John Menzies plc delivers further shareholder value
- Menzies Aviation provides sustainable growth
- Underlying operating profit up 16% on a constant currency basis
- Expansion plans being delivered - new contracts won, key contracts renewed and new countries entered
- Restructuring of loss making cargo operations completed
- Menzies Distribution provides a stable profit stream
- Underlying operating profit held at £28.8m with excellent cash generation
- Acquisition of Orbital Marketing provides growth opportunities away from the core business
- Integration and synergy benefits on track
- Progressive dividend policy continues - final dividend 17.85p up 5%
Iain Napier, Chairman said:
"The Group continues to trade on a sound footing with both divisions returning good results. Market conditions remain tough but despite this we continue to deliver our targets. Menzies Aviation turned in a strong performance despite airline failures and currency headwinds. Future prospects remain good as we seek to deliver on our organic and selective acquisition growth plans. At Menzies Distribution the acquisition of Orbital Marketing Services Group provides the division with a highly synergistic business that will offer new areas of potential growth.
Overall the Group is well placed to continue to deliver growth. "