Menzies still “fully engaged” with potential buyers of Distribution arm
In a trading update issued on Friday (18 May), John Menzies said that it was still “hopeful” that it will be able to sell Menzies Distribution.
“A sale process for Menzies Distribution is in progress,” said the Menzies statement. “This process is taking longer than we anticipated but we remain 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.”
The company, which issued the trading update ahead of its AGM on Friday, said that it has had a “positive start to the year”.
According to the company: “Overall, at Menzies Aviation, trading across the division has generally been positive with strong cargo volumes continuing to prevail, ground handling and fuelling volume in line with expectations and continuing positive contract momentum.”
The trading update also said that Menzies Distribution (the target for those potential buyers) was “trading positively”.
Dr Dermot F Smurfit, Chairman of John Menzies plc, commented: “I am pleased that our Aviation business continues to go from strength to strength. We are operating in a structural growth market, we are extremely well placed to extend our geographical presence and overall market share as we grow organically, enter new markets and deepen our product offering. We remain committed to our Group separation plans and I remain hopeful that we can reach a satisfactory conclusion.”
