John Menzies sees net debt fall as aviation arm gives firm a lift

first_img DISTRIBUTION company John Menzies yesterday reported a 28 per cent rise in profit to £45m thanks to a strong performance in its aviation division.Turnover across the group was up six per cent to £1.96bn. Profits in aviation – which handled 700,000 flight turns, 71m passengers and 1.7m tonnes of cargo in 2010 – were up 56 per cent due to a rise in overseas cargo volumes and growth in the ground handling business.The volcanic ash activity in April last year cost the firm around £2.2m in lost profits but this was offset by de-icing fees in January and December.The distribution arm – which handles around 5.2m newspapers and 2.6 magazines every day –?saw operating profits up 3.2 per cent to £28.8m.Net debt dropped by more than £33m to £99m. Weekly magazine sales dived 6.5 per cent, while monthlies held up better than expected, falling by three per cent. Chairman Iain Napier said: “Whilst market conditions for the distribution division are challenging, the (aviation) division is an excellent cash generator.” John Menzies sees net debt fall as aviation arm gives firm a lift KCS-content whatsapp whatsapp Tags: NULL Tuesday 8 March 2011 7:11 pm Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Show Comments ▼ Sharelast_img

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