Housebuilders Barratt say they'll repay all the furlough money the Govt gave them
- Barratt Developments furloughed 6,700 employees and topped up their salaries
- That means that the house-builder plan to pay £27m back to the government
- Shares rose around 6.2 per cent after the announcement on Monday morning
The UK's biggest house-builder, Barratt Developments, has said it would repay all the furlough money it claimed for staff who were unable to work during the lockdown.
Barratt Developments furloughed 6,700 employees and topped up their salaries leaving them with £27 million to pay back to the government.
Builders are now back at work except for vulnerable members of staff who are shielding.
The UK's biggest house-builder plans to pay £27 million back to the government in furlough money. Pictured: A Barratt Developments builder nailing tiles to a new home's roof
The company furloughed 6,700 employees, 85 per cent of its workforce, during the lockdown . Pictured: Barratt workers guide a bundle of metal reinforcing rods
All of the company's operational sites had reopened by June 30 after being closed for several months.
Barratt said their finances are good enough to pay the money back but the lockdown has not left them untouched.
The number of new homes completed in the year to June 30 dropped by nearly a third to 12,604, the company revealed.
Customers have flocked back since its sales centres reopened but reservation levels have yet to return to normal.
Chief executive David Thomas said: 'Prior to the Covid-19 pandemic, the group was delivering a strong year of progress on both volume and margin.
The pandemic has caused significant disruption, but our highly skilled and experienced team have shown incredible resilience, flexibility and commitment, both through the peak of the crisis and in the careful reopening of our sites.
'Now, with our construction sites operational across the UK, we begin the new financial year with cautious optimism, supported by our strong forward order book and our well capitalised balance sheet.'
After the builder announced its plan to repay furlough money shares rose to 6.2 per cent. Pictured: A worker using a forklift truck to move building materials
Shares rose around 6.2 per cent after the announcement on Monday morning.
AJ Bell investment director Russ Mould said: 'Any kind of optimism is welcome in the current climate, cautious or otherwise, so the tenor of today's trading update from Barratt Developments struck a chord with the market.
'This optimism is not founded on thin air.
The company has a growing order book, has seen high customer interest levels since the reopening of its sales centres, and it now has all its sites up and running.
'There was some bad news to balance out the good in Barratt's statement - inevitably completions were down in the 12 months to the end of June and the average asking price also fell.
'Dividends remain off the table, but it doesn't appear as if the market was expecting anything different on that score.'
https://news.google.com/__i/rss/rd/articles/CBMiemh0dHBzOi8vd3d3LmRhaWx5bWFpbC5jby51ay9uZXdzL2FydGljbGUtODQ5NDY2MS9Ib3VzZWJ1aWxkZXJzLUJhcnJhdHQtc2F5LXRoZXlsbC1yZXBheS1mdXJsb3VnaC1tb25leS1Hb3Z0LWdhdmUtdGhlbS5odG1s0gF-aHR0cHM6Ly93d3cuZGFpbHltYWlsLmNvLnVrL25ld3MvYXJ0aWNsZS04NDk0NjYxL2FtcC9Ib3VzZWJ1aWxkZXJzLUJhcnJhdHQtc2F5LXRoZXlsbC1yZXBheS1mdXJsb3VnaC1tb25leS1Hb3Z0LWdhdmUtdGhlbS5odG1s?oc=5
2020-07-06 17:33:59Z
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