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Senior Trading Inline With View, Suspends FY20 Outlook, Dividend Due To Covid-19

Shares of Senior plc (SNR.L) were gaining around 9 percent in the early morning trading in London after the manufacturer of high technology components and systems Thursday said its trading in the first two months of the year has been in line with expectations. Meanwhile, the company suspended fiscal 2020 guidance as trading for the rest of the year will be impacted due to the coronavirus or covid-19 impact.

Further, the Board is no longer recommending the payment of the 2019 final dividend of 5.23 pence per share as the Board considers taking actions to conserve cash is the most prudent way to manage through the crisis

The company noted that the coronavirus is causing macroeconomic disruptions to its end markets and their respective supply chains.

Further, the company said it continues with restructuring plan, which is delivering the expected benefits.

The Company's Annual General Meeting is due to be held on April 24. Due to restrictions, shareholders are strongly discouraged from attending in person. Full details of the revised proceedings will be announced in the near future.

In London, Senior plc shares were trading at 81.70 pence, up 8.79 percent.

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