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James Fisher outlines COVID-19 action plan

By: Tom Russell 26/03/2020 James Fisher

General

James Fisher & Sons Plc (James Fisher) has provided an update on management actions to offset the potential impact of COVID-19. James Fisher staed the health and safety of its people is of paramount importance and it has implemented a range of actions to protect colleagues, customers and suppliers.

Whilst group trading in the first two months of 2020 is ahead of prior year, James Fisher stated the potential impact of Covid-19 is difficult to predict with any degree of certainty. It has taken steps to reduce costs, optimise cash flow and protect liquidity.

These actions include the deferral of discretionary capital expenditure; a hiring freeze; and, with effect from 1 April 2020, the salaries and fees of each member of the James Fisher board will be reduced by 20%. Furthermore, the board has decided that the final dividend for the year ended 31 December 2019 of 23.4 pence per share should be suspended until further notice. The group will continue to monitor the developing situation and further actions will be taken as necessary.

The group outlined that it has a strong balance sheet and good liquidity. Excluding IFRS 16, net debt at 31 December 2019 was £203m, with c.£42m of headroom. In addition, the group signed a new £30m revolving credit facility on 20 March 2020.

The group will provide a further update at its annual general meeting to be held on 30 April 2020.

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James Fisher outlines COVID-19 action plan

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