(Alliance News) - McCarthy & Stone PLC on Wednesday said that it is too early to "speculate" about the full extent of the ongoing health crisis on annual financial performance, but the builder of retirement housing does anticipate an "inevitable material impact" on trading performance in the coming months.
The FTSE 250-listed company said it is taking every step to reduce the risk of virus infection across its housing developments to the extent possible "within the concept of independent living" for their older residents.
McCarthy & Stone has fully drawn on its GBP200 million revolving cash facility, resulting in a current available cash balance of GBP127 million, and has decided to suspend the 3.5 pence per share final dividend for its financial year to October 31, 2019.
The dividend payout was scheduled to be put to vote at the company's annual meeting on Wednesday next week.
The Bournemouth, England-based company is currently evaluating a number of actions to preserve remaining cash with the long-term needs of the business.
Shares in McCarthy & Stone were down 9.0% at 80.95 pence each in London on Wednesday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
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