Source - SMW
London Southend Airport owner Stobart said it had furloughed about 50% of its employees to buffer its balance sheet from the Covid-19 crisis.

About half of the company's 1,500-plus staff had been furloughed under the UK government's job retention scheme.

Stobart's senior management and directors had taken a 20% pay cut.

'Given the level of current uncertainty, particularly regarding the potential duration of the crisis, the board is also taking prudent steps to explore further funding options,' the company said.

'The board has determined it is not possible to provide financial guidance for the full year at present and is withdrawing all previously made guidance.'

At 9:14am: (LON:STOB) Stobart Group Ltd share price was +2.75p at 48.75p

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