St Modwen pulls divi; board takes 20% pay cut
House builder St Modwen Properties pulled its dividend, cut boardroom pay by 20% and said all furloughed employees would receive full salary due to the coronavirus pandemic.
“(We) ...can today confirm that we have now placed just over 200 employees, being approximately one third of the company's workforce, on furlough, utilising the Coronavirus Job Retention Scheme,” the company said on Tuesday.
The company had planned to pay a final dividend of 5.1p a share.
St Modwen said it had a strong liquidity position, with £169m of cash on a see-through basis, a low see-through loan-to-valuation ratio of 22.8% and no significant debt maturities until December 2023.
"Given the positive long-term fundamentals of the company's key business activities, the board of St Modwen remains confident that we remain well positioned for the future," it added.