StockMarketWire.com - Regeneration specialist U and I swung to a full-year loss and suspended its final dividend, citing uncertainty caused by Brexit, UK elections and the Covid-19 crisis.

Pre-tax losses for the year through March amounted to £58.6m, compared to a profit of £6.3m on-year.

'Our results ... were severely affected by planning and transaction delays on our development and trading projects, as well as valuation impacts in our investment portfolio,' the company said.

U and I said it had 'good' liquidity, with £20.0m of additional liquidity secured since the year end, including the raising of a £13.5m new facility secured against previously uncharged assets.

The company also said that it could withstand a further around 25% fall in overall capital values of the assets in its investment portfolio before requiring renegotiation of loan covenants.

Chief executive Matthew Weiner said the challenges of Covid-19 brought 'accelerated the structural need' for affordable, convenient mixed-use spaces.

'Our business model, centred on regenerating underestimated sites, often too complex for others, means we are particularly well-placed to benefit from this demand,' he said.

'We have responded quickly to the unfolding Covid-19 pandemic, strengthening our balance sheet and accelerating our efficiencies programme, which will enable us to emerge stronger once markets start to normalise.'


At 9:44am: [LON:UAI] U and I Group Plc share price was -2.8p at 76.2p



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