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John Menzies trading ahead of last year; distribution unit sale process ongoing

StockMarketWire.com

Airline cargo handling and logistics group John Menzies said it continued to trade ahead of last year, while a proposed sale of its distribution business was taking longer than expected.

'The positive start to the year highlighted in March has continued,' the company said.

Trading at the aviation unit had generally been positive, with 'strong cargo volumes continuing to prevail, ground handling and fuelling volume in line with expectations and continuing positive contract momentum'.

Operations in North America continued to be impacted by industrial relations issues, though the company said it was working with airlines and airports to tackle them.

The distribution business was trading 'positively', though in the print media category sales had fallen 5% on-year. Cost saving initiatives were progressing to plan, the company said.

Although a sale process for the distribution business was taking longer than anticipated, Menzies said it remained 'fully engaged' with a number of potential buyers.

'We remain hopeful that we will be able to reach a satisfactory conclusion and will update shareholders at the appropriate time,' it said.

'Looking ahead, excluding the impact of previously flagged weaker foreign currency, the Group continues to be on track and the board is confident of achieving its full year projections.'



Story provided by StockMarketWire.com