Brewing group Young & Co.'s Brewery said it would not pay a final dividend after it furloughed the vast majority of its employees following pub closures enforced by the UK government to combat Covid-19.
The company confirmed it was accessing the government's Coronavirus Job Retention Scheme, where 80% of wages up to £2,500 per month would be reibursed for laid off employees.
Young's said it would, on top of the government support, fund the wages of all its furloughed workers whose annual salary was more than £30,000 so that they would continue to receive 80% of their normal pay.
'As part of its focus on prioritising cash conservation, the board has concluded that it is not appropriate to recommend payment of a final dividend for the company's financial year ended on 30 March 2020,' the company said.
At 2:47pm: (LON:YNGA) Young Cos Brewery PLC share price was -10p at 962p