StockMarketWire.com - Floorcoverings distributor Headlam suspended its dividend to maintain its balance sheet strength and warned it expected an 'imminent and meaningful' downturn in orders amid the Covid-19 pandemic.
The company suspended the proposed 2019 final dividend of 17.45p a share, which would reduce cash outflow by £14.6m, the company said.
The company closed all of its UK sites as of close of business on 24 March until further notice, with the exception of its largest national distribution centre in Coleshill, and said it expected 'an imminent and meaningful downturn in orders.'
'As the overall impact on demand and over what time period is not yet known, it is not currently possible to provide guidance on the expected outturn for the financial year ending 31 December 2020,' it added.
At 9:58am: [LON:HEAD] Headlam Group PLC share price was +12.75p at 330.75p
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