Urban developer U and I Group PLC (LON:UAI) has slashed its profit estimates due to the disruption to the approval process from the impact of coronavirus.

“The rapidly accelerating impact of the Covid-19 crisis on transactional activity and Central and Local Government policy means that there is currently no reliable way to predict, with certainty, the timing or value of transactions,” it said.

Just based on signed-off projects, development and trading gains are currently materially below the GBP35mln target for the full year to March.

Even if legal negotiation on some contracts including Harwell are successfully concluded it is unlikely it can meet the GBP35mln target, U and I added.

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