Balfour Beatty plc (LON:BBY) said it is keeping UK sites open “where it is practical” while US and Hong Kong operations follow local government guidance.
The infrastructure group announced it has postponed the annual general meeting, initially scheduled for 14 May, when the proposed final dividend for 2019 of 4.3p per share was due to be approved.
READ: Balfour Beatty expects £3bn boost from HS2
The payout has therefore been postponed, while the board has announced a 20% cut of their salaries.
The FTSE 250-listed group dropped the financial outlook and said as of 25 March it had £395mln of net cash and £375mln of undrawn facilities.
Analysts at Liberum put the 320p target price under review, keeping the 'buy' recommendation, as they expect long-term benefits following "a small tail to the crisis".
"We see Balfours as financially secure and very well placed to benefit from the eventual recovery," analysts said, "Balfours is our one of our top picks in the sector and will be there for the survivors’ photo."
Shares dropped 5% to 213.4p on Friday morning.
--Adds analyst's comment--