StockMarketWire.com - Construction and regeneration company Morgan Sindall cancelled its final dividend and said it was too early to assess the full impact of Covid-19 on its financial performance.
The company had planned to pay a final dividend for 2019 of 38p per share.
Morgan Sindall said it was experiencing disruption to its operations in a number of areas.
Certain construction sites had already closed under instruction from clients and that was expected to increase across a number of divisions and activities.
'In addition, activity on other sites and projects is slowing and progress with some development schemes in the regeneration activities is becoming more uncertain,' the company said.
'As a consequence, it is anticipated that the extent of the overall disruption will inevitably have a material impact on group profitability for the year.'
'Given the evolving and dynamic nature of the situation, it is too early to quantify the impact and so the group is withdrawing its previous market guidance until greater clarity returns.'
Morgan Sindall said it was in a strong financial position, with year-end net cash of £193m at the end of December.
At 9:46am: [LON:MGNS] Morgan Sindall Group PLC share price was +78p at 1238p
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