Meggitt pulls dividend as Covid-19 slams air industry
Meggitt
798.80p
16:52 12/09/22
0.00%
0.00p
Defence engineering firm Meggitt pulled its final dividend to save cash as the coronavirus pandemic hit its aerospace market.
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The company on Friday said it had made the decision to cancel the 11.95p a share payout after the slump in air traffic in 2020, “and the associated decrease in demand for both original equipment and aftermarket services”.
“This action, together with a series of significant measures to reduce costs and tightly manage cash flow, will further strengthen our financial position and liquidity,” the company said in a statement, adding an update would be provided on April 23.