Firm warns of hit to visitor levels and building capacity

Crest Nicholson has become the latest housebuilder to cancel its dividend because of the coronavirus outbreak.

The firm said it had made arrangements to draw down its revolving credit facility, resulting in available cash of £185m.

crest nicholson

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It added: “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 21.8 pence per share.” This had been due to be paid next month.

Yesterday, retirement housebuilder McCarthy & Stone said it was cancelling its final dividend payment of the year due to the uncertainty created by the  pandemic.

And last week Berkeley postponed a £455m investor payout for the same reason.