Crest Nicholson Hdgs - COVID-19 Update
The information contained in this announcement is deemed by the Company to constitute inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014
(the "Company" or "
Since the start of the calendar year, up to and including
However, the Board has carefully considered this week's rapidly evolving Government guidance in respect of COVID-19 and expects this to have a significant impact on visitor levels, production capability and trading performance over an unclear timeline. Accordingly, the Company has taken the difficult decision to cancel its final dividend of
In addition, the Company also announces that it is suspending all existing financial guidance until both the severity and duration of the COVID-19 impact becomes clearer.
The Board recognises that these are significant steps to take, but when faced with this unprecedented and unpredictable situation, considers it to be prudent to protect the Company's cash position and maintain a robust balance sheet. The Executive Leadership Team has also moved quickly in identifying further measures that will increase cash generation, and reduce cash outflow, enabling the business to trade through this period of prolonged uncertainty.
The Company has made arrangements to fully draw its
We consider these measures to be in the best interests of all our stakeholders and will best ensure the long-term viability of the business at this time. Our number one priority will always be the health and welfare of our employees and sub-contractors and we are also taking the necessary steps to maintain that commitment.
For further information, please contact:
Finsbury +44 (0) 20 7251 3801
The person responsible for arranging the release of this announcement on behalf of the Company is Kevin Maguire, General Counsel & Company Secretary.
This information is provided by RNS, the news service of the
Quick facts: Crest Nicholson
Market Cap: £691.63 m
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