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John Menzies makes 'good progress' despite tough trading environment

By Iain Gilbert

Date: Thursday 28 Nov 2019

LONDON (ShareCast) - (Sharecast News) - Aviation services firm John Menzies continued to make "good progress" despite a "difficult" trading environment continuing throughout the year-to-date.
John Menzies said it had put itself back on the front foot with "excellent customer engagement", which it noted was now being evidenced with the majority of substantial contracts due during the year being renewed.

The London-listed group added that significant new contract wins and a full pipeline of opportunities also gave it confidence that its turnaround programme was working as planned.

John Menzies also noted that under-performing operations were being addressed and progress was being made through increased productivity and a focus on sustainable margins, while a cost reduction programme that was expected to deliver at least £10.0m of savings had also been implemented - with benefits delivered during the current year and into 2020.

Net debt continued to track as planned.

Looking ahead, after allowing for foreign exchange movements, the group said that trading remained broadly in line with full-year expectations.

Chief executive Giles Wilson said: "This year has been about building for the future and I am confident that we have the team in place to drive the business forward.

"The improvements in our operational delivery, commercial activities and customer engagement have been key and I look forward to seeing the benefits of this come through as we progress."

As of 1540 GMT, John Menzies shares were up 5.37% at 432p.

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