ScS suspends payment of dividend
ScS has suspended the payment of the interim dividend which was due to be paid to shareholders in May.
In a statement, the upholstered furniture retailer said it seemed inappropriate to use the cash for anything other than protecting the financial strength of the business given that the UK government is currently supporting it through the coronavirus crisis.
It added: “Our focus in recent years on building a business with increasing resilience is reflected in the strength of our balance sheet and the level of flexibility in our cost base. We cannot predict the impact of covid-19 but we believe the group is as well positioned as it can be.”
The company has also announced that chief executive David Knight has agreed that he will not retire before the end of July 2021. Knight notified the company’s board in January of his intention to retire and at that point gave a year’s notice.
ScS said: “David is prepared to be flexible should the appointment of his successor and a smooth handover require a little longer. The board is very grateful to David for his flexibility regarding his retirement date.”
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