Business
Update on Covid-19 re Dividend, AGM, Annual Report
Update on Covid-19 re Dividend, AGM, Annual Report.
About this update from Fdm Group (holdings) Plc
[{"type":"text","content":"\n \n \n RNS Number : 7969H\n FDM Group (Holdings) plc\n 26 March 2020\n \n \n \n \n 27 March 2020\n \n \n FDM Group (Holdings) plc (\"FDM Group\" or \"the Company\")\n \n \n Update on COVID-19 in relation to Dividend, Annual General Meeting and Annual Report \n \n \n Retirement of Robin Taylor as a Non-Executive Director\n \n \n Final Dividend for the year ended December 2019\n \n \n In FDM Group's Preliminary Announcement of Financial Results for the year ended 31 December 2019 published on 11 March 2020 (\"Preliminary Announcement\"), the Board expressed the intention to recommend a final dividend of 18.5 pence per ordinary share in respect of that year which, subject to the approval of shareholders at the 2020 Annual General Meeting, would have been payable on 12 June 2020 to shareholders on the record on 22 May 2020. The cost of the proposed final dividend was £20.2 million.\n \n \n As stated in the Preliminary Announcement, the Group's financial position is robust, with a year-end cash balance of £37.0 million and no debt. The Board also stated that it would continue to monitor closely the escalating COVID-19 pandemic. At this early stage, our agile end-to-end business model appears to be relatively resilient to the challenges which are emerging in the marketplace. Although a small number of our Mounties have returned from client deployment, the vast majority of them continue to work on their client engagements, typically remotely. However, it is not possible at this stage to predict the scale of the eventual impact of COVID-19 on businesses and economies around the world. In this context, the Board considers it appropriate to maintain maximum resilience through a strong balance sheet and, as a consequence, no longer intends to recommend a final dividend for the year ended 31 December 2019. \n \n \n The Board will keep the position under review and may consider one or more interim dividends in respect of the current financial year if future circumstances through the remainder of this year support such an approach.\n \n \n Annual General Meeting 2020\n \n \n In the Preliminary Announcement, the Company indicated that it would be holding its Annual General Meeting on 29 April 2020 (\"AGM\"). In the light of the COVID-19 pandemic and the UK Government's newly introduced restrictions on gatherings designed to protect pub...