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- Financial and property service firm N1 (N1H) has closed its Sydney retail centre and made all staff work from home to curb the effects of the COVID-19 pandemic
- Additionally, non-executive directors will endure a 20 per cent pay cut for the next six months
- Although the company’s commercial lending and brokerage businesses have grown since the start of the pandemic, its real estate sales and property management business has slumped
- More information on N1’s performance over the last quarter will be released to the market shortly
- However, to cushion the pandemic’s financial impact, the company says it will begin renegotiating its debt repayment arrangements with the banks
- As it waits out the storm, N1 says it will focus on strengthening its current branding and refining its digital strategy
- On market close, N1 remains in the grey, trading for 8.2¢ per share
Financial and property service firm N1 (N1H) has closed its Sydney retailer and made all staff work from home to curb the effects of the COVID-19 pandemic.
On top of the closure of its Chatswood N1 centre, the company is reviewing its ongoing services suppliers and is aiming to reduce operational costs by outsourcing where it can.
Additionally, non-executive directors will receive a 20 per cent pay cut for the next six months.
Although the company’s commercial lending and brokerage businesses have grown since the start of the pandemic, its real estate sales and property management business has slumped. More information on N1’s performance over the last quarter will be released to the market shortly.
“The company is growing at an increasing pace despite global economic uncertainties and we are taking active steps to pre-empt potential disruptions to the business, CEO and executive chairman Ren Hor Wong said.
However, to cushion the pandemic’s financial impact, the company says it will begin renegotiating its debt repayment arrangements with the banks.
“The company is uniquely positioned to weather any adversities to its business fronts and continue growing and delivering value to its shareholders,” he added.
As it waits out the storm, N1 says it will focus on strengthening its current branding and refining its digital strategy.
On market close, N1 remains in the grey, trading for 8.2¢ per share.
