StockMarketWire.com - Exhibition company Hyve scrapped its dividend as part of a series of cost-cutting measures, including postponing and cancelling events, after flagging a downturn in second-quarter performance following government-imposed lockdown measures worldwide to combat the Covid-19 crisis.

The company delayed 33 events to later this financial year 12 events were postponed to 2021 and eight were cancelled.

'Management has had productive dialogue with most venue owners to rollover the cost to the new dates for these events and these discussions are ongoing,' the company said. The company launched a series of cost-cutting measures, including a freeze on salary rises and recruitment, the removal of current year bonus plans, the postponement of capital projects and the cancellation of contractor contracts. In the UK, over a quarter of the workforce had been put on furlough leave, the company said. "The board has taken the decision not to pay a dividend for the current financial year, and future dividends will be kept under review,' it added.

At 8:27am: [LON:HYVE] Hyve Group PLC share price was +3.33p at 20.73p



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