Cropper(James) PLC - COVID 19 update
("James Cropper" or the "Company")
COVID 19 update
Given the rapidly changing developments regarding COVID 19, James Cropper issues this update.
Our approach to COVID 19
Our guiding principles on how we are responding to COVID 19 are to:
· protect the health and wellbeing of our employees and their families;
· support our customers; and
· reduce costs and conserve cash to increase our financial resilience
Following the governments' lockdown announcement on 23rd March, James Cropper continues to manufacture in all of its locations globally. We have, however, enabled as many people as possible to work from home. We will continue to follow developments closely and will take further action as appropriate.
As the situation has continued to develop with increasing uncertainty over its impact and duration, our priorities have been to understand better the potential impact on the Company's financial position by stress testing a range of scenarios and to take prompt action to preserve the Company's liquidity. These measures have included, but are not limited to, putting capital expenditure on hold, a hiring freeze and reducing discretionary spend. To provide maximum flexibility, the Company has fully drawn down on its available bank facilities and expects to have approximately
To date we have not experienced a downturn in demand as a result of COVID 19 and, in respect of the year ending
Given the rising level of uncertainty as to how the situation will develop, alongside the other measures we are taking to preserve the Company's cash position, the Board has decided that it would not be prudent to pay a final dividend in respect of the year ending
While the challenges facing our business are unprecedented, our primary concern remains the welfare of our employees, their families and the local communities in which we work.
We have a strong and diversified business and we are taking immediate measures to contain our costs and conserve cash to build resilience.
However, given the continued uncertainty, we do not believe it is possible to retain the Company's 2021 guidance. We will continue to monitor the situation closely and provide further updates as necessary.
Tel: +44 (0) 1539 722002
Tel: + 44 (0) 207 408 4090
This information is provided by RNS, the news service of the
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Market Cap: £90.77 m
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