StockMarketWire.com - Construction industry component supplier Tyman cancelled its 2019 final dividend payment as part of cost saving measures to buffer it from a demand downturn owing to the Covid-19 crisis.

The company had intended to pay a final dividend of 8.35p per share.

Tyman said trading had been progressively impacted from the second half of March as increasingly stringent lockdowns took effect in its markets.

The company had temporarily closed facilities in the UK and Italy.

Its sites in North America were currently operating but with a marked reduction in order intake.

Tyman said it had a robust balance sheet, with net debt excluding leases at 31 December of £163m and a cash balance at 31 March of £121m.

The company's board and senior management had taken a base salary reduction of 25% and 20%, respectively, and the 2020 management bonus scheme had been cancelled.

Guidance for the current year was withdrawn.




Story provided by StockMarketWire.com