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Share Name Share Symbol Market Type Share ISIN Share Description
Urban&civic Plc LSE:UANC London Ordinary Share GB00BKT04W07 ORD 20P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -3.50 -1.49% 231.50 225.00 229.50 240.50 225.00 238.00 128,180 16:35:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate 102.1 16.3 8.8 26.3 336

Urban&Civic plc COVID-19 Statement

30/03/2020 12:28pm

UK Regulatory (RNS & others)


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TIDMUANC

RNS Number : 0715I

Urban&Civic plc

30 March 2020

30 March 2020

("Urban&Civic" or the "Company")

COVID-19 Statement

The physical construction of houses on Urban&Civic strategic sites has almost ceased, with only a small minority of housebuilding customers still able to build due to the logistical and supply chain challenges arising from social distancing. Our staff are largely working remotely but effectively. Conversely, civil infrastructure work, including land remediation and the construction of new roads and schools is continuing due to the greater involvement of heavy machinery and relative openness of the working environments. Safety will remain the paramount consideration.

The maintained investment programme benefits from considerable financial support from Homes England and Central Government. Our deferred land payment model is well suited to accommodating a material short-term drop in output, whilst the minimums provide more than 3x annual sales income security to the Group.

Urban&Civic has a strong balance sheet, with a current total of approximately GBP143 million of undrawn facilities, the bulk of which are Government backed. Two new loans totalling GBP95.6 million were completed last week: GBP60.6m from Homes England for enabling infrastructure at Waterbeach on the outskirts of Cambridge and GBP35.0 million from the Department of Education to fund a new secondary school at Houlton in Rugby Borough. Interest will become payable only out of realised sales proceeds at Waterbeach and there is no interest on the loan at Houlton. Final repayments are scheduled for end 2030 and mid 2042 respectively.

The Coronavirus crisis is serving to dramatically escalate existing domestic housing trends. Recent published Gov UK data reports that both the number of domestic housing starts and consented applications fell markedly in the last quarter of 2019. The physical challenges of putting planning committees together can be expected to reduce consented applications substantially over the next few months. Urban&Civic's strategic sites are fully serviced and will be amongst the most straightforward nationally on which housebuilders can recommence construction once activity begins to recover, expected currently to be from mid-year onwards.

-ENDS-

For further information, please contact

 
 Urban&Civic plc                  +44 (0)20 7509 5555 
 Nigel Hugill/David 
  Wood 
 
 FTI Consulting                   +44 (0)20 3727 1000 
 Giles Barrie/Dido      urban&civic@fticonsulting.com 
  Laurimore/Ellie 
  Sweeney 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

March 30, 2020 07:28 ET (11:28 GMT)

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