Apr 10, 2020
Investors Chronicle: Ultra Electronics, Reach, easyJet
Increasingly pivoting towards the world's largest defence market, over 60 per cent of the group's revenue now comes from the US. This is up from 44 per cent in 2015. Free cash flow increased by 7 per cent to £72.5m.Hold: Reach. Reach will seek to take advantage of new emergency pensions rules and defer contributions into its pension funds, as the media group battles to conserve cash during the coronavirus pandemic. Reach has also scrapped its 4.05p final dividend, which was due for shareholder approval in May and payment in June, in a move that will save Reach £12m. It will look to furlough 20 per cent of its employees and seek pay reductions among its workforce, while company bonus schemes have been suspended. In 2019, its previous year net debt position swung into net cash of £20.4m, while Reach also agreed a new £65m four-year revolving banking facility.
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