Springfield Properties scraps dividend as building activity curtailed in Scotland

Tue, 24th Mar 2020

Scottish house builder Springfield Properties scrapped its interim dividend in the wake of a first minister Nicola Sturgeon's advice to close building sites across the country. Springfield Properties had intended to pay an interim dividend of 1.4p per share. The company said the Covid-19 outbreak had negatively impacted its completions or reservations to date. But it acknowledged the situation was evolving rapidly. Net debt as of 30 November was £56.0m and the company said it had a £67m credit facility with Bank of Scotland. Springfield Properties said it had maintained a 'very constructive dialogue over the past few weeks regarding the bank's support and availability of additional funding if required'. Story provided by StockMarketWire.com

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