May 20, 2020 / 7:13 AM / 12 days ago

BRIEF-Vistry Group Sees Further Headcount Reductions

May 20 (Reuters) - Vistry Group PLC:

* PERFORMANCE DURING LOCKDOWN HAS BEEN BETTER THAN INITIALLY EXPECTED IN RESPECT OF RESERVATIONS, COMPLETIONS AND CASH MANAGEMENT

* CURRENTLY HAVE MORE THAN 5,600 OPERATIVES WORKING SAFELY ACROSS DEVELOPMENTS AND EXPECT PRODUCTIVITY TO CONTINUE TO INCREASE

* OVER 70% OF NORMAL PRODUCTION CAPACITY HAS ALREADY BEEN RESTORED IN PARTNERSHIPS BUSINESS

* OPERATING ACROSS ALL 73 CONTRACTING SITES AND CONTINUE TO INCREASE FUTURE PIPELINE AT PARTNERSHIPS BUSINESS

* CONTRACTING FORWARD ORDER BOOK TOTALS £827M IN PARTNERSHIPS BUSINESS

* IN FIRST 11 WEEKS OF TRADING IN 2020, SAW STRONG INCREASE IN AVERAGE SALES RATE PER SITE PER WEEK IN HOUSEBUILDING BUSINESS

* RATE OF SALES HAS BEEN AN IMPROVING TREND, WITH A SALES RATE OF 0.26 OVER PAST THREE WEEKS IN HOUSEBUILDING BUSINESS

* PRICING OVER PAST EIGHT WEEKS HAS BEEN BROADLY IN-LINE WITH FORECASTS IN HOUSEBUILDING BUSINESS

* LEVELS OF WEBSITE TRAFFIC, PROSPECTS STRONG, IN RECENT WEEKS RETURNED TO LEVELS SEEN IN JAN, FEB IN HOUSEBUILDING BUSINESS

* STRONG FORWARD SALES POSITION, HOUSEBUILDING RESERVATIONS TOTALLING £1.5BN

* EXTENDED REVIEW OF GROUP FOLLOWING ACQUISITION, TO FURTHER LEVERAGE SCALE OF COMBINED BUSINESSES

* CONSULTING WITH TEAMS, ANTICIPATE THAT THIS WILL RESULT IN FURTHER HEADCOUNT REDUCTIONS, PRODUCING ANNUAL EQUIVALENT SAVINGS OF C. £9.5M

* FURTHER HEADCOUNT REDUCTIONS WILL INCREASE ANTICIPATED TOTAL SYNERGY SAVINGS TO OVER £44M

* COST OF FURTHER SAVINGS IS EXPECTED TO BE ACHIEVED WITHIN TOTAL £35M EXCEPTIONAL RESTRUCTURING COSTS PREVIOUSLY ANNOUNCED

* ELIGIBLE IN PRINCIPLE TO ACCESS FUNDING UNDER CCFF SHOULD THAT BE REQUIRED Source text for Eikon: Further company coverage:

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