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Meggitt Withdraws Dividend Recommendation Due To Covid-19 - Quick Facts

Aerospace, defence and energy company Meggitt PLC (MGGT.L) Friday said its Board has decided to withdraw the recommendation to pay the final dividend of 11.95 pence per share due to the impact of coronavirus or Covid-19.

In its update on the impact of Covid-19, the company said it has conducted further analysis of the adverse impact on the civil aerospace sector and its business. The analysis incorporates the latest industry projections on the reduction in air traffic in 2020, and the associated decrease in demand for both original equipment and aftermarket services.

The company also has taken a series of significant measures to reduce costs and tightly manage cash flow. The decisions are expected to further strengthen its financial position and liquidity.

The company will provide a further update on progress and its first quarter trading performance in AGM statement on April 23.

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