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Legal services group Knights takes measures to cut costs; says trading to date in line with market e

By BFN News | 10:07 AM | Thursday 26 March, 2020

Legal and professional services group Knights said trading to date had been in line with market expectations with no adverse change to its performance thus far as a result of Covid-19 pandemic. The company also said it had undertaken precautionary measures to offset the potential impact from the Covid-19 outbreak, including stopping or deferring all non-essential capital expenditure across the firm eliminating all discretionary spend, reducing board members' salaries by 30% and reducing the salaries of all staff whose salaries are £30K or more by 10%, with effect from 1 April. 'The board believe these actions to be prudent in light of the uncertain economic outlook,' Knights group said. But given the rapidly changing situation, the company said it was currently difficult to predict the potential impact on the activity levels of its clients and added that as a result it 'would not be appropriate to provide forward looking financial guidance to investors and analysts at this time.' Story provided by

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