(Alliance News) - James Fisher & Sons PLC said Thursday its trading in the first two of months of 2020 was ahead of the prior year.
The marine engineer noted, however, the Covid-19 outbreak makes it "difficult" to offer any forward guidance "with any degree of certainty".
"Given this position, we have proactively taken steps to reduce costs, to optimise cash flow and to protect liquidity," James Fisher added.
This includes a hiring freeze, deferring discretionary capital, and cutting board salaries by 20%.
Also, James Fisher has suspended its 2019 final dividend of 23.4 pence.
"The group will continue to monitor the developing situation and further actions will be taken as necessary," James Fisher said.
The company noted its "strong" balance sheet and "good" liquidity.
At the end of 2019, James Fisher had net debt of GBP203 million, with about GBP42 million of headroom. The firm also signed a new GBP30 million revolving credit facility on March 20.
Shares in James Fisher & Sons were up 2.3% in London on Thursday morning at 1,330.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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James Fisher and Sons (FSJ)