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(Alliance News) - Marshalls PLC said Friday it has cancelled its final dividend for 2019 of 9.65 pence per share, as well as the supplementary dividend of 4.00p, in order to preserve cash amid the Covid-19 outbreak.
In addition, due to the unprecedented levels of uncertainty, the paving stones maker has withdrawn its market guidance for 2020.
Earlier in March, Elland, Yorkshire-based Marshalls had said the underlying indicators in its key new-build housing, road, rail and water management markets for the year remained supportive.
In parts of the business where demand has fallen, Marshalls has started a process of temporarily suspending operations, it said, in order to protect cash flow generations and contain costs.
Looking ahead, the group said it has a strong balance sheet, with a range of committed facilities with several maturity dates that extend out to 2024. As at March 25, Marshalls had GBP93 million of net debt, or which GBP82 million was committed.
Shares in Marshalls were down 4.3% at 608.00 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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