Galliford Try Holdings PLC (LON:GFRD), the construction firm, said some of its sites remain open, operating under the strictest of parameters.
The company, which like many other listed companies has withdrawn financial guidance for 2020 in view of the disruption caused by the coronavirus (COVID-19) pandemic, said it has risk-assessed every one of its construction sites to ensure that no work is undertaken if the workers cannot comply fully with the hygiene or social distancing guidelines or if its workers cannot travel safely to work.
The business expects to make use of the Government Coronavirus Job Retention Scheme and other measures announced by the Government in response to the pandemic.
The group's cash levels remain in line with management's expectations, with average month-end cash for the second half of the financial year to 30 June 2020 expected to remain over £100mln.
Galliford Try is implementing additional measures, including the furloughing of personnel referred to above, to manage its working capital and preserve its liquidity through this period of disruption.
In the prevailing circumstances, the Board considers it prudent to cancel payment of the interim dividend of 1.0p per share announced on 12 March 2020. The board will at the appropriate time consider paying the interim dividend with the final dividend.
"These are extremely challenging times and our upmost priority remains the health and safety of our employees and the wider community,” said Bill Hocking, the chief executive officer of the Galliford Try.
“We are a well-capitalised business, taking all necessary steps through the present circumstances to ensure that we are well placed to support economic recovery,” he added.
Shares in Galliford Try edged up 0.6% to 119.3p in early deals; the FTSE 100 was up 2.1%.