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Barratt Developments Home Completions Up; To Furlough 85% Of Employees

Housebuilder Barratt Developments (BDEV.L) announced Thursday that it delivered 1,349 home completions, including Jvs, between March 23 and April 12.

The company completed 11,713 homes in the period to April 12, up from 10,954 homes last year. Total forward sales are 12,376 homes at a value of 2.89 billion pounds.

The company temporarily closed all sales centres, construction sites and offices since March 27 due to the COVID-19 pandemic. Due to this, it now expects any further home completions and reservations to be very limited.

Further, the company reiterated that all existing financial guidance is suspended.

In addition to previously announced cost saving actions, the company now said it is in the process of furloughing around 85 percent of employees. The company will pay furloughed employees their normal pay while they are furloughed until at least the end of May 2020.

The company said the Chairman and the Non-Executive Directors have agreed to a voluntary 20 percent reduction in base salary and fees, effective from April 2020, until such time as the Group is able to restart work on site. In addition, they have also agreed to waive any salary or fee increase for fiscal 2021.

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