James Fisher Board trims its salaries
James Fisher and Sons is making business moves to cushion the potential blow of the global pandemic crisis in the near future. The Group has taken steps to reduce costs, optimise cash flow, and to protect liquidity.
The measures include a 20% reduction of salaries and fees of each member of the James Fisher Board, effective as of 1 April 2020, as well as halting recruitment of new employees.
The Group’s actions further involve the deferral of discretionary capital expenditure the suspension of the final dividend for the year ended 31 December 2019 of 23.4 pence (26 Eurocents) per share until further notice.
James Fisher stated that it had a strong balance sheet and good liquidity. Excluding IFRS 16, net debt at 31 December 2019 was GBP 203 million (approximately EUR 226.5 million), with some GBP 42 million (approximately EUR 47 million) of headroom, the Group said. In addition, the Group signed a new GBP 30 million (approximately 33 million) revolving credit facility on 20 March 2020.
“Whilst Group trading in the first two months of 2020 is ahead of prior year, the potential impact of Covid-19 is difficult to predict with any degree of certainty,” James Fisher and Sons stated.
“The health and safety of our people is of paramount importance and we have implemented a range of actions to protect our colleagues, customers and suppliers.”