20th Nov 2018 10:41
LONDON (Alliance News) - John Menzies PLC said Tuesday it is trading ahead of last year and is on track to meet expectations for the full year, despite a commercially challenging year.
The aviation services business also said that it remains on track to grow operating margin in 2018 and achieve 8% per annum revenue growth target in near future.
The company, which provides ground handling, fuelling and cargo handling services at airports, noted that 2018 has been challenging and revenue growth slowed primarily due to non-renewal of licences, loss of some contracts and divestiture from less favourable contracts.
The company's pension deficit is predicted to be in the range of GBP50 million to GBP55 million, a significant reduction on the 2015 position of GBP116 million. Net debt position at 2018-end is estimated to be in line with management expectations.
John Menzies is hosting a Capital Markets Day on Tuesday. Shares in the company were trading 2.8% higher at 515.00 pence each.
Related Shares:
MNZS.L