Spectris cancels 2019 final dividend; like-for-like sales down 10% in first quarter

Mon, 6th Apr 2020

Measurement tool company Spectris said it had scrapped a special dividend and postponed a final dividend in reaction to the Covid-19 crisis. Trading in the first quarter had been impacted by the pandemic, the company said, with like-for-like sales slipping 10% on-year. Spectris also withdrew its financial guidance, but said its balance sheet was strong with net cash at the end of March of around £53m. The company had £831.7m of committed banking facilities. Other cash conserving measures included the chief executive, chief financial officer and non-executive directors taking a 25% pay cut until further notice. 'Spectris has entered this crisis with a strong balance sheet and liquidity position, committed sources of funding and the benefit of cost actions taken in 2019,' chief executive Andrew Heath said. Story provided by StockMarketWire.com

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