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CSP - Countryside Properties News Story

490.6p -7.6  -1.5%

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Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £2.62bn
Enterprise Value £2.58bn
Revenue £1.07bn
Position in Universe 272nd / 1810

Countryside Props - COVID-19 Update

Thu 7th May, 2020 7:00am
RNS Number : 1944M
Countryside Properties PLC
07 May 2020
 

FOR IMMEDIATE RELEASE

7 May 2020

Countryside Properties PLC

COVID-19 Update

 

Countryside Properties plc ('Countryside' or 'Group'), today issues a further update in relation to the impact of Covid-19 on the business, following its statement on 20 April 2020.

 

Financing update

Countryside has been confirmed as an eligible issuer for the Bank of England COVID Corporate Financing Facility ("CCFF") and has put in place a £300m commercial paper programme to facilitate issuance under the CCFF.  The facility will be used to provide standby liquidity, should that be required, and is currently unutilised.   

 

In addition, we have agreed certain financial covenant revisions with the banking group for our existing £300m Revolving Credit Facility that will provide additional headroom and flexibility until 30 September 2022.

 

Managed return to construction

We announced on 25 March 2020 that we had suspended all construction work on our sites. We have developed a new set of operating procedures for site activity which are compliant with Public Health England guidelines.  These are aimed at ensuring the safety of our staff and supply chain partners, including maintaining social distancing and the provision of additional site welfare facilities.  Each site will have a dedicated Compliance Officer to ensure the new procedures are operating effectively. 

 

We have commenced work to implement these changes and intend to reopen around 80% of our sites to construction from 11 May 2020. 

 

Iain McPherson, Group Chief Executive said, "Securing this additional liquidity gives us the confidence to plan pro-actively for the future.  Our mixed-tenure business model, strong order book and the outstanding commitment and hard work of our staff throughout this challenging period, position us well for a return to construction activity and we are focused on ensuring we do this in a safe and orderly way."

 

The Group is due to report its half year results on Thursday 14 May 2020.

 

 

- Ends -

 

  

Enquiries:

 

Countryside Properties - 01277 260 000

 

Iain McPherson - Group Chief Executive

Mike Scott - Group Chief Financial Officer

Victoria Prior - Managing Director, Corporate Affairs

 

Brunswick Group LLP - 020 7404 5959

 

Nina Coad

Oliver Sherwood

 

Note to editors:

 

Countryside is the UK's leading mixed-tenure developer through its two divisions, Partnerships and Housebuilding.

 

Countryside's Partnerships division was established over 30 years ago, specialising in estate regeneration, with operations in London, the South East, the North West, the Midlands and Yorkshire. It works mainly on public sector owned and brownfield land, in partnership with local authorities and housing associations to develop private, affordable and PRS homes. It recently established a modular panel manufacturing facility in Warrington to improve quality and reduce build times on site. Its developments include large scale urban regeneration projects at Beam Park, Rainham, Acton Gardens, Ealing and Rochester Riverside, Medway.

 

Countryside's Housebuilding division benefits from an industry leading strategic land bank which is focused around outer London and the Home Counties.  It builds family homes, with a focus on placemaking and selling to local owner occupiers. Its developments include a number of large-scale projects including Beaulieu Park, Essex, Springhead Park, Ebbsfleet and Tattenhoe Park, Milton Keynes.

 

Following six years of continuous growth in volumes, Countryside delivered 5,733 homes in the twelve months to September 2019 - 4,425 through its Partnerships division and 1,308 through its Housebuilding division, with a mix of private for sale, PRS and affordable homes. Revenues were £1,422.8m with 92.5% customer satisfaction equivalent to HBF 5-star rating.  It retains a strong balance sheet and is focused on delivering quality homes with sector leading growth. It was listed on the London Stock Exchange in February 2016 as a constituent of the FTSE 250.

 

For more information see www.countrysideproperties.com or follow @CountrysideProp on Twitter.

 

 


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