23rd Mar 2020 14:52
(Alliance News) - Colefax Group PLC said Monday trading up until mid-March was in line with management expectations.
The interior designer, however, noted it is "very difficult" to give accurate guidance on future sales due to the ongoing uncertainty caused by Covid-19 - but said the hit to sales will be "significant".
"The group has a strong balance sheet and the board's priority is to conserve cash and manage the group through the crisis as prudently as possible," Colefax said.
As a result, Colefax said it is cancelling its 2.60 pence interim dividend.
The company added: "The board will review the group's dividend policy when there is greater clarity about the future impact of the pandemic."
Shares in Colefax were 5.2% lower in London on Monday at 360.00 pence each.
By Paul McGowan; [email protected]
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