(Alliance News) - Gateley Holdings PLC on Tuesday cancelled its interim dividend payout and said that trading since the beginning of March has been hurt by the Covid-19 outbreak.
The legal and professional services firm said trading until the end of February was in line with expectations, however activity has since reduced on disruption resulting from the outbreak. It noted that rapidly-evolving government guidance has also contributed to uncertainty regarding its performance in the short-term.
Gateley said it has therefore cancelled its proposed dividend payout of 2.9 pence in an effort to maximise liquidity.
"As a board, we consider these measures to be in the best interests of all our stakeholders. Gateley is a resilient and well-balanced business and our economic and geographically diversified business model is well-placed to withstand difficult economic conditions," said Chief Executive Michael Ward.
The stock was trading 0.2% higher at 122.68 pence each on Tuesday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Gateley Holdings (GTLY)