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JD Sports' Peter Cowgill takes 75% salary cut

JD Sports has Implemented measures to help preserve capital across the business, and has announced a further delay in publishing its full-year results, amid the coronavirus pandemic. 

To help cut costs, the group’s board and senior management team have agreed to voluntary salary reductions of at least 25% for the current period of disruption. Peter Cowgill, executive chairman, volunteered for a salary reduction of 75%.

The payment of bonuses and other contractual incentive payments, due or arising in respect of individual and group performance in the year ended 1 February 2020, have also been deferred. The board said these will be paid at some point after stores have re-opened. The timing of these payments will reflect the evidence of its post-re-opening performance and the projected cashflow of the group.

The retailer said it will not pay a final dividend this year, as it believes it is in the best interests of shareholders to maintain cash reserves. 

On 26 March 2020, the Financial Conduct Authority announced a temporary relief for listed companies that are due to report financial results during the current coronavirus crisis. This temporary relief extends the period in which listed businesses are required to publish their audited financial statements, from four months to six months.

JD Sports Fashion has revised the date for the publication of its preliminary results for the 12 months to 1 February 2020 to Tuesday 7 July 2020. 

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