Menzies reports profit rise in first half of 2018

posted on 14th August 2018 by Justin Burns
Menzies reports profit rise in first half of 2018

Menzies Aviation has reported improved financial figures for the first half of this year as its underlying operating group profit before tax increased by 15.4 per cent to £28.5 million (2017: £24.7 million).

For the period from January to June 2018 the underlying operating profit rose nine per cent to £23.7 million and turnover increased by 4.5 per cent to £1.25 billion.

The ground and cargo handler said its performance was boosted by new contract wins and renewals, investment in staff and business processes and a surge in cargo volumes.

Menzies said the second half of the year started well with ground handling turns in the key summer months in line and cargo volumes delivering good returns and added it was on track to meet its full-year expectations, with trading since the half year in line.

Last month, Menzies sold off its newspaper distribution business to private equity firm Endless LLP for £74.5 million.

In the UK, the UK’s Competition and Markets Authority (CMA) has also launched a probe into the Menzies’ purchase of aircraft de-icing specialist Airline Services in April this year.