John Menzies releases trading update

17 January 2019/Categories: CILT, Industry News, Aviation, Logistics & Supply Chain

John Menzies plc (“Menzies” or “the Group”), the global aviation services business, has announced 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.

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