22.75% HOUSEBUILDER Crest Nicholson yesterday cancelled payment of its final dividend and withdrawn its full-year financial guidance due to the coronavirus pandemic.
The company also said it would draw down all of a £250m credit facility to help cope with the hit to its business from Covid-19 related shutdowns.
"We consider these measures to be in the best interests of all our stakeholders and will best ensure the long-term viability of the business at this time," the housebuilder said.
Since the start of the year,
But the company expects the rapidly worsening coronavirus outbreak to "have a significant impact on visitor levels, production capability and trading performance over an unclear timeline".
"When faced with this unprecedented and unpredictable situation, [we] consider it to be prudent to protect the company's cash position", the firm said. Shares fell 22.8 per cent to 182.3p.
(c) 2020 City A.M., source