Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Samuel Heath & Sons scrapped its dividend and warned of a 'significant loss' as output fell sharply in June owing to the Covid-19 pandemic.
Output to the end of June was 37.6% down on the same period last year. 'Clearly there will be a significant loss on this figure,' the company said.
'The result of this sharp downturn in activity will unsurprisingly have a devastating effect on our profitability in the current year,' the company warned.
The warning came as the company reported higher profit for the fiscal year ended March.
Pre-tax profit rose to £1.368m from £882K on-year as revenue was roughly flat at £13.887m.
The company said it was not the correct time to pay a final dividend, even though its balance sheet was strong.
At 8:56am: (LON:HSM) Heath Samuel Sons PLC share price was -15p at 200p