JD Sports Fashion Plc Notice of Results and COVID-19 Update (8554K)
April 24 2020 - 10:49AM
UK Regulatory
TIDMJD.
RNS Number : 8554K
JD Sports Fashion Plc
24 April 2020
24 April 2020
JD Sports Fashion Plc
Notice of Results and COVID-19 Update
JD Sports Fashion Plc (the 'Group') today confirms the revised
date for the publication of its Preliminary Results for the 12
months to 1 February 2020 ('Results') and also provides an update
on some of the measures it is taking to actively preserve capital
across all aspects of its business and thereby limit the level of
cash burn.
On 26 March 2020, the Financial Conduct Authority ('FCA')
announced a temporary relief for listed companies that are due to
report financial results during the current coronavirus crisis.
This temporary relief extends the period in which listed businesses
are required to publish their audited financial statements, from
four months to six months.
The Board believes that it is in the best interests of investors
and other stakeholders for the Group to announce its Results at a
later date, so as to provide the greatest amount of clarity on the
impact of COVID-19 on the Group's performance for the current
financial year to 30 January 2021. Accordingly, the Group will
announce its Results on Tuesday 7 July 2020, while the Annual
General Meeting will now be held on Friday 31 July 2020.
The Group also today announces three specific measures that it
is taking to help preserve capital in this period:
-- Dividends: Given the current highly unusual circumstances,
the Board believes that it is in the best interests of shareholders
if the Group maintains its cash reserves and so, accordingly, it
does not believe that it will be appropriate to pay a final
dividend this year. It is the Board's current intention that the
Group would look to resume dividend payments when conditions allow,
although it is important that we maintain flexibility around the
timing and quantum of this commitment so as to maximise the
available funding for future development opportunities.
-- Temporary Salary Adjustments: The Board and Senior Management
team in the Group have agreed to voluntary salary reductions of at
least 25% for the current period of disruption, with Peter Cowgill,
Executive Chairman, personally volunteering a salary reduction of
75%.
-- Deferment of Incentive Payments: The payment of bonuses and
other contractual incentive payments, due or arising in respect of
individual and Group performance in the year ended 1 February 2020,
have also been deferred. It is the intention of the Board and
Remuneration Committee that these will be paid at some point after
our stores have re-opened, with the timing of these payments
reflecting the evidence of our actual post re-opening performance
and the projected cashflows of the Group.
- ENDS -
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1775
Peter Cowgill, Executive Chairman
Neil Greenhalgh, Chief Financial Officer
Jennifer Iveson, Investor Relations
MHP Communications Tel: 0203 128 8788
Andrew Jaques
Giles Robinson
Charles Hirst
Catherine Chapman
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END
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