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REDROW PLC

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Many British employers mull smaller offices post-COVID - survey

06/30/2020 | 08:59am EDT
FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in London

Roughly half of UK's employers are planning to reduce office space and stagger return to work as Britain eases restrictions following a three-month COVID-19 lockdown, according to a survey by recruiter Robert Walters.

Remote working will become more prevalent in a post-COVID world, the survey showed, as companies assess cost savings as well as health risks to staff.

Around 44% of employers are considering cutting down physical office space and 49% are planning to spread out employees' return to work, according to the survey which polled 2,200 companies.

Last week, Britain's financial services minister said some banks would cut office space in London's financial district as they "reset" their operations.

Several companies across the world have extended work from home options for their staff, with U.S. social media giant Facebook saying last month it will permanently embrace remote work even after lockdowns ease.

"It can be daunting for companies who have been going through a difficult period to consider spending money on their physical workspace, technical infrastructure or general operations," said Robert Walters Director Lucy Bisset.

Three quarters of British employers admitted that their senior team have not been equipped to manage teams remotely, and will need new training to adapt, the survey added.

It also found that 87% of employees would like more opportunities to work from home post-return and 21% stated that they would like to work from home permanently.

Homebuyers are already showing in interest in buying bigger houses with better home workspace and gardens, major housebuilder Redrow noted on Tuesday.

(Reporting by Yadarisa Shabong and Indranil Sarkar in Bengaluru; Editing by Saumyadeb Chakrabarty)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
FACEBOOK INC -2.04% 329.66 Delayed Quote.20.68%
REDROW PLC -2.82% 634.4 Delayed Quote.11.01%
ROBERT WALTERS PLC -0.56% 714 Delayed Quote.50.95%
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Financials
Sales 2021 1 821 M 2 514 M 2 514 M
Net income 2021 224 M 309 M 309 M
Net cash 2021 111 M 153 M 153 M
P/E ratio 2021 9,67x
Yield 2021 3,07%
Capitalization 2 178 M 3 006 M 3 007 M
EV / Sales 2021 1,14x
EV / Sales 2022 1,03x
Nbr of Employees 2 364
Free-Float 77,8%
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Technical analysis trends REDROW PLC
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 18
Average target price 759,06 GBX
Last Close Price 634,40 GBX
Spread / Highest target 67,1%
Spread / Average Target 19,7%
Spread / Lowest Target -8,58%
EPS Revisions
Managers and Directors
NameTitle
Matthew John Pratt Group CEO, COO & Director
Barbara May Richmond Group Chief Financial Officer & Executive Director
John Frederick Tutte Non-Executive Chairman
Richard John Akers Chairman-Designate
Andrew Nicholas Hewson Senior Independent Director
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