John Menzies on track after trading improves
John Menzies said it was on course to meet board expectations for annual results after an improvement in trading for the aviation logistics company.
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John Menzies Plc
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In a trading update before its annual meeting, John Menzies said trading across the company had picked up as it moved towards the busy summer season for the aviation industry.
Summer schedules look good and important contracts have been renewed in the early part of the year, the company said. Cargo volumes have remained below their level a year earlier despite some improvement from a poor start to the year. A £10m cost-cutting programme will support achievement of the current year's forecasts, John Menzies said.
The company is looking for a chief executive after Forsyth Black quit in March. Giles Wilson, the finance director is standing in. The company said the search was going on as planned and it hoped to make a decision in early June.
Wilson said: "I am pleased to report we are on track to meet our expectations. 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."
The shares rose 0.2% to 473.44p at 0922 BST.