Menzies releases half-year financial results

Menzies Aviation's underlying operating profit grew by 9% to £23.7m, while underlying earnings per share rose 16.1% to 25.3p (compared to first half 2017 at 21.8p).

Menzies Aviation demonstrated a strong first half performance, with continued contract wins and renewals across the network, as well as investments in the workforce and processes. Besides this, operational highlights included the sale of Menzies Distribution in July for an enterprise value of £74.5m.

Commenting on the sale, Forsyth Black, CEO, John Menzies, said: “I am very pleased to have concluded our strategic realignment that, subject to shareholder approval, will see the creation of John Menzies plc as a global pure play aviation business and allow us to focus our management and capital resources on expanding our position in the structurally growing aviation services market."

Black went on to say that Menzies intends to build on its strong position in a growing marketplace by continuing to invest in its established strategy, technologies and, most importantly, its people.

“As a Board, we aim to create long-term shareholder value by continuing to grow our business, while following our Excellence Manifesto and ensuring we deliver the highest levels of service to our customers,” he concluded.