17 January 2019
John Menzies plc
John Menzies plc ("Menzies" or "the Group"), the global aviation services business, today announces a trading update ahead of its Preliminary results announcement on 13 March 2019.
The Group's trading performance for the year to 31 December 2018 has been in line with market expectations.
Since our previous update on 20 November 2018 we are very pleased to acknowledge today's announcement by the CMA granting full clearance with regard to the acquisition of Airline Services Limited which was originally acquired on 4 April 2018. We now look forward to taking control of the business, driving the identified synergies and boosting our footprint and product offering across our UK business.
Menzies Pension Fund
We have completed the Menzies Pension Fund's triennial valuation process and agreed the funding payments with the Fund's trustee. We are pleased to report a significant reduction in the funding deficit since the last valuation process.
Following ongoing contributions, a number of proactive measures taken by the Group and the sale of Menzies Distribution, the funding deficit has reduced by over £50m from the £116m in March 2015 to our year end funding deficit of between £60m and £65m.
For further information:
John Menzies plc 0131 459 8018
Forsyth Black, Chief Executive Officer
Giles Wilson, Chief Financial Officer
John Geddes, Corporate Affairs Director
FTI Consulting 0203 727 1000
Jonathon Brill/Alex Beagley/Fern Duncan
Notes to Editors:
1. John Menzies plc is one of Scotland's largest companies where success depends on providing an efficient, high quality, time-critical service to their customers and partners. The company was established in 1833 and its head office is in Edinburgh. Today the company is an international aviation services business with operations worldwide.
2. Menzies Aviation is a leading global provider of passenger, ramp and cargo services. Menzies Aviation operates at 219 airports in 37 countries, supported by a team of some 33,000 highly-trained people. Each year Menzies Aviation serves some 1,000 customers, handling 1.4 million flights, 1.6 million tonnes of cargo and fuelling 4 million turnarounds. Customers include Air Canada, Air France-KLM, American Airlines, Cathay Pacific, Delta Air Lines, easyJet, Emirates, Frontier Airlines, IAG, Lufthansa, Norwegian Air Shuttle, Air Canada, United Airlines and China Airlines. Best in class safety and security is the number one priority each day and every day.
3. Menzies Aviation operates in a structural growth market, which has strong out-sourcing trends as well as progressive market growth. As a global player in the aviation services market Menzies is well placed to be a leading player as the market continues to professionalise and will continue to embrace and develop new technologies to provide market leading service.