Restore pulls dividend amid Covid-19 uncertainty

Document management firm Restore pulled its final dividend and guidance on Tuesday as it conserved cash amid the volatility caused by the Covid-19 pandemic.

Restore, which originally intended to pay a final dividend of 4.8p per share, warned that the outbreak had caused some disruption to its customers' business activity levels and was cautious on its own outlook.

The AIM-listed group said it was comfortable that measures taken to save cash and reduce cost, coupled with a strong balance sheet and significant credit facilities, provided "adequate headroom".

Board and executive salaries were cut 20% and Restore also opted to temporarily furlough roughly 40-50% of its workforce. The group pulled full year guidance as the situation was "too fluid to determine the nature and extent of impacts with certainty".

As of 0910 BST, Restore shares were down 2.82% at 379p.