© HMS Networks Business | April 16, 2020
HMS Networks implements short-time work
As the current situation surrounding the COVID-19 pandemic continues to develop, HMS Network 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 Coronavirus and the likely negative effect this will have on the market demand for HMS Networks’ products in the coming months, the company states in an update. The company's board of directors has also decided to revise its dividend proposal, going for the previously proposed SEK 1.90 per share down to nothing at all. This is also being done 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, in the press release.
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