth Birch
Philip Walters
13 May 2020
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END
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