Firm delays publication of interim results by two weeks

Crest Nicholson will start reopening its sites from next week.

In an update to the City this morning, the firm said remobilisation would begin from 18 May.

crest nicholson

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It said: "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."

It said it had made “moderate” numbers of new sales and had also been able to process legal completions after shutting its sites early last month.

At half year, 30 April 2020, net debt was £93.6m and the company had £255.2m cash in the bank.

The firm said: "The increased cash position, up from available cash of £185.3m announced on 19 March, 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."

The firm said the announcement of its interim results has been pushed back from 9 June to 24 June.