20th May 2011 07:00
JOHN MENZIES PLC
INTERIM MANAGEMENT STATEMENT
In advance of its Annual General Meeting today, JOHN MENZIES PLC, is issuing an Interim Management Statement in accordance with its obligations under Section 4.3 of the Disclosure and Transparency Rules for the period from 1 January 2011 and is based on trading results for the four months ended 30 April 2011.
The GROUP has made a good start to the year and is trading in line with the Board's expectations.
Trading at MENZIES AVIATION is ahead of last year. Despite airlines experiencing headwinds, volumes on a like for like basis were good with cargo tonnes up 5% and aircraft turnarounds up 7%.
Continued contract win momentum is encouraging with the division being a net winner of several new contracts, as well as making good progress renewing existing contracts.
As a result of these factors and the annualisation of contract gains from last year, divisional revenues are up 11%.
MENZIES DISTRIBUTION has continued to make progress with its plans. The marketplace remains difficult, particularly within the magazine and collectable sectors. However, the implementation of SAP and the division's ability to drive efficiencies from the cost base continue to progress as planned.
The recent Royal Wedding provided the expected temporary boost to volumes with weekend newspaper and magazine volumes well ahead of normal levels.
The Group continues to be on a sound financial footing and there has been no material change since the announcement of the Preliminary Results in March.
FOR FURTHER INFORMATION:
Paul Dollman, Group Finance Director, John Menzies plc +44 131 459 8018
John Geddes, Group Company Secretary, John Menzies plc +44 131 459 8180
Jonathan Brill/Caroline Stewart, Financial Dynamics +44 207 831 3113
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