Regulatory Announcements


09 September 2003

John Menzies plc - Interim Results

Highlights:
  • Turnover up 2.5% to £614.0m
  • Operating profit before pension charge* up 2.9% to £10.5m
  • Pension charge £0.6m against comparable credit of £1.7m
  • Headline profit before tax* £8.3m (2002 - £10.6m)
  • Interim dividend maintained at 5.5p per share
 
(*before goodwill amortisation and exceptional items)
 
Patrick Macdonald, Chief Executive, said:
 
"I am delighted to present my first set of results since taking over as Chief Executive in May.  I believe we have turned in an encouraging performance in challenging conditions.
 
Net cash flow from operating activities was healthy, increasing from £5.5m to £22.3m.  Underlying net debt before the scheduled redemption of £20m preference shares has been reduced by £4.1m.
 
Menzies Distribution's performance remains strong. This business has proven expertise and a first class record in delivering customer service and driving down costs.
 
In Aviation, the recovery from SARS is under way, and we have streamlined management and reduced costs.  This business is now in a better position to concentrate on improving its operational and financial performance.
 
The medium term fundamentals of our markets remain good, and I am confident that the outlook for the Group is positive."
 
 
For further enquiries please contact:
Patrick Macdonald, Chief Executive
John Menzies plc
020 7233 5550
 
Jonathan Rooper/Jackie Range
CardewChancery
020 7930 0777
 
John Geddes, Head of Investor Relations
John Menzies plc
07796 336 173
 
 
The full announcement can be downloaded from the following link:

INTERIM RESULTS

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