LONDON (dpa-AFX) - With the closure of all of its sites since 27 March, U.K. homebuilder Redrow plc. (RDW.L) said Monday that net reservations have been running at very low levels since the lockdown, and that it intends to commence mobilising sites week commencing 11th May, with a phased return to construction on 18th May, subject to conditions.
However, the Group's advanced IT systems has enabled it to communicate remotely with its contractors and customers. The Group said its tablet-based quality management system records and monitors work, and its My Redrow portal gives customers access to make appointments, to complete reservations online and to choose options and upgrades.
The Group noted, in order to protect its cash flow, a number of land payments have been successfully deferred into 2021 and later. As a result, net debt at the end of June is now expected to be c.200 million pounds.
Redrow said it recently extended its revolving Credit Facility to about 350 million pounds and have been accepted as an issuer under the Government's CCFF with an issuer limit of 300 million pounds.
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