More Publicly-Listed UK Law Firms Cut Salaries, Payouts to Halt COVID-19 Losses
The law firms are weathering rocky market conditions in the wake of the coronavirus outbreak.
March 26, 2020 at 05:32 AM
2 minute read
More AIM-listed firms have instituted protective measures against stock market uncertainty caused by the COVID-19 pandemic.
The Ince Group has canceled an interim dividend that was due to shareholders by April 16, 2020. It has also decided to delay the announcement of its full year results from March 31 to 'early July', according to a statement on the London Stock Exchange Thursday.
Meanwhile, Knights will reduce its board member salaries by 30%, and slash the salaries of "all staff whose salaries are £30,000 or more" by 10%, from April 1, it announced on Thursday.
It has also halted all "non-essential capital expenditure" and has announced that it will be "making staff cost savings to reflect a more prudent approach to resourcing", the statement added.
Earlier this week, Gateley became the first of the listed firms to take action to hedge against market turmoil brought about by the pandemic, when it canceled its interim dividend.
The U.K.'s listed firms have been weathering torrid market conditions in the wake of the coronavirus outbreak, with some seeing more than than 20% of their value wiped in the space of two weeks.
Ince's stock has been in freefall since it discounted its share price by 50% in January as part of an accelerated book build—its share price has dropped to 22.6p Thursday morning.
Meanwhile, Knights share price has been stable at 327p as of Thursday morning.
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