Vistry Group PLC (LON:VTY) has announced that it will restart work on 90% of its partnership sites and on a “significant number” of housing sites on April 27.
Since the UK implemented a lockdown to prevent the spread of coronavirus (COVID-19), the housebuilder said it had received 80 cancellations and completed 193 private sales.
READ: Vistry secures housing development contracts totaling £213mln
In a COVID-19 update, the FTSE 250-listed firm noted that traffic to its website remains strong, which it said was “an indication of the continued underlying demand”.
The group said its net debt as of April 21 was £440mln, up from £435mln on March 24, while the firm expects to receive £40mln from work completed at the end of last month.
In a note to clients, analysts at Peel Hunt commented: "Vistry has seen its share price drop 44% year-to-date against a 30% fall for the housebuilders average.
"We believe the bulk of this underperformance has come from the market's concern about the liquidity position."
Vistry - the former Bovis Homes - saw its shares jump 6% to 769.35p on Thursday at the opening bell.