Against a backcloth of unprecedented dividend and buyback suspensions and director pay cuts, an increasing number of companies are raising money as the global lockdown squeezes finances.

Since the start of March, companies spanning an array of sectors have tapped markets for more than £1.6bn of extra cash to see them through the COVID-19-induced economic ice age, according to analysis by Shares.

Books, snacks and stationery retailer WH Smith (SMWH) secured new lending facilities and raised £165.9m of fresh funds to strengthen its balance sheet to see it through the coronavirus crisis and ensure it is still around to capitalise on the eventual recovery of the global travel market.

This followed fundraising updates from the likes of cruise operator Carnival (CCL), one of the stock market’s major virus outbreak casualties, which raised $500m of equity at a mere $8 a share as part of a $6.25bn rescue fundraising.

Transport hub food and drink seller SSP (SSPG) raked in £216m of new money to shore up its finances, and has also drawn down funding under the UK Government’s Covid Corporate Financing Facility (CCFF), to provide enough liquidity for the company to continue operating even under management’s most pessimistic scenario.

Elsewhere, heavyweight recruiter Hays (HAS) has not only scrapped its interim dividend, but also tapped investors for £200m to help it fend off the coronavirus following ‘a very material deceleration in client and candidate activity’ in March.

Automotive portal play Auto Trader (AUTO) raked in £186m from institutional investors. It plans to use the placing proceeds to bolster the balance sheet and liquidity position, support all stakeholders and increase certainty around meeting banking covenant tests in future years.

Furthermore, this equity raise will allow Auto Trader to strengthen the business in the aftermath of the crisis and ‘resume its existing capital return policy at the earliest prudent opportunity’.

Retail has been hit hard by the dreaded virus and Joules (JOUL:AIM) reacted swiftly by pulling in £15m of funding to provide the premium lifestyle brand with ‘sufficient liquidity headroom in a COVID-19-related downside scenario’.

Other examples include Hotel Chocolat (HOTC:AIM) which has secured £22m for additional financial headroom and to underpin ambitious growth plans; and doctors’ surgery property investor Assura (AGR) which raised £185m to keep it on track to deliver more healthcare centres.

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