As jobs scheme changes...

SMS, Redrow join firms handing back furlough cash

Redrow

Redrow is the latest to repay cash

Companies are being urged to repay the taxpayer cash they have received for furloughed staff if they feel they can afford to do so.

Scottish company Smart Metering Systems is the latest to announce it is returning the grant received through the Coronavirus Job Retention Scheme.

SMS suspended its installation activities on 22 March as a result of the developing Covid-19 situation and elected to furlough some of its staff

But after resuming activities, “it has emerged from the recent uncertainties with a strong financial position.”, it said in a statement today.

The group’s net cash position of £48m (excluding the grant) at 31 May is ahead of previous expectations and SMS continues to forecast underlying profitability for the year to 31 December to be in line with the board’s earlier expectations.

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