Softcat PLC Cancellation of Interim Dividend (2698I)
March 31 2020 - 9:00AM
UK Regulatory
TIDMSCT
RNS Number : 2698I
Softcat PLC
31 March 2020
31 March 2020
Softcat plc
Cancellation of Interim Dividend
Softcat plc (LSE: SCT.L; "Company") a leading UK provider of IT
infrastructure products and services, is providing notice of the
cancellation of the interim dividend in light of the Covid-19
pandemic.
Since the announcement of the Company's interim results on 17
March 2020, trading has been in line with our expectations.
Nevertheless, the Board has considered changes in Government
guidance in respect of Covid-19. The Company considers it prudent,
given the highly unusual circumstances, to protect the Company's
cash position and to maintain flexibility around the timing of
dividend payments in relation to the current financial year.
Accordingly, the Board has decided to cancel the payment of the
interim dividend of 5.4 pence per share (equivalent to a cash
outflow of GBP10.7 million), which would have been paid on 15 May
2020, but will take the opportunity to review this decision later
in the year as the impact of Covid-19 becomes clearer.
Martin Hellawell, Chairman said:
"Since the announcement of our interim results, UK government
policy has evolved rapidly.
Softcat continues to engage well with customers. We thank our
staff for their speed and agility in transitioning to a new working
environment.
The Board's decision to cancel the payment of the interim
dividend reflects the uncertainties facing the business community
and the wider economy at this time. We continue to run the business
as usual but are taking a prudent stance on cash conservation given
the unprecedented and fast-changing circumstances."
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation.
For further information, please contact:
Softcat plc
Graeme Watt, Chief Executive Officer +44 (0)1628 403 610
Graham Charlton, Chief Financial Officer
Media Enquiries -- FTI Consulting
LLP
Ed Bridges/Matt Dixon/Dwight Burden +44 (0)20 3727 1017
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCSDDFDFESSEDD
(END) Dow Jones Newswires
March 31, 2020 10:00 ET (14:00 GMT)
Softcat (LSE:SCT)
Historical Stock Chart
From Apr 2024 to May 2024
Softcat (LSE:SCT)
Historical Stock Chart
From May 2023 to May 2024