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.” whatsapp whatsapp More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Tuesday 8 March 2011 7:11 pm Show Comments ▼ KCS-content John Menzies sees net debt fall as aviation arm gives firm a lift Share Tags: NULLlast_img read more

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