- Multi-retailer redemption product group Appreciate pulled its final dividend, citing uncertainty from the Covid-19 pandemic.

The company also reported a fall in profit as performance in the final month of its financial year was impacted by the lockdown.

For the financial year ended 31 March 2020, pre-tax profit fell to £7.7m from £11.3m on-year, while revenue was up by 2.1% to £112.7m.

Profit was hurt by exceptional charges of £3.7m relating to 'the impairments of goodwill, impairment of our former main operating site, and restructuring costs,' the company said.

The company decided not to recommend a final dividend, though said it intended to return to its dividend policy as soon as it is prudent to do so.

Total billings were down by 1.6% to £419.9m, but had progressively recovered as lockdown eased and were down 48% as at the end of Q1 in the new financial year compared to Q1 in the prior year.

'Whilst our performance has been interrupted by the lockdown, we have seen trading start to recover and expect the resumption of growth founded on the more robust and scalable business model,' the company said.

At 9:05am: [LON:APP] share price was -5.5p at 34.6p

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