John Menzies reports H1 results
John Menzies – which yesterday called off plans to merge its Distribution division with DX Group – has announced its interim results for the first half (H1) of 2017. In a statement issued today (15 August), the company said that its turnover was £1,216.6m, up from £1,002.2m in H1 2016.
Underlying profit before taxation was up 36% to £24.7m. However, “exceptional items” relating to “corporate transaction costs and defined benefit pension de-risking” mean that the group’s profit before tax was £0.5m – down from £3m in H1 2016.
The underlying operating profit for Menzies Aviation more than doubled to £21.7m, whereas Menzies Distribution’s underlying operating profit of £10.8m was broadly flat after adjusting for football related sticker sales.
Commenting on the results, Dr Dermot F. Smurfit, Chairman of John Menzies plc said: “Menzies Aviation continues to go from strength to strength. The recently acquired ASIG business is integrating well and generating many opportunities for growth. Within the rest of the business contract win momentum continued and we are benefiting from our investments into infrastructure and innovation.
“Menzies Distribution remains a strong business, performing well despite cost and volume pressures.
“Overall, I am very pleased with the Group’s performance in the first half and we look to the future with confidence as demonstrated by the increased dividend payment.”
