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Automotive fluid system supplier TI Fluid Systems said it would pay its 2019 final dividend as planned, despite its revenue falling in the first quarter due to the Covid-19 crisis.
Revenue for the year through March fell 16% on-year to €717.3m amid a slump in global light vehicle production.
TI Fluid Systems said it would pay the dividend after carefully considering its first-quarter performance and overall liquidity and financial position.
The 2019 final dividend amount of 5.94 euro cents was converted from Euro to Sterling using the London closing spot rate on 24 April 2020.
Accordingly, subject to shareholder approval at the company's upcoming AGM on 14 May , the Sterling dividend payable in cash on 29 May would be 5.2p per share.
'Given the unprecedented uncertainty of the impact and duration of the Covid-19 pandemic the company is withdrawing the 2020 outlook it provided in its full year 2019 results announcement on 17 March 2020,' TI Fluid Systems said.