Housebuilder Vistry Group expects to cut more jobs in the wake of the merger between its legacy Bovis Homes operations and Galliford Try’s housing divisions.
The housebuilder said it was consulting with its teams and anticipated that further headcount reductions would produce annual savings of around £9.5m.
Vistry said it had taken 447 reservations over the past eight weeks, with 147 cancellations. During the same period it exchanged on 310 homes and formally completed 257 private sales.
It added that house prices during the past eight weeks had been “broadly in line” with its forecasts.
The group has resumed operations on 119 of its 172 developments.
As at 18 May, net debt stood at £476m, up 8.2% on its equivalent at 21 April, with committed banking facilities totalling £770m. Vistry said it was also eligible to access funding under the Covid Corporate Financing Facility if required.
Greg Fitzgerald, chief executive, said: “In these unprecedented times, the group’s performance during lockdown has been better than initially expected in respect of reservations, completions and cash management.”
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