28th Nov 2019 10:38
(Alliance News) - Aviation services firm John Menzies PLC said Thursday it has made good progress in the second half of 2019 to date, and remains broadly in line with management expectations.
Commercially, John Menzies said it has put the business back on the front foot, evidenced by substantial contracts renewed during the year, new contract wins and a full pipeline of opportunities.
In addition, the group is addressing its under-performing operations, and has implemented a cost-reduction programme that delivers at least GBP10 million of savings during the current year, and into 2020.
John Menzies said its net debt continues to track as planned, and said the conclusion of a legacy legal case has led to an inflow of GBP10 million, which should have a positive impact on our net debt.
"This year has been about building for the future and I am confident that we have the team in place to drive the business forward. The improvements in our operational delivery, commercial activities and customer engagement have been key and I look forward to seeing the benefits of this come through as we progress," said Chief Executive Giles Wilson.
Shares in John Menzies - which is headquartered in Edinburgh - were up 3.8% at 425.50 pence on Thursday in London.
By Dayo Laniyan; [email protected]
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