- Measurement tool company Spectris said it had scrapped a special dividend and postponed a final dividend in reaction to the Covid-19 crisis.

Trading in the first quarter had been impacted by the pandemic, the company said, with like-for-like sales slipping 10% on-year.

Spectris also withdrew its financial guidance, but said its balance sheet was strong with net cash at the end of March of around £53m.

The company had £831.7m of committed banking facilities.

Other cash conserving measures included the chief executive, chief financial officer and non-executive directors taking a 25% pay cut until further notice.

'Spectris has entered this crisis with a strong balance sheet and liquidity position, committed sources of funding and the benefit of cost actions taken in 2019,' chief executive Andrew Heath said.

Story provided by