17th May 2019 09:26
LONDON (Alliance News) - Aviation services firm John Menzies PLC said Friday said trading over the first four months of 2019 had improved, whilst search for a permanent boss is continuing to progress as planned.
For the four months ended April, John Menzies explained trading had improved across the group with "good" visibility of summer schedules and a "positive" to renewing contracts.
The firm did emphasise, however, that there had been a "poor start" to the year for cargo volumes. Although trading in this are has since improved, the firm explained that volumes continue to "track behind" the level reported the year prior.
John Menzies added that its efficiency improvement programme is expected to reduce its ongoing cost base by over GBP10 million per year.
"I am pleased to report we are on track to meet our expectations," John Menzies Interim Chief Executive Giles Wilson said. "We have started the year well commercially with key contracts renewed and new contracts won and our recently launched efficiency programme is progressing well and benefits are being delivered."
Wilson took on responsibilities as CEO of John Menzies in March after former boss Forsyth Black stood down. Wilson continued in his role as chief financial officer at John Menzies.
"We have a strong and experienced team in place and I am confident that by continuing to deploy leading edge systems and processes that we will deliver our customers needs and sustainably grow our business", Wilson continued.
John Menzies also explained the process to appoint a new permanent chief executive was "progressing as planned", the firm expects the process to be complete by early June.
Shares in John Menzies were 0.9% higher at 476.50 pence on Friday.
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