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Appreciate cancels interim dividend amid substantial drop in billings

By BFN News | 02:51 PM | Tuesday 31 March, 2020

Gifts company Appreciate said it had cancelled its interim dividend as part of cost saving measures designed to buffer its business from the Covid-19 pandemic. The company said its performance had been tracking in line with its expectations for the 11 months through February but the situation had deteriorated in March. In the week since it ceased the delivery of physical product following the temporary closure of its fulfilment facility, the company said it had seen a substantial drop in new billings. 'We have also seen a small increase in the cancellation rate for Park Christmas Savings at a time when we would expect to add to our final Christmas 2020 order book,' Appreciate said. 'We will mitigate these trends by focusing on our digital delivery opportunities.' 'Following the implementation of our 'digital first' strategy, we are in a strong position to do this quickly.' 'Given the current uncertainty, the board does not believe it would be appropriate to provide forward looking financial guidance at this time.' At 2:51pm: (LON:APP) share price was -4.8p at 30.2p Story provided by

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