30th Nov 2021 11:07
(Alliance News) - John Menzies PLC said on Tuesday it expects to end the year at least in line with market expectations after stronger than expected trading in recent months.
Year to date, Menzies posted a record GBP73 million net sales win in annualised revenue.
The Edinburgh-based aviation logistics company announced a "record year" for its Cargo Forwarding arm and cited gains in the e-commerce market and contract wins for its success.
Menzies said that the global cargo services market remained robust throughout the pandemic, with increased new business driving higher returns. Subsequently, its Cargo Forwarding business embraced a record year.
Recovery has been seen in its Ground & Fuel Services segment across all regions, despite concerns around the pandemic, resulting in a strong end to the year and positive outlook for the division.
Looking ahead, Menzies said: "We continue to look forward positively. The delivery of our strategic priorities is firmly on track and our pipeline of opportunities remains full.
"Our vision of growing our portfolio to produce a more balanced and resilient mix of revenue is well underway and our recent expansions are delivering strong returns. We expect this growth to continue into 2022 and beyond with cargo volumes already ahead of 2019 levels."
Shares in Menzies were down 3.6% to 252.50 pence each on Tuesday in London.
By Heather Rydings; [email protected]
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