Orbit Capital PLC Orbit Capital plc - Covid-19 Response (3971K)
21 4월 2020 - 11:49PM
UK Regulatory
TIDM61DS
RNS Number : 3971K
Orbit Capital PLC
21 April 2020
Orbit Capital plc - Covid-19 Response
21 April 2020
Recent weeks have brought unprecedented commercial and practical
challenges for everyone. Our response to COVID-19 has been agile
and efficient; with a focus on customer and employee safety, whilst
continuing to deliver essential front-line services.
Our business continuity plans have been executed and proven to
be robust. Incident management team structures were deployed early
in this process on 5 March, allowing us to establish a more agile
way of working within days. Most teams are now home-based and our
call centre remains fully operational. We continue to complete
urgent and essential repairs with customer safety remaining
paramount.
A safe and controlled closure of our direct build sites was
implemented on Friday 27 March. Also, although our sales offices
were closed on 24 March, we have been able to continue to legally
complete on some sales, progress running sales to exchange of
contracts, carry out virtual viewings and take new reservations,
over the last three weeks.
Our business remains resilient, supported through our strong
liquidity position and will therefore be able to navigate
challenges of the coming months. It is likely that the impact on
sales activity will affect our trading results for financial year
2021, and that the financial pressures placed on customers may lead
to increased levels of rent arrears throughout the year.
Through our land-led development strategy, we have been able to
tightly control our working capital commitments across a number of
sites. In addition, we have a well established money advice,
employment and skills programme that will provide support to
customers throughout this challenging period.
Furthermore, our social and environmental responsibility
programme, and our excellent relationships with local partners,
means that we have been able to support the response effort
directly. We have invested almost GBP50k to support foodbank
efforts to supply vulnerable and low-income households, alongside
providing grants for local charities to improve their ICT
infrastructure so that they can continue to operate.
We have delivered wellbeing calls to 10,000 customers over the
age of seventy, to ensure they are linked into local services or
able to access the support they need directly from Orbit through
our Better Days programme.
Our attention is firmly on a phased re-mobilisation plan. We are
not currently considering the furloughing of employees, and the
protection of our skilled workforce is a key priority. Our focus on
customer safety, protecting employees and business resilience will
remain as the Government's exit strategy becomes clear.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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