Savills suspends dividend payment to preserve cash

Broker Savills said on Wednesday that it is suspending the payment of interim dividends in view of ‘the current uncertainty over the impact of COVID-19 on global real estate market activity in the coming months’.

Savills first announced last month that it was to pay shareholders interim dividends totalling 27.05p per share.

‘Notwithstanding the Group's strong balance sheet, Savills is withdrawing these previously announced proposed dividends in order to retain sufficient cash reserves to mitigate the effect of coronavirus,’ the company said in a statement.

The Board will consider the possible pay-out of an enhanced interim dividend on or around the revised date of the company’s AGM set for June 25.