Quintain Estates & Development said this morning it would withhold dividends for up to two years as it shores up its business against further declines in the
In its first quarter interim management statement for the three months to end of June, the company said it had also reduced the headcount at Wembley (
Quintain said it was pursuing a programme of cash preservation and creation, which will include £100m of asset sales over the next twelve months. The company said this will position it for a tougher climate, and also help it to exploit investment opportunities.
It said the first quarter had seen £16.9m of disposals at or above March valuations. It has also raised £196m of debt in the last four months.
“Conditions continue to prove challenging and are likely to remain so throughout the financial year,” said chief executive Adrian Wyatt.
“The board has adopted measures that will protect Quintain’s interests should a further significant decline occur.”
The company said its gearing at June 2008 was 64%, within loan covenant requirements of 110%.
It said it was on site with four developments and continued to manage development risk and reduce costs.
Quintain said it would complete the first buildings for a 136,000 sq ft office development scheme pre-let to Transport for
It has also lodged plans for City Park Gate, two buildings comprising 256,000 sq ft of offices immediately adjacent to Moor Street Station in
