Savills has withdrawn its planned dividend to shareholders but says it could declare an "enhanced" payout at an unspecified later date.
Only three weeks ago Savills declared a final and supplemental dividend totalling 27.05p per share.
But now it’s issued a statement saying that in view of the Coronavirus crisis ”Savills is withdrawing these previously announced proposed dividends in order to retain sufficient cash reserves to mitigate the effect. Instead, the board intends to consider and, if appropriate, declare an enhanced interim dividend on or around the revised date of the AGM.
Any future payment will be based on the company's 2019 performance, and its trading in the first half of 2020, says the firm, adding: "It will also be dependent upon the board's then assessment of the likely duration of continued market disruption as a result of Covid-19 and the level of retained cash reserves then deemed prudent.”
The agency - which has extensive commercial and consultancy activities worldwide as well as its residential business - has also postponed its annual general meeting to June 25 from the initial May 6 date “in response to the government's public health instructions and stay at home measures.”
The company will publish its 2019 annual report on Monday.
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