Business Update, 8 April 2020
It is too early to predict the impact of COVID-19 on the UK economy or on the Sweco business, but we continue to monitor the situation very closely. Sweco is financially strong and stable, but we are considering a range of precautionary business resilience measures to enable us to protect our people and support the business through and beyond this global crisis. Timely decisions now, will give us greater freedom of action downstream.
To manage the short-term downturn in work due to project slowdowns, pauses or cancellations caused by COVID-19, we have made some immediate decisions. Specifically, we have decided to defer all pay increases until October and will be maximising the Government’s job retention scheme as we furlough some of our colleagues over the coming weeks. For other colleagues, we will be looking to reduce their working week. We are also taking further appropriate measures to reduce capital expenditure to ensure that our liquidity remains strong.
We remain committed to looking after the health and wellbeing of our colleagues. However, it is of the utmost importance to us that throughout this uncertainty, we remain client focused and continue to deliver our projects. Throughout this time, we will communicate regularly with our clients and partners to inform them of our decisions and will continue to work closely with them to meet their needs.