6th Apr 2020 15:19
(Alliance News) - Brickmaker Ibstock PLC said Monday the orderly shutdown of its manufacturing sites is now complete.
A skeleton staff is in place at the sites during the shutdown period to ensure that safety and security is maintained, Ibstock added.
The company said it plans to furlough a "significant proportion" of its staff, but is looking into the government schemes announced over the past several weeks to support them.
Ibstock also said its board and executive management team has agreed to a 20% pay cut for the three months starting April 1.
The company also confirmed it will not be paying its final dividend of 6.5 pence per share already declared for 2019 to preserve liquidity and the balance sheet.
Shares in Ibstock were 6.8% higher in London on Monday afternoon at 158.60 pence each.
By Paul McGowan; [email protected]
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