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Commercial Property News
Quintain batten down the hatches
Quintain Estates in it's Q1 interim statement places conserving cash in the business as it's top priority. In line with that they are witholding dividend payments for up to 2 years and cutting overheads by making 16 redundancies and cutting Greenwich Peninsula Regeneration Ltd annual running costs by £4million.
Quintain have also cut back construction activity to only 4 sites where apartments are pre-sold or space is pre-let.
Adrian Wyatt, Chief Executive of Quintain, commented:
'Conditions continue to prove challenging and are likely to remain so throughout the financial year. Quintain's business model provides important diversification that is of particular value in these markets and the financial and operationalfundamentals of the business remain unchanged. The Board has adopted measures that will protect Quintain's interests should a further significant decline occur and ensure the Group will be positioned to exploit opportunities when markets recover.
'Despite difficult market conditions Quintain has continued to make progress,with selective disposals made above March valuations, strong growth of income
from our counter-cyclical funds and £196m of debt raised in the last four months.'
Quintain have also cut back construction activity to only 4 sites where apartments are pre-sold or space is pre-let.
Adrian Wyatt, Chief Executive of Quintain, commented:
'Conditions continue to prove challenging and are likely to remain so throughout the financial year. Quintain's business model provides important diversification that is of particular value in these markets and the financial and operationalfundamentals of the business remain unchanged. The Board has adopted measures that will protect Quintain's interests should a further significant decline occur and ensure the Group will be positioned to exploit opportunities when markets recover.
'Despite difficult market conditions Quintain has continued to make progress,with selective disposals made above March valuations, strong growth of income
from our counter-cyclical funds and £196m of debt raised in the last four months.'
Tue, 5th Aug 2008