(Alliance News) - 4imprint Group PLC on Tuesday reported a 80% drop in daily order count and said that it will suspend final dividend payout for 2019.
The FTSE 250-listed marketing company back in March had indicated a 40% slump in daily order counts due to the virus spread and associated government bans on travel and large gatherings.
"Since then, 'Safer at Home' or similar directives in nearly every state in the US and all of the UK have resulted in daily order counts that have been running at about 20% of the 2019 comparative," 4imprint said on Tuesday.
It expects the limited level of activity to continue until "government restrictions get lifted and economic activity starts to improve".
The suspension of 59 US cents per share dividend for 2019 is expected to save USD16 million for the company.
4imprint remains in a strong financial position, it said, with over USD50 million in cash at the end of first quarter to March 31.
The London-based company has decided against providing financial guidance for 2020 as it believes it is "too early" to assess the duration and full economic impact resulting from Covid-19.
Shares in 4imprint were up 1.1% at 1,840.00 pence each in London on Tuesday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
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4Imprint (FOUR)