Menzies Distribution sales process “now underway”
John Menzies Chairman Dermot Smurfit has confirmed that “a sales process for Menzies Distribution is now underway”.
As previously reported, plans were afoot last year to merge Menzies Distribution with DX Group so John Menzies could focus on its Aviation arm, but these plans 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.
The group reported a profit before tax of £26.7m, up from £19.8m. Turnover was up from £2,077.tm to £2,517.7m.