Colefax Group PLC COVID-19 Impact and Interim Dividend Cancellation (1148H)

TIDMCFX

RNS Number : 1148H

Colefax Group PLC

23 March 2020

AIM: CFX

23 March 2020

COLEFAX GROUP PLC

("Colefax" or "the Group")

COVID-19 impact and cancellation of interim dividend

Trading up until mid-March was in line with management expectations reflecting customer activity predating the early stages of the COVID-19 pandemic. Until there is greater clarity about the full impact of the pandemic, it is very difficult to give accurate guidance on the future sales impact but it is likely to be significant. The Group has a strong balance sheet and the Board's priority is to conserve cash and manage the Group through the crisis as prudently as possible.

As a result of the uncertainty surrounding the future impact of the COVID-19 pandemic the Board of Colefax Group Plc has taken the decision to cancel payment of the interim dividend of 2.60p per share, which was due to be paid to shareholders on 9 April 2020. The Board will review the Group's dividend policy when there is greater clarity about the future impact of the pandemic.

Enquiries:

 
 Colefax Group plc     David Green, Chief    Tel: [phone] 
                        Executive 
                       Rob Barker, Finance 
                        Director 
 KTZ Communications    Katie Tzouliadis      Tel: [phone] 
                        Dan Mahoney 
 Peel Hunt LLP         Adrian Trimmings      Tel: [phone] 
  (Nominated Advisor    Andrew Clark 
  And Broker) 
 

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March 23, 2020 03:00 ET (07:00 GMT)