John Menzies plc, the global aviation services business, today provides an update on current trading ahead of its Interim Results on 1 September 2021.
Overall, the Group continues to trade slightly ahead of current market expectations.
Regional variations exist with ground services in Europe particularly weak but this is offset by encouraging trading elsewhere driven by new business gains, a generally strong performance within air cargo services, extremely tight cost management and additional support from government schemes.
The Group’s financial and liquidity position remains robust.
At 30 June 2021, net debt was £183m on a pre-IFRS 16 basis, and total liquidity stood at £179m leaving the Group with significant headroom to allow them to deliver on their strategic priorities.
Commercially, the first six months of the year has been very strong and significantly ahead of last year.
In May Menzies commenced a new air cargo services contract for Avianca Airlines in Miami, USA, which is the largest single air cargo services contract the Group has ever secured.
Operations have started very well and we are delivering enhanced service levels to our customer.
In June 2021, Menzies announced an investment to acquire a minority equity stake, by way of a joint venture, in JFreight Aviation Logistics Supply Chain Co. Ltd at Guangzhou, China.
This venture, at one of the world’s busiest cargo airports, will open in September 2021 and is their first significant venture in mainland China.