StockMarketWire.com - Pubs and hotels business Fuller, Smith & Turner scrapped its dividend to preserve cash and said it would support its tenants by cancelling commercial rent payments.

The decision to cancel the dividend was a part of a wider effort to underpinned liquidity, with the company placing over 95% of its team members in furlough. The board as well as chief executive Simon Emen took a 25% reduction in pay.

'Fuller's is grateful for the government's financial assistance to employees in furlough and, where 80% of their regular wage exceeds the government cap of £2,500 per month, the company has committed to top up the payment to the 80% level,' Fuller said.

The company also suspended all nonessential capital spend and said it was negotiating across its supplier base to reduce costs further.


At 9:42am: [LON:FSTA] Fuller Smith Turner PLC share price was -15p at 685p



Story provided by StockMarketWire.com