StockMarketWire.com - Listed infrastructure company HICL Infrastructure cut its dividend target after reporting a sharp fall in profit as income more than halved on coronavirus-led disruptions to activity.

In light of the impact of Covid-19, the company revised the target dividend guidance for the year ending 31 March 2021 to 8.25p per share from its previous target of 8.45p a share.

Pre-tax profit fell to £50m from £285m on-year as income slumped to £86.7m from £324.1m.

Net asset value (NAV) per share fell 3.3% to 152.3p and total return was fell to 1.9% from 10.8%.

The company declared a fourth interim dividend of 2.07p, up from 2p last year.

'A challenging and unprecedented market context during the final weeks of the financial year impacted on steady progress made over the preceding 11 months,' the company said. At 8:32am: [LON:HICL] Hicl Infrastructure PLC share price was -0.7p at 163.3p



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