(Alliance News) - Close Brothers Group PLC said Thursday it is cancelling its interim dividend.
The merchant bank said it made the decision due to the "significant challenges" caused by the Covid-19 outbreak.
"The group's strong financial position and resilient business model leave us well placed to navigate these conditions. This decision will further increase our ability to execute our business model and support our customers, clients and employees in the current market environment," Close Brothers added.
The company said it will consider paying a full year dividend, for the financial year ending July 31, but noted the group's performance and prevailing conditions at the time will determine its decision.
Shares in Close Brothers were down 7.1% in London on Thursday mid-morning at 972.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Close Bros (CBG)