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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.

Story provided by StockMarketWire.com

Related Company: MNZS

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