John Menzies H1 results

Freight, aviation and delivery firm John Menzies has announced its interim results for the first half (H1) of 2017.

John Menzies have released a statement that said its H1 turnover was £1.217bn, up from £1.002bn in H1 of 2016.

Underlying profit before tax was up by 365 to £24.7 million. However the company said that “exceptional items” relating to “corporate transaction costs and defined benefit pension de-risking” mean that the group’s profit before tax was £0.5m – down from £3m in H1 2016.

Menzies Aviation had underlying profits more than double to £21.7 million. Menzies Distribution’s underlying operating profit at £10.8 million was broadly flat after adjusting for football related sticker sales.

Menzies Distribution has just pulled out of a merger deal with DX Group this week.

Commenting on the results, Dr Dermot F. Smurfit, Chairman of John Menzies plc said: “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.”

 
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