COVID-19 Update
25 March 2020
Countryside Properties PLC
COVID-19 Update
Countryside Properties plc ('Countryside' or 'Group'), today issues an update in respect of the impact of COVID-19 on its business.
Like all businesses, Countryside has been monitoring closely the rapidly evolving COVID-19 situation. The safety and wellbeing of the Group's employees, sub-contractors, customers and communities in which it operates is its foremost priority and the Group continues to follow the advice issued by the Government.
Having considered the Government's latest advice, the Group has decided to close and suspend all construction works on its sites. Sales offices have also been closed. While these measures will inevitably impact the Group's financial performance, it is unclear how long they will remain in place or the extent to which they will impact the Group. As a result, the Group is withdrawing financial guidance for the current financial year and is suspending dividend payments until further notice.
Countryside has a strong balance sheet with available cash of £110m and a good liquidity position. The Group has a current £300m revolving credit facility in place until May 2023, provided by a syndicate of four banks. Given the current uncertainty around COVID-19, the Board has taken the prudent decision to commence discussions in respect of additional financing facilities, should they be required, and we will update on these discussions in due course.
Up until mid-March, the Group continued to trade well and in-line with its expectations and experienced similar trends to those in the first quarter, with improving visitor levels and strong reservation rates and a strong order book for affordable and Private Rented Sector homes.
The Group is due to report its half year results on Thursday 14 May 2020.
- Ends -
Enquiries:
Countryside Properties - 01277 260 000
Iain McPherson - Group Chief Executive
Mike Scott - Group Chief Financial Officer
Victoria Prior - Investor Relations & Strategy Director
Brunswick Group LLP - 020 7404 5959
Nina Coad
Oliver Sherwood
Note to editors:
Countryside is the UK's leading mixed-tenure developer through its two divisions, Partnerships and Housebuilding.
Countryside's Partnerships division was established over 30 years ago, specialising in estate regeneration, with operations in London, the South East, the North West, the Midlands and Yorkshire. It works mainly on public sector owned and brownfield land, in partnership with local authorities and housing associations to develop private, affordable and PRS homes. It recently established a modular panel manufacturing facility in Warrington to improve quality and reduce build times on site. Its developments include large scale urban regeneration projects at Beam Park, Rainham, Acton Gardens, Ealing and Rochester Riverside, Medway.
Countryside's Housebuilding division benefits from an industry leading strategic land bank which is focused around outer London and the Home Counties. It builds family homes, with a focus on placemaking and selling to local owner occupiers. Its developments include a number of large-scale projects including Beaulieu Park, Essex, Springhead Park, Ebbsfleet and Tattenhoe Park, Milton Keynes.
Following six years of continuous growth in volumes, Countryside delivered 5,733 homes in the twelve months to September 2019 - 4,425 through its Partnerships division and 1,308 through its Housebuilding division, with a mix of private for sale, PRS and affordable homes. Revenues were £1,422.8m with 92.5% customer satisfaction equivalent to HBF 5-star rating. It retains a strong balance sheet and is focused on delivering quality homes with sector leading growth. It was listed on the London Stock Exchange in February 2016 as a constituent of the FTSE 250.
For more information see www.countrysideproperties.com or follow @CountrysideProp on Twitter.
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