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Synectics scraps dividend; curbs discretionary spending

By BFN News | 02:58 PM | Monday 23 March, 2020


Security systems supplier Synectics scrapped its dividend as it preserves cash to buffer against Covid-19. The company had intended to pay a final dividend for the year through November 2019 of 3.5p per share. It said it would review the situation later in the year. Synectics said it had a 'solid' cash position, with a currently available cash balance was £4.1m and confirmed facilities of £5M in place if required. 'Measures have already been put in place to curb discretionary spending and to preserve cash,' it said. 'All recruitment and non-critical capital expenditures are on hold. Stocking plans are being adjusted daily based on customers' committed requirements.' 'These actions should ensure that the business remains financially sound during this period of uncertainty and beyond.' At 2:58pm: (LON:SNX) Synectics Plc share price was 0p at 117.5p Story provided by StockMarketWire.com

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