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Africa focused fuel retailer Vivo Energy it still intended to pay its 2019 final dividend but would continue to review its recommendation up until its annual general meeting due 20 May.
Vivo said trading for the year to date had been in line with its expectations, with a minimal impact from Covid-19, due to a small number of confirmed cases in the 23 countries it which it operates.
In recent days, however, a number of our host governments, including in Morocco, Kenya and Tunisia, had introduced measures to prevent the spread of Covid-19.
These included the closure of borders, schools and in certain cases, imposing restrictions on the movement of people.
'As fuel is a critical resource, our retail sites remain open and we have continued to supply to our commercial customers, but we have naturally seen a reduction in aviation and transport volumes from the restrictions,' Vivo said.
The company said it had decided to reduce marketing spend and discretionary uncommitted capex.
'We are closely monitoring stock levels and credit exposure to ensure that these continue to be managed effectively in light of the changing demand,' it added.
'As a result of the current uncertainty, the group has decided to withdraw the guidance it published on 4 March 2020, but will continue to monitor developments and provide further updates as necessary'
At 8:49am: (LON:VVO) Vivo Energy PLC share price was +1.7p at 73.7p