Menzies(John) PLC AGM Trading Update (2603N)
May 15 2015 - 2:00AM
UK Regulatory
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RNS Number : 2603N
Menzies(John) PLC
15 May 2015
John Menzies plc
AGM Trading Update
15 May 2015
John Menzies plc today provides a trading update for the first
four months of the year from 1 January 2015 to 30 April 2015, in
advance of its Annual General Meeting to be held today.
Trading performance for the period is in line with plan with
both Aviation and Distribution divisions progressing well with
their strategic and operational agendas.
Following key aviation contract wins at North American hubs in
Detroit, Toronto and Denver last year, a 7 year contract to handle
Norwegian AirShuttle at their main hub in Oslo and major base in
Copenhagen was secured in the period, and has started up with great
success.
Menzies Aviation revenue growth in the period is 8% at constant
currency. Cargo has continued to progress very well and absolute
cargo handling volumes are up 10%. Absolute ground handling turns
are up 16% reflecting contract win momentum. Like for like ground
handling turns are up 5% reflecting the growth in our customer
base.
We were disappointed to learn that we were unsuccessful in the
Spanish tender awards. Whilst we are fully reviewing the situation
we do not anticipate any material impact on underlying
earnings.
In accordance with the business priorities set out in March
2015, a structured approach to growth and greater focus on key
account management to target expansion opportunities is developing
well.
Menzies Distribution core business is delivering to plan, the
volume decline in print media has continued to slow during the
period and further business opportunities in the e-fulfilment
market exist and are being pursued.
Our continued focus on cash management has ensured we maintain a
strong balance sheet. As previously highlighted, the full year
result will be second half weighted. We are pleased to report that
the business is stable and we have moved into quarter two
confidently.
We encourage an open and proactive dialogue with all our
stakeholders. In reference to recent public statements the Board
remains committed to maximising shareholder value and evaluates all
options, including its corporate structure on a regular basis.
Jeremy Stafford, Chief Executive of John Menzies plc,
commented:
"I am pleased with the progress that we are making against our
strategic objectives. We are deepening our customer relationships,
we have a number of initiatives underway across the Group to
improve efficiency and we are driving standardisation across the
Group."
The Group's Interim Results will be announced on 18 August
2015.
For further information:
John Menzies plc
Jeremy Stafford, Chief Executive Officer
Paula Bell, Chief Financial Officer
John Geddes, Company Secretary +44 131 459 8018
FTI Consulting
Jonathon Brill
Alex Beagley +44 203 727 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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