LONDON (dpa-AFX) - Infrastructure company Balfour Beatty Plc (BBY.L) Friday said it had a positive start to 2020. However, due to COVID-19, it is not possible to forecast its impact on the company's financial results for 2020.
Balfour Beatty said it will provide further updates on its trading performance as and when appropriate.
Further, the company has decided to postpone the Annual General Meeting, which was due to be held on May 14.
The Group's proposed final dividend for 2019 of 4.3 pence per share, which was due to be paid on 3 July 2020, requires approval at the AGM. The company said the postponement of the AGM will result in the delay in the approval of the final dividend.
Further, Group Chair, Executive Directors, Non-Executive Directors and the Group's Executive Committee have committed to take a 20% reduction to their salaries.
In line with the current guidance on COVID-19 from the UK Government, the company's sites and contracts will remain operational where it is practical to appropriately implement the Standard Operating Procedure or SOP.
In the US, the company is adhering to regulations on a state by state basis, whilst in Hong Kong operations are following local government guidance.
As at March 25, the company had 395 million pounds of net cash and 375 million pounds of undrawn facilities.
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