Panther Securities to pay final dividend despite potential Covid-19 impact

Property investment group Panther Securities will still pay its final dividend despite warning that the Covid-19 outbreak was set to have a negative impact on trading.

Panther, which noted it had not reduced or missed a dividend in 37 years, said on Friday that it planned to pay a further 6p per share dividend for 2019.

"We have significant cash reserves and distributable reserves to justify this dividend," it said.

The AIM-listed group said it had a large spread of tenancies and a "robust" income stream, noting that approximately 41% of its rental income came from businesses that had not been forced or recommended to close under government guidelines.

"The annual income from these businesses is approximately £5.6m and would be enough to cover our interest obligations to our lenders of approximately £4.1m and most of our overheads," said Panther.

As far as 2020 was concerned, Panther said it was still "too early to tell" what impact the pandemic would have on its results, but that it certainly would not be a positive one.

As of 0855 BST, Panther shares were down 1.89% at 260p.