StockMarketWire.com - Senior, the international manufacturer of high technology components and systems, has taken actions to conserve cash amid the coronavirus crisis.

The actions include curtailing capital expenditure, tight management of our working capital and further cost cutting actions.

In the circumstances, given the increasing level of uncertainty, the Board is no longer recommending the payment of the 2019 final dividend of 5.23 pence per share at the forthcoming Annual General Meeting scheduled for 24 April 2020.

At 31 December 2019, the company's committed borrowing facilities were £305m with an average maturity of 4.4 years and the group had headroom of £159m under these committed facilities.

Senior said trading in the first two months of the year has been 'in line with expectations', however, it anticipates that if the structural long-term drivers of its end markets remain in place, trading for the rest of 2020 will be impacted.

As a result, the board has suspending guidance for 2020.




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