Berkeley pauses work and revises profit

March 27, 2020
<p><span>Berkeley Group has revised profit expectations for its year end and suspended work on schemes </span><span>where the delivery of materials has become a challenge due to the coronavirus crisis, it announced today (March 27).</span></p> <p><span>The housebuilder said it had been operating according to the government and Public Health’s guidance on coronavirus, observing social distancing protocols to protect the safety of its workers and to allow it to continue many of its site activities.</span></p><p></p> <p><span>“However, our supply chain is experiencing understandable and increasingly considerable challenges in maintaining the delivery of materials to site,” Berkeley’s statement read. “Therefore, we are now progressively managing the safe, temporary suspension of work on developments where this is the case.”</span></p> <p><span>This would take time to manage “as critical in-progress works are brought to the stage where they can be safely suspended and secured”.</span></p><p></p> <p><span>But the firm added it would still endeavour to complete a number of private and affordable homes close to handover “and which many customers, across all tenures, will still need us to finish” while still observing government guidance. Most of its office based staff are working from home with sales centres and show homes closed.</span></p><p></p> <p><span> With these changes significantly affecting the final …

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