JD Sports confirms results delay as directors take pay-cut
JD Sports has confirmed the delayed publication of its annual results and revealed that its directors have taken voluntary pay-cuts to help the business through the COVID-19 crisis.
The sports retailer confirmed its results will now be published on 7 July 2020. It had previously been due to publish the numbers on 15 April 2020 but indicated last month the results would be delayed after the Financial Conduct Authority announced a temporary relief for listed companies due to report financial results during the current coronavirus crisis.
In addition the company has revealed that that board and senior management had all voluntarily agreed to a temporary 25% pay cut while chairman Peter Cowgill has volunteered for a 75% pay cut.
It has also confirmed that it would not be appropriate to pay shareholders a dividend this year saying: "It is the Board's current intention that the Group would look to resume dividend payments when conditions allow, although it is important that we maintain flexibility around the timing and quantum of this commitment so as to maximise the available funding for future development opportunities."