James Fisher and Sons Plc - Covid-19 Update
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James Fisher and Sons Plc
James Fisher & Sons Plc ("James Fisher" or the "Group") is providing an update on management actions to offset the potential impact of Covid-19 on the Group. The health and safety of our people is of paramount importance and we have implemented a range of actions to protect our colleagues, customers and suppliers.
Whilst Group trading in the first two months of 2020 is ahead of prior year, the potential impact of Covid-19 is difficult to predict with any degree of certainty. Given this position, we have proactively taken steps to reduce costs, to optimise cash flow and to protect liquidity.
These actions include the deferral of discretionary capital expenditure; a hiring freeze; and, with effect from 1 April 2020, the salaries and fees of each member of the James Fisher Board will be reduced by 20%. Furthermore, the Board has decided that the final dividend for the year ended 31 December 2019 of 23.4 pence per share should be suspended until further notice. The Group will continue to monitor the developing situation and further actions will be taken as necessary.
The Group has a strong balance sheet and good liquidity. Excluding IFRS 16, net debt at 31 December 2019 was £203m, with c.£42m of headroom. In addition, the Group signed a new 30m revolving credit facility on 20 March 2020.
The Group will provide a further update at its AGM to be held on 30 April 2020.