2nd Apr 2020 10:26
(Alliance News) - Network International Holdings PLC on Thursday deferred its dividend for 2019 as part of cost-saving measures due to Covid-19.
The payment services provider, focused on the Middle East and Africa, said global and spending patterns have been dented by the pandemic. Lockdown measures have been implemented in a number of its markets, Network International said.
The company added: "Given the uncertainty surrounding the length of the Covid-19 impact, we are currently taking actions to reduce operational expenses across the business without reducing headcount; we are committed to supporting our people and believe they are the core driver behind our successful business. We will also be selective about the choices we make and the timing of capital expenditure.
"In addition to these mitigating steps, we believe it is prudent to defer the payment of a dividend in respect of the 2019 financial year, until we have greater clarity on the operating environment."
Shares in Network International were 1.4% higher at 360.60 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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