John Menzies (MNZS) believes it is “back on the front foot” following improvements in its operational delivery and commercial activities. In an update for the four months to 31 October, the group announced it has extended the majority of substantial contracts up for renewal and secured new business. Underperforming stations have made progress and the cost reduction programme remains on track to deliver at least £10m in savings.
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The group previously guided that full-year earnings will be flat on last year and trading is said to be in line with expectations. Looking ahead, executive chairman Philipp Joeinig believes Menzies’ profits will “substantially increase” in 2020.
