2017 Interim Results
Underlying profit before taxation up 36% to £24.7m
Exceptional items in operating profit were £17.6m (H1 2016: £10.0m) relating to corporate transaction costs and defined benefit pension de-risking resulting in profit before tax of £0.5m
Interim dividend of 6.0p, up 11%
Menzies Aviation produced a strong first half performance
Underlying operating profit more than doubled to £21.7m
ASIG acquisition completed on 1 February 2017; business is performing well with integration plans on track
Contract win momentum across the network remains strong
Infrastructure investments and innovation producing benefits
Menzies Distribution results in line with expectations
Underlying operating profit of £10.8m broadly flat after adjusting for football related sticker sales
Excellent cost performance mostly offsets volume decline and wage inflation
Dr Dermot F. Smurfit, Chairman of John Menzies plc said:
"I am pleased to report that the Group is trading well.
"Menzies Aviation continues to go from strength to strength. The recently acquired ASIG business is integrating well and generating many opportunities for growth. Within the rest of the business contract win momentum continued and we are benefiting from our investments into infrastructure and innovation.
"Menzies Distribution remains a strong business, performing well despite cost and volume pressures.
"Overall, I am very pleased with the Group's performance in the first half and we look to the future with confidence as demonstrated by the increased dividend payment."
