Businesses voluntarily return £215m in furlough cash September 21, 2020 UK firms have voluntarily returned more than £215m of furlough money to the government either because they did not need it or they took it in error. HM Revenue & Customs (HMRC) figures released today showed that 80,433 employers have so far returned furlough cash totalling more than £215m handed to them to cover staff [...]
Housebuilder Redrow takes £35m hit on pulling out of London market September 16, 2020 Redrow’s profit sank 66 per cent in the last financial year due to the “profound impact” of the coronavirus pandemic, which prompted the housebuilder to take a £35m hit on pulling out of the London market. The figures Turnover for the year plunged 37 per cent to £1.34bn as the number of completions plummeted due [...]
Redrow anticipates turnover to drop by more than a third June 30, 2020 Housebuilder Redrow expects turnover to drop more than a third this year, as the closure of its sites during lockdown had a “profound” impact on business. The figures In a trading update for the year ended 28 June, Redrow said turnover is expected to fall from £2.11bn last year to £1.34bn. The group’s completions also [...]
UK housebuilders race to return to work after government eases restrictions May 14, 2020 Some of the UK’s biggest housebuilders have revealed plans to return to work after the government removed lockdown restrictions on the property market. FTSE 100 housebuilder Persimmon said this morning that its sales offices in England will reopen from tomorrow with social distancing measures in place. It comes after the government removed restrictions to allow [...]
Ministers in talks with business leaders over return to work strategy April 28, 2020 Ministers have held talks with business groups and trade unions over plans to kickstart the economy once the coronavirus lockdown has been lifted. Business secretary Alok Sharma has chaired a string of meetings with top industry figures in recent days amid concerns many employees will be reluctant to return to work due to health fears. [...]
Coronavirus: Redrow secures £300m facility through BoE’s emergency scheme April 9, 2020 Housebuilder Redrow has secured a £300m lending facility under the Bank of England’s emergency coronavirus financing scheme. The developer, which has furloughed 80 per cent of its staff using the job retention scheme, is also in talks to extend its existing revolving credit facility by £100m to £350m. Redrow said this morning that it expects [...]
Coronavirus dividend cuts produce £4.4bn hit to investor portfolios March 27, 2020 With more UK firms announcing coronavirus-fuelled dividend cuts this week, the total loss of investor income so far this year is now £4.4bn. The pace of dividend cuts is accelerating as coronavirus wreaks havoc on world economies. In March 116 companies have suspended their dividends totalling £4.2bn, according to investment fund AJ Bell. That compares [...]
Persimmon cancels dividend and begins shutdown of sites March 25, 2020 Persimmon is the latest housebuilder to cancel its dividend in an attempt to conserve cash as coronavirus uncertainty hits sales. The housebuilder said the period of uncertainty will lead to a delay in the timing of legal completions, a rise in cancellation rates and a material slowdown in new sales for Persimmon. As such the [...]
Government under pressure to suspend non-essential construction work March 25, 2020 The government is facing growing pressure to halt non-essential construction work as it tries to grapple with the coronavirus outbreak. In a Downing Street briefing on Tuesday, health secretary Matt Hancock said construction workers could and should continue to work so long as they are two metres apart. “The judgment we have made is that [...]
Redrow scraps interim dividend as coronavirus restrictions tighten March 24, 2020 Housebuilder Redrow is cancelling its interim dividend, anticipating a sharp drop in sales as the government tightens restrictions amid the coronavirus outbreak. The FTSE 250 company said it is cancelling its 10.5p interim dividend, amounting to £37m, which was due to be paid next month. Shares in Redrow are up five per cent. Redrow said: [...]