Partly Cloudy

Partly Cloudy

max temp: 10°C

min temp: 3°C

ESTD 1874 Search

UK: John Menzies on track following further “positive progress”

12:15 03 January 2013

A Menzies Distribution lorry

A Menzies Distribution lorry

Archant

NEWSPAPER and magazine distribution company John Menzies said today that its results for 2012 were likely to be in line with previous expectations following further “positive progress” since its last update in November.

shares

However, the company warned of an exceptional charge of £7million following a decision by its Menzies Aviation airport services division to close its cargo handling operations at Chicago Airport, having “exhausted all alternative options”.

Menzies said the provision would bring exceptional charges for the full year to around £18m, but the closure would improve earnings by £1.4m in 2013.

“The enhancements to underlying earnings from these actions are included within the board’s expectations and leave the group in a stronger position with a more stable platform for growth,” it said.

Net debt at the year end was expected to be below £100m, it added, although interest charges would increase by about £2.5m in 2013 as a result of accounting changes.

John Menzies also announced today that group finance director Paul Dollman planned to retire from the board and would not seek re-election at company’s annual general meeting on May 17, subject to a successor being appointed.

Non-executive director Ian Harrison, who has been on the board since 1987, has also indicated that he will not be seeking re-election at the meeting.

Company chairman Iain Napier said: “Paul has done an outstanding job for John Menzies plc over the last 10 years and we wish him well for the future.

“He has been an integral part of the executive team and has played a key role in the success of the group. A full search process is underway and we will make a further announcement at the appropriate time.”

He added: “I would also like to acknowledge Ian Harrison’s contribution to the group and thank him for his support during my time as chairman.”

shares

0 comments

Matthew Embley,  RDC recycling services manager, left, and Gary Griffiths, RDC international partners compliance, with the company's gold Zero Waste award.

Information technology reuse and recycling company RDC has received a gold Zero Waste Award from the letsrecycle.com website.

Angela Rushforth, managing director of Ridgeons, with the firm's Investors in People gold accreditation.

Regional timber and builders’ merchant chain Ridgeons has been awarded a “gold” rating under ther Investors in People (IiP) programme.

Alex Till of Menta.

Suffolk-based Enterprise agency Menta and the county branch of the Institute of Directors (IoD) are working together to help Suffolk business owners as they strive for growth.

The water unit from the Prince's Street fire station with Ipswich with officials from the Port of Ipswich and students from Suffolk New College at the water safety demostration hosted by the port.

The Port of Ipswich teamed up with Suffolk Fire and Rescue Service to stage a rescue simulation off Orwell Quay.

From left, Chris Chamberlain from HTK, Vicki Cole from Crafted and Helen Dodman from Ipswich Central, the three organisations behind the Destination Digital conference.

The company behind the delivery of the Ipswich town centre Business Improvement District project has teamed up with two local digital specialist to stage a conference on online marketing for the tourism and hospitality sectors.

French Connection has warned that it faces a substantial loss when it posts its annual results.

Fashion chain French Connection today warned that it now expects to make a big annual loss after seeing its recovery hopes dashed by a difficult spring trading period.

Andrew Harrison, managing director of Stansted Airport.

Manchester Airports Group, parent company of Stansted Airport, scored a four-star rating in Business in the Community’s 2015 CR Index.

Dominic Casserley, group chief executive of Willis.

Global risk advice and insurance broking firm Willis has launched a 550million euro (£393m) offer to take full control of the French broker Gras Savoye.

Sainsbury's is to cut 800 jobs as part of a restructuring of its store operations.

Sainsbury’s is to cut 800 jobs as it becomes the latest supermarket to restructure its operations in the face of tough trading conditions.

The CWind Sword offshore support vessel.

Colchester-based offshore service vessel manufacturer CTruk has won an order to supply two more of its MPC22 boats to sister company CWind.

Most read

Most commented

Topic pages