NB Real Estate will pay out bonuses to staff but later than usual.
Mike Hatt, CEO at NB Real Estate, said: ‘The bonus assessment planned for early 2008 has now taken place, and NB Real Estate staff will receive bonus payments, for the financial year ended 30 September 2007, between March and June 2008.'
NB Real Estate told staff yesterday that its bonus policy had been changed on a permanent basis: ‘The assessment of bonuses will now take place annually in January in the fourth month after our financial year end, instead of in December. Bonus payments, previously made in December and March, will be made between March and June.’
Hatt blamed an uncertain market for the decision to review and delay bonuses.
Hatt said: ‘Our quarter one trading figures have exceeded budget and we enter 2008 from a position of strength and robustness. The deferment of bonuses was taken as a precautionary measure in this difficult trading climate, to make absolutely sure that our current position is safely maintained throughout 2008 and beyond.’
The bonuses are being paid on a discretionary basis and it is not known whether all staff who were expecting a bonus will receive one.