Housebuilder Glenveagh Properties has said it is suspending all existing guidance for 2020 until both the severity and duration of the Covid-19 impact becomes clearer.

The company said its ability to achieve its 2020 delivery targets will be dependent on how long the advised restrictions remain in place and the extent to which future restrictions impact construction progress on sites. 

In a trading update, Glenveagh said it remains focused on the wellbeing of its staff, adding that it was taking all the necessary steps to maintain the health and welfare of its employees, sub-contractors and customers. 

In line with Government recommendations, the company said it has put in place wide ranging measures across its sites to limit the spread of the coronavirus.

It said these measures will allow all of its sites to remain operational currently.

To facilitate customers, Glenveagh said that virtual viewings are now available across all its show villages. 

It said that Reservations, signings and closings have continued in recent weeks, but said the pace of new reservations has slowed as the restrictions have widened.

In today's statement, Glenveagh said it is in a strong position and continues to benefit from a robust balance sheet with good liquidity. 

Its net cash position stood at €53m at the end of December, while its current cash resources and available committed facilities total €121m. It also has a further €125m of uncommitted facilities.

Glenveagh's chief executive Stephen Garvey said the company fully supports the unprecedented steps which the Government has taken to protect public health and to limit the spread of Covid-19.

"From a business perspective, while we are likely to experience a challenging near-term environment, our strong balance sheet and customer profile (balanced across private, state and institutional buyers) leaves Glenveagh in the strongest possible position to deal with whatever eventualities are to come," the CEO added.