Fisher (James) & Sons plc Covid-19 Update (6363H)
March 26 2020 - 2:00AM
UK Regulatory
TIDMFSJ
RNS Number : 6363H
Fisher (James) & Sons plc
26 March 2020
26 March 2020
James Fisher and Sons Plc (FSJ.L)
Covid-19 Update
James Fisher & Sons Plc ("James Fisher" or the "Group") is
providing an update on management actions to offset the potential
impact of Covid-19 on the Group. The health and safety of our
people is of paramount importance and we have implemented a range
of actions to protect our colleagues, customers and suppliers.
Whilst Group trading in the first two months of 2020 is ahead of
prior year, the potential impact of Covid-19 is difficult to
predict with any degree of certainty. Given this position, we have
proactively taken steps to reduce costs, to optimise cash flow and
to protect liquidity.
These actions include the deferral of discretionary capital
expenditure; a hiring freeze; and, with effect from 1 April 2020,
the salaries and fees of each member of the James Fisher Board will
be reduced by 20%. Furthermore, the Board has decided that the
final dividend for the year ended 31 December 2019 of 23.4 pence
per share should be suspended until further notice. The Group will
continue to monitor the developing situation and further actions
will be taken as necessary.
The Group has a strong balance sheet and good liquidity.
Excluding IFRS 16, net debt at 31 December 2019 was GBP203m, with
c.GBP42m of headroom. In addition, the Group signed a new GBP30m
revolving credit facility on 20 March 2020.
The Group will provide a further update at its AGM to be held on
30 April 2020.
For further information:
Chief Executive
James Fisher and Eoghan O'Lionaird Officer
Sons plc Stuart Kilpatrick Group Finance Director 020 7614 9508
Richard Mountain
FTI Consulting Susanne Yule 0203 727 1340
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