Guidance withdrawn at AMP, Dexus Property Group

Guidance withdrawn at AMP, Dexus Property Group

Financial services giant AMP (ASX: AMP) and commercial and industrial property owner Dexus Property Group (ASX: DXS) are the latest ASX100 companies to withdraw their guidance due to uncertainty surrounding Covid-19.

In a release today, AMP explained its capital position and liquidity remained strong while its three-year transformational strategy including its client remediation program was still underway.

"In response to uncertainty in Australia and globally, we have taken decisive action to support our clients and people, while working to maintain the strength and resilience of our business," says AMP chief executive Francesco De Ferrari.

"Whilst the situation is rapidly evolving, our immediate priorities are to support the public health efforts, help our clients make the right choices, and ensure our people are safe and working in healthy environments.

"Protocols and contingency plans are also in place to ensure our operations and client services can continue throughout the pandemic."

Dexus Property Group (ASX: DXS) noted operations had performed in a way that was consistent with expectations, but uncertainty led directors to withdraw guidance for FY20.

"As custodians of many buildings across Australia's major cities, it is incumbent on us to protect our tenant base, particularly the SMEs and retailers who support our office towers and shopping precincts and are bearing the brunt of this evolving global situation," said Dexus CEO Darren Steinberg.

"SMEs are the lifeblood of the country and we need to ensure we look after them, so that when we inevitably emerge from this event, they can return to normal operations as soon as possible.

"As a priority we remain focused on the health, safety and wellbeing of our employees and the people in our buildings. We have adopted internal business continuity measures to minimise the disruption to our business and have implemented government guidelines to reduce the spread of Covid-19 at our properties."

Cloud solutions company Rhipe (ASX: RHP) also withdrew its guidance today for similar reasons. Other major companies that put their guidance on hold yesterday include Reliance Worldwide Corporation (ASX: RWC), Shopping Centres Australasia Property Group (ASX: SCP), Steadfast Group (ASX: SDF), Ingenia Communities Group (ASX: INA) and Fletcher Building (ASX: FBU).

Click here for a full list of companies that have suspended or withdrawn their guidance for FY20.

Updated at 2:24pm AEDT on 26 March 2020.

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