6th Jan 2010 07:00
JOHN MENZIES PLC today releases a pre-close trading update ahead of its Preliminary Results announcement on 9 March 2010.
Following the Interim Management Statement which was released on 11 November 2009, the Group has continued to make positive progress with both divisions exceeding the Board's expectations. As a result, the Board expects that the Group as a whole will deliver results which are ahead of expectations.
Menzies Aviation's strong performance against a backdrop of difficult markets has continued. The rigorous management of the cost base continues to deliver benefits together with a modest improvement in volumes across the network.
Within Menzies Distribution magazine sales, while still in decline, have been better than anticipated together with strong sales of stickers.
Given the expected current mix of profits we now expect our effective underlying tax rate for the year to be around 27%. In addition, we also expect that the Group net debt at the year end will now be below 140m.
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
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