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John Menzies' ASIG acquisition boosts profits

15 August 2017 07:46

John Menzies grew its underlying pre-tax profit by 36% to £24.7 million in the first half, with turnover rising from £1,002.2m to £1,216.6m.

The improvement was a result of a strong performance at Menzies Aviation, particularly as a result of the acquisition of the ASIG business in February.

Underlying operating profit at Menzies Aviation more than doubled to £21.7m.

Menzies Distribution recorded an operating profit of £10.8m, which was broadly flat after adjusting for football-related sticker sales.

Exceptional items were £17.6m relating to corporate transaction costs and defined benefit pension de-risking, resulting in a reported profit before tax of £0.5m, down from £3m the year before.

The company said it is on track to meet the board's expectations for the full year. It increased the interim dividend from 5.4p to 6p per share.

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