Partly Cloudy

Partly Cloudy

max temp: 10°C

min temp: 5°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

Abbey Gardens - are you proud of Suffolk's green spaces?

Welcome to Suffolk Says – your opportunity to give your views on a range of important issues in our county.

Jason Croker

A former Felixstowe man has been jailed after throttling a woman during an attempted rape before dumping his unconscious victim in a field.

The scene of a thatch fire in Stoke-by-Nayland

A picturesque country cottage is still standing today despite a fire ripping through its thatched roof.

Ipswich Town v Arsenal  FA Cup Final at Wembley 1978 - 

Kevin Beattie and Allan Hunter

It is an impassioned debate which never fails to invigorate the East Anglian derby.

Colchester Half-Marathon. Starting and finishing at Weston Homes Community Stadium.

Competitors braved the dismal morning weather today to take part in the Colchester Half Marathon.

The scene after the thatched roof fire in Stoke by Nayland - Picture credit - Suffolk Fire and Rescue Service

Ten fire crews tackled a thatched roof blaze in a Suffolk village overnight.

An Abellio Greater Anglia train

Rail services between London Liverpool Street and Norwich have been cancelled after a train fault at Diss.

Sir John French: a colourful character and respected soldier

We’ve heard about the Suffolk men who fought at the battle of Neuve Chapelle.

Ipswich Crown Court

A 19-year old man who met up with a 13-year-old girl and exchanged text messages with her despite being given a police caution for kissing her several months earlier has been sentenced to 21 months youth detention.

St Edmundsbury Cathedral overlooking colourful displays in the Abbey Gardens

Suffolk’s most important religious building has been awarded a £300,000 Government grant to pay for urgent roof repairs.

Most read

Most commented

Topic pages