Shoe Zone PLC has announced that the special resolution to cancel payment of the final dividend for the financial period ended on the 5th of October 2019 put to the General Meeting held on the 29^th of April was duly passed on a poll.

As announced back at the beginning of April, the company continues to expect a material impact of the Covid-19 pandemic on the Shoe Zone's performance for the current financial year. The extent of the full year impact is not yet known.

For the 6 months period ended on the 31^st of March 2020, Shoe Zone has delivered turnover of 69.9 million British pounds (roughly 80.4 million euros), which compares to 73.0 million British pounds (84 million euros) in similar period in 2019) and resulting in a decline of 4.2%.

Forthcoming Activity

Over the forthcoming financial periods, Shoe Zone said it will be focusing on rebuilding cash balances to a higher level than previously carried, repaying debt, and fulfilling statutory obligations. "The Board believes that this focus is necessary to ensure the long-term viability of the business, and the company will therefore only recommence the payment of dividends to shareholders once these objectives have been met. The group therefore cancels its previously announced dividend policy and a new policy will be announced when the board believes the company is able to resume making dividend payments to shareholders".