Boosted by pandemic
Menzies more competitive by ‘not wasting’ crisis
Menzies chairman and chief executive Philipp Joeinig said the aviation services company has ‘not wasted” the pandemic crisis and has used it to make the Edinburgh-based firm more competitive.
Despite the “extremely challenging” conditions in 2020, it has successfully managed its financial position, and as a result, its liquidity is strong coming into 2021, it said in a trading update.
The company has continued to trade in line with the expectations set out in the group’s interim results on 29 September.
Revenues for the second half were similar to those reported in the first half and for the full year were 37% below the prior year.
Activity levels showed an encouraging recovery through the third quarter.
The board said it remains confident in the medium and long-term growth potential of the aviation services market and believes that, as the global aviation market recovers, John Menzies is well positioned to take advantage of the pipeline of organic and inorganic opportunities that exist.
Mr Joeinig said: “I see the opportunities for the business as being stronger than ever. I am pleased that we have not wasted this crisis, having instead used it to become more competitive.
“We are well on track with our rebased growth strategy and we are moving in the right direction towards being the service provider of choice to our customers.”