In view of the uncertain situation that is developing as a result of the spread of the Corona virus, HMS Networks intends to implement short-term work for the majority of HMS' employees in Sweden and Germany. The plan is to reduce working hours with 20% to approximately 80% from the end of April until further notice. The company is taking this measure to be prepared for the expected general business decline in the industry due to the Corona virus and the likely negative effect this will have on the market demand for HMS Networks' products in the coming months.
The Board of Directors of HMS Networks AB has also decided to revise its dividend proposal from the earlier proposed SEK 1.90 per share to SEK 0 per share, also this to strengthen HMS position for the expected uncertain period.
"The first quarter of the year has been dramatic in many ways, but HMS' business and our operations have not yet been impacted to any larger extent. We have been able to continue delivering products to our customers and we have managed to solve challenges in our supply chain. After all, the quarter shows a relatively positive development for HMS with stable sales and good profitability", says Staffan Dahlström, CEO at HMS Networks.
As previously communicated, the Board of Directors has also introduced postal voting as an additional way to vote at the Annual General Meeting. More information about this is available at:
https://www.hms-networks.com/ir/governance/annual-general-meeting
For more information, please contact:
Staffan Dahlström, CEO HMS, +46 (0)35 17 29 01
Joakim Nideborn, CFO HMS, +46 (0)35 710 6983
This information is such that HMS Networks AB (publ) is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the contact persons set out above, at 18:30 CET on April 14, 2020.
HMS Networks AB (publ) is the leading independent supplier of solutions for industrial communication and the Industrial Internet of Things. HMS develops and manufactures products under the Anybus, Ewon, Intesis and Ixxat brands. Development takes place at the headquarters in Halmstad, Ravensburg, Nivelles, Igualada, Wetzlar and Buchen. Local sales and support are handled by branch offices in Germany, USA, Japan, China, Singapore, Italy, France, Spain, the Netherlands, India, UK, Sweden, South Korea and UAE, as well as through a worldwide network of distributors and partners. HMS employs over 600 people and reported sales of SEK 1,519 million in 2019. HMS is listed on the NASDAQ OMX in Stockholm, category Mid Cap, Information Technology.
Attachment
- HMS Cancelled dividend and short-time work (https://ml-eu.globenewswire.com/Resource/Download/1f348ba2-343d-462d-985f-c1e68ebbc804)
