Group restructuring completed with sale of Early Learning Centre for £29.6m

Changed financial year end signals end of seasonal trading and transfer to FTSE Support Services Sector

Robust performance by Distribution, backed by recent cover price increases

Aviation Services turnover doubled following Ogden acquisition in November 2000, but results inevitably impacted by current trading climate

Vigorous and effective action to reduce cost base to minimise exposure to current conditions within the aviation sector

Operating exceptional costs reflect integration of Ogden and capacity rationalisation

Dividend level maintained

 

"The Menzies Group now consists of two core businesses, Menzies Distribution and Menzies Aviation.  Both hold leading positions in their respective markets.

"Menzies Distribution is a strongly cash generative business with an excellent reputation, and has maintained its market-leading performance.  Its market share and geographical reach were enhanced by the acquisition of Turners News in December 2001.

"Menzies Aviation has built a solid platform for expansion in a market which continues to have significant growth potential.  A key element of its strategy is to build on its successes by developing a full range of value-added services in carefully chosen markets.

"Our transformation is complete.  We are a focused international support services group, and I am more certain than ever before that we are ready for the challenges and opportunities ahead."

 

For further enquiries please contact:
David Mackay, Chief Executive John Menzies plc
Martyn Smith, Group Finance Director 
today until 1.00 pm 020-7230-5550

thereafter:

Anthony Cardew/Jonathan Rooper/Jackie Range
Cardew & Co

020-7930-0777