Business
COVID-19, Dividend and AGM update
COVID-19, Dividend and AGM update.
About this update from Robert Walters Plc
[{"type":"text","content":"\n \n \n RNS Number : 4974I\n Robert Walters PLC\n 02 April 2020\n \n \n \n \n 2 April 2020\n \n \n ROBERT WALTERS PLC\n \n \n (the \"Company\", or the \"Group\")\n \n \n COVID-19, DIVIDEND AND AGM UPDATE\n \n \n \n \n \n Robert Walters, the leading international recruitment group, today issues an update in light of the evolving COVID-19 pandemic.\n \n \n Balance sheet strength and mitigating actions\n \n \n As at 29 February 2020, the Group had a net cash balance of £74m\n and the Board believes that the business is well placed to cope with future uncertainties\n . While the impact of COVID-19 continues to evolve, the Group has taken a number of pre-emptive actions to manage costs and help mitigate the financial challenges imposed by the virus. \n Since the escalation of the crisis in February, the Group has reduced its cost base by more than 15% and is also in the process of applying for a number of government subsidies around the globe. \n \n \n The Board has also taken the decision to withdraw its intention to propose a final dividend for FY19. The Board believes this is a prudent move, given the current unprecedented period of global lockdown and uncertainty, which will serve to further strengthen the Group's balance sheet and improve liquidity. The Board will reassess the dividend once the economic impact of Covid-19 has become clearer.\n \n \n Trading update and AGM\n \n \n The Company will update the market on its Q1 performance as planned on 8th April 2020. While it is too early to accurately quantify the impact of the crisis on forecast performance, this update will provide a fuller assessment of FY20 trading to date.\n \n \n In light of UK government guidance on non-essential gatherings, the Board is currently reviewing the AGM date pending an update to this official guidance. \n \n \n \n \n \n Further information\n \n \n \n \n \n \n Robert Walters plc\n \n \n Robert Walters, Chief Executive\n \n \n Alan Bannatyne, Chief Financial Officer\n \n \n \n \n \n \n \n +44 (0) 20 7379 3333\n \n \n \n \n \n \n Portland Communications\n \n \n Steffan Williams\n \n \n Simon Hamer\n \n \n \n \n \n \n \n +44 (0) 20 7554 1853\n \n \n \n \n \n \n \n About Robert Walters Group\n \n \n The Robert Walters Group is a market-leading international specialist professional recruitment group with over 4,00...