StockMarketWire.com - Luxury furniture company Walker Greenbank said it would not pay a final dividend and was withdrawing its financial guidance as the Covid-19 pandemic impacts trading.

The launch of the company's spring collections had been postponed, which would reduce marketing and associated costs.

The procurement of raw materials for factories and finished goods had been temporarily frozen, as had discretionary spend and capital expenditure.

Walker Greenback said it intended to make use of the UK government's coronavirus job retention scheme, both for those employees affected by the temporary closure of factories and others who were unable to work from home.

The company said it had net cash of about £1m at the end of January and headroom in a £12.5m and an uncommitted £5m accordion facility.


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