Phased reopening to start next week
Crest Nicholson has announced plans to start reopening its sites from next week.
In an announcement to the City, the listed housebuilder said it had been working to come up with new ways of working that were compliant with covid-19 guidance.
It said: "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."
The firm said it would actively monitor compliance with its new working practices and ensure they are developed in line with any changing guidance in the future.
The firm said despite the fact all of its sites and operations had been shut since early April, it had continued to make moderate numbers of new sales and had also been able to process legal completions during this time.
Crest Nicholson said it was continuing to take steps to protect its balance sheet and prioritise cash flow.
The firm said: "The increased cash position, up from available cash of £185.3m 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."
At half year, 30 April 2020, net debt was £93.6m and the company had £255.2m cash at bank.
The firm also confirmed that the announcement of its interim results would be pushed back from 9 June to 24 June.
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