Renishaw plc (LON:RSW), the precision tools maker, said it will not pay a final dividend as trading continues to be affected by the impact of coronavirus and other uncertainties.
The FTSE250 group cancelled its interim dividend in March and said today: “In view of the ongoing macroeconomic uncertainty due to the Covid-19 pandemic, the board continues with measures to closely manage the group's cost base, particularly in relation to our labour costs.
“The board will review its position on dividends during the next fiscal year with the intention of reinstating the dividend as soon as it is appropriate to do so,” it said.
"Current trading remains in line with our expectations at the time of our trading update on 12 May 2020," the statement added.
In May, Renishaw forecast revenue for the year to June would be in a range of £490mln to £505mln with adjusted profits to be between £45mln to £55mln.
Statutory profit before tax is expected to be in the range of £31mln to £41mln
In the nine months to 31 March, Renishaw reported adjusted pre-tax profits had fallen 60.1% to £31.8mln while revenues had declined 9.6% year-on-year.