March 13, 2020 / 1:52 AM / 20 days ago

BRIEF-Flight Centre Travel Withdraws FY20 Guidance

March 13 (Reuters) - Flight Centre Travel Group Ltd :

* FLT WITHDRAWS GUIDANCE & OUTLINES KEY CORONAVIRUS STRATEGIES-FLT.AX

* FLIGHT CENTRE TRAVEL GROUP WITHDRAWS 2020 FISCAL YEAR (FY20) GUIDANCE

* SUSPENDED ITS 2020 FISCAL YEAR (FY20) GUIDANCE FOLLOWING HEIGHTENED UNCERTAINTY SURROUNDING CORONAVIRUS

* FLT’S DIRECTORS WILL FORGO 30% OF THEIR FEES FOR REMAINDER OF FY20 AND WILL REVIEW SITUATION EARLY IN FY21

* EXECUTIVE EARNINGS WILL ALSO DECREASE DURING FY20

* EXECUTIVES WILL NOT EARN ANY SHORT-TERM INCENTIVES FOR FULL YEAR

* ANNOUNCES A RECRUITMENT FREEZE

* DEFERRAL OF SOME NON-ESSENTIAL PROJECTS AND CAPITAL EXPENDITURE

* EXECUTIVES WILL GET SUBSTANTIALLY LOWER RETURNS ON PROGRAMS TIED TO PROFIT, INCLUDING CO’S BUSINESS OWNERSHIP SCHEME Source text for Eikon: Further company coverage:

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