Menzies back in profit after ‘prompt’ restructuring
Menzies is in a “good position”
Logistics firm Menzies returned to profit in the half year to 30 June after major surgery prompted by the pandemic.
The underlying figure before tax came at £10.9m against a £48.7m loss in the corresponding period last year.
The board said it remains confident about the group’s long-term outlook.
In a statement the company said: “The prompt actions taken at the start of the pandemic have put us in a good position to prosper now the aviation sector has begun to recover.
“Our strategy for growth, based around our strategic priorities, and our disciplined approach are set to deliver sustainable stakeholder returns in the coming years.”
Philipp Joeinig, chairman & CEO, added: “I am pleased that we have delivered a strong first half despite the continuing impact of Covid-19 on travel. This outturn is testament to the actions that were taken last year and our continuing tight focus on all aspects of our operations.
“We are committed to delivering against our strategic priorities and are making good progress.
“We continue to win contracts, enter new markets and optimise the mix of our business portfolio. Furthermore, we are confident that our resilient business model leaves us well placed to prosper as flight volumes continue to recover.”
No dividend will be paid in respect of the first half results.