Balfour Beatty postpones dividend payment; execs to take 20% pay cut
By Michele Maatouk
Date: Friday 27 Mar 2020
(Sharecast News) - Infrastructure group Balfour Beatty said on Friday that it has postponed the payment of its final dividend and that the main members of its board have agreed to take a 20% pay cut due to the coronavirus.
The company's annual meeting was due to be held on 14 May but has been delayed in response to social distancing measures. As a result, the approval of the 4.3p final dividend, which was meant to be paid out in July, has also been postponed.
"Whilst Balfour Beatty benefits from a strong financial position, in light of the market uncertainty arising from Covid-19, the board will keep the appropriateness of paying the final dividend under review until the rescheduled AGM, with a final decision dependant on the prevailing circumstances at the time," it said.
Balfour also announced that the group chair, executive directors, non-executive directors and the Executive Committed have all committed to taking a 20% cut to their salaries.
The company said it was not yet possible to forecast the impact of the pandemic on its 2020 results but it will update the market on its performance "as and when appropriate".
Balfour said its sites and contracts will remain operational "where it is practical to appropriately implement the Standard Operating Procedure issued by the Construction Leadership Council on 24 March, and endorsed by Public Health England".
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