<p><span>Crest Nicholson has cancelled its planned dividend as a result of the coronavirus spread, it announced today (March 19).</span></p> <p><span>Issuing an update on the impact of the virus on its business, Crest said it had “</span><span>taken the difficult decision</span><span>” to scrap its final dividend of 21.8 pence per share, otherwise payable on April 9 2020. It added that it would also suspend all existing financial guidance “until both the severity and duration of the COVID-19 impact becomes clearer”.</span></p> <p><span>And, to increase cash generation, Crest said it had “made arrangements” to fully draw its £250 million revolving credit facility, yielding available cash of £185 million.</span></p> <p><span>“In the ordinary course of business, the company has a strong balance sheet and has made good progress in reducing levels of capital employed in the current financial year,” Crest stated. “The board has only considered it necessary to take such decisive action because of the anticipated impact from COVID-19.”</span></p> <p><span>Since the start of the year up to </span><span>and including </span><span>March 16, Crest said it had traded in line with expectations, seeing </span><span>continued increases </span><span>in website traffic, footfall and reservations and had made “strong progress” with its new business strategy.</span></p> <p><span><span><span> </span></span></span><span>“However, the board has carefully …