Kingspan shares fall as company moves to slash wages and scrap shareholder dividend

Shares in Irish-based building insulation specialist Kingspan fell as much as 6% on the back of its plans to slash workers’ salaries and scrap its shareholder dividend in a bid to maintain financial discipline as the fallout from the spread of the Covid-19 virus continues.

In a letter to staff, seen by the Irish Examiner, the Cavan-headquartered business said staff pay will be cut by 40% across April and May and senior executives will take a 50% pay cut.