StockMarketWire.com - Homebuilder Cairn Homes said it would suspend its dividend and share buyback programme in an effort to preserve cash and warned it expected sales to be negatively impacted from the Covid-19 outbreak.

'Footfall and face to face enquiries have slowed significantly over the last two weeks, although online engagement has increased,' the company said. 'The board is monitoring this carefully and while there remains considerable uncertainty, the company expects sales activity to be negatively impacted over at least the near term and possibly for an indeterminate period of time.'

The company said it withdrew its intention to propose a final 2019 dividend of 2.75c per share and would also suspend its current share buyback programme, of which approximately €46m of the €60m programme had been completed to date.

The company also scrapped its existing guidance for 2020 as the impact and duration of Covid-19 remained uncertain.

'The company had net debt of €91.2 m as at 31 December 2019, comprising of drawn debt of €148.0 m, available cash of €56.8 m and undrawn facilities of €194.0 m under its revolving credit facility. We also have a strong balance sheet with total equity of €763.7 m as at 31 December 2019,' it added.




At 10:10am: [LON:CRN] Cairn Homes Plc share price was +0.01p at 0.71p



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