- 14 March 2018
- Transport / Logistics Services
The sale of Menzies Distribution has been confirmed as being well underway by John Menzies Chairman Dermot Smurfitt.
Last year there were plans to merge Menzies Distribution with secure parcel carriers DX Group, so John Menzies could focus more on Menzies Aviation but due to a range of internal issues at DX these fell through.
In his Chairman’s statement on John Menzies 2017 annual results, Smurfit commented: “I am very pleased that despite a number of distractions Menzies Distribution produced a solid performance, holding underlying profits flat in the face of declining volume and increasing wage costs.
“We continue to make good progress on our separation plans and a sale process for Menzies Distribution is now underway.
“The Board is focused on creating a global pure play Aviation Services business and is excited by the opportunities that presents. We have a strong management team who are delivering against our strategic objectives.”
While Menzies Distribution had a “solid performance”, Smurfit said that 2017 had been an “excellent year” for Menzies Aviation.
For the full year, John Menzies Group reported a pre-tax profit of £26.7 million which was up from £19.8 million. Meanwhile turnover at the group was up from £2.077bn to £2.7157 bn.