Housebuilders

[monabri]

With Redrow announcing that they will not be paying the interim dividend (xd 5th March, pay 9th April) they join Berkeley Group ...one has to be concerned for possible similar action from Taylor Wimpey and Persimmon.

[monabri]

Taylor Wimpey has said all of its sites at its £120m-a-year Spanish business has shut down amid sweeping public restrictions in the country.

https://www.building.co.uk/news/coronav ... 13.article

[mike]

Taylor Wimpey has said all of its sites at its £120m-a-year Spanish business has shut down amid sweeping public restrictions in the country.

https://www.building.co.uk/news/coronav ... 13.article

And in the UK as well

Housebuilder Taylor Wimpey said it has closed its construction sites, show homes and sale sites due to coronavirus.

Earlier today, competitor Redrow said its sites would remain open with “strict precautions in place including enhanced levels of cleaning, additional hygiene facilities and social distancing”.

[...]

Speaking on Good Morning Britain earlier today, the Cabinet Office minister Michael Gove said that major construction work should go ahead, but that work carried out at close quarters in someone’s home should would not be appropriate.

[tjh290633]

From the horse's (TW.) mouth:

https://www.investegate.co.uk/taylor-wi ... 10503610H/

The health and safety and wellbeing of our employees, subcontractors and customers is our number one priority. We are doing all we can to support them during this unprecedented crisis; to help prevent the spread of the virus and to ensure they stay safe and are following the latest Government and Public Health guidance. In the interest of customer and employee safety, we have taken the decision to close all of our show homes, sales centres, and construction sites for all work except that needed to make the sites safe and secure. Sales offices were closed with effect from the evening of Monday 23 March 2020. We will continue to support new and existing customers and will conduct all business by telephone or digitally. Construction sites will begin the close down process today.
...
Until the extent and duration of the disruption is better understood, the Board believes conserving cash is in the best interests of the long term sustainability of the business. Whilst our ordinary dividend of at least c.£250 million per annum, has been stress tested and is payable though a 'normal' downturn, the global COVID-19 pandemic goes beyond normal and even severe cyclical swings and represents an exceptional case.

Accordingly, we have taken the decision to cancel the 2020 final dividend of 3.80 pence per share (c.£125 million) that was due to be paid on 15 May and the planned special dividend payment of 10.99 pence per share (c.£360 million) that was due to be paid on 10 July, both of which were subject to shareholder approval. As a result of these actions; Resolutions 2 and 3 will be withdrawn from the AGM due to take place on the 23 April.

TJH

[monabri]

Looks like Barratt Developments ( BDEV) will also cull the divi. Like TW they have suspended operations. I'm setting the forecast dividend to zero in anticipation!