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Aviation group Menzies expects revenues to level-off, free cash flow quadruples

Tue, 29th Sep 2020 09:40

(Sharecast News) - Aviation support services John Menzies saw sales fall by a third and deep losses at the half-year stage, but predicted that top-line growth was set to level off over the backhalf of 2020 while profitability was set to benefit from "more significant contributions from various government support programmes".
Furthermore, cost-cutting and a drive in 2019 to right-size its operations resulted in underlying operating cash flows more than doubling over the six months ending on 30 June, from £58.9m to £131.3m, while free cash flow jumped from £26.8m to £109.5m.

Reported revenues meanwhile were down 33.6% at £431.5m, as passenger flight volumes fell 43%, with the company moving from an underlying profit before tax of £8.2m to £48.7m of red ink, for a basic loss per share of 104.7p.

Yet company boss, Philipp Joeinig, sounded a cautious note.

"Like others in aviation, we know we are not out of the woods yet," Joeinig said

"We continue to keep a strong grip on our costs, whilst encouraging governments across the world to react to the exceptional impact Covid-19 continues to have on the industry and extend their support schemes, as recovery will be gradual."

To take note of, the company highlighted progress in reshaping the business and new contract wins in the cargo space.

Since period end, the outfit had won new cargo business with Qatar Airways in LA and the ground handling and cabin cleaning business of Air France/KLM in Toronto.

On the outlook, Menzies added: "We currently anticipate market conditions will remain challenging through the winter and the early part of next year, but expect a sustainable recovery in activity levels thereafter, contributing to modest revenue growth in 2021 over 2020.

"Whilst cautious on the pace of activity level recovery over the next 18 months, our restructured cost base and the rationalisation of the global portfolio should enable the Group to generate higher returns as volumes improve."

The company also judged that it would be capable of riding out even the worst - yet plausible - scenarios going forward.

"The Group has modelled a severe but plausible downside scenario based on further waves of the pandemic.

"[...] In the event that this downside scenario were to occur, the Board believes that there would be sufficient mitigating actions that could be taken to ensure the Group's ability to continue as a going concern."

Available cash resources as at 31 August stood at £175m.

No dividend was declared in respect of the first half of the year.

As of 1010 BST, shares of Menzies were down by 1.07% to 110.6p giving Menzies equity a market value of roughly £94.6m.
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23 Dec 2022 12:40

Heathrow strike off as Menzies workers win improved pay offer

(Sharecast News) - Heathrow ground handling staff employed by Menzies have accepted an improved pay deal, ending the threat of strike action at the airport, the Unite union said on Friday.

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4 Aug 2022 13:12

Kuwait's Agility finalises acquisition of UK aviation services group John Menzies

DUBAI, Aug 4 (Reuters) - Kuwait's Agility, one of the largest Gulf logistics companies, said on Thursday it has finalised its 763 million-pound ($924.37 million) acquisition of British aviation services company John Menzies.

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2 Aug 2022 18:15

IN BRIEF: John Menzies takeover by Agility Public given court sanction

John Menzies PLC - Edinburgh-based aviation services and cargo handling - Company's takeover by GIL International Holdings V Ltd, a subsidiary of Kuwait's Agility Public Warehousing Co KSCP is granted Court sanction.

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19 Jul 2022 15:52

UK earnings, trading statements calendar - next 7 days

Wednesday 20 July 
Abcam PLCTrading Statement
Alliance Pharma PLCTrading Statement
Antofagasta PLCQ2 Production Results
Centamin PLCQ2 Production Results
Centaur Media PLCHalf Year Results
Costain Group PLCTrading Statement
Hochschild Mining PLCTrading Statement
PayPoint PLCQ1 Results
Petropavlovsk PLCTrading Statement
Pharos Energy PLCTrading Statement
Premier Foods PLCQ1 Results
Royal Mail PLCQ1 Results
Thursday 21 July  
AJ Bell PLCQ3 Results
Anglo American PLCQ2 Production Results
Brewin Dolphin Holdings PLCTrading Statement
Britvic PLCQ3 Results
Close Brothers Group PLCTrading Statement
Diploma PLCQ3 Results
Dunelm Group PLCTrading Statement
DWF Group PLCFull Year Results
Euromoney Institutional Investor PLCQ3 Results
Frasers Group PLCTrading Statement
Fulham Shore PLCFull Year Results
Howden Joinery Group PLCHalf Year Results
IG Group Holdings PLCFull Year Results
Intermediate Capital Group PLCQ1 Results
Ocado Group PLCHalf Year Results
PensionBee Group PLCTrading Statement
Polymetal International PLCQ2 Production Results
Qinetiq Group PLCTrading Statement
Redcentric PLCFull Year Results
Seraphine Group PLCFull Year Results
SSE PLCQ1 Results
Workspace Group PLCQ1 Results
Friday 22 July  
Beazley PLCHalf Year Results
FRP Advisory Group PLCFull Year Results
Record PLCQ1 Results
Monday 25 July 
ECO Animal Health Group PLCFull Year Results
F&C Investment Trust PLCHalf Year Results
GlobalData PLCHalf Year Results
JTC PLCTrading Statement
Plant Health Care PLCTrading Statement
SThree PLCHalf Year Results
Vodafone Group PLCTrading Statement
XLMedia PLCTrading Statement
Tuesday 26 July 
Aberforth Smaller Companies Trust PLCHalf Year Results
Ascential PLCHalf Year Results
Bytes Technology Group PLCTrading Statement
Capital & Counties Properties PLCHalf Year Results
Cohort PLCFull Year Results
Compass Group PLCTrading Statement
Drax Group PLCHalf Year Results
easyJet PLCTrading Statement
Ergomed PLCTrading Statement
Franchise Brands PLCHalf Year Results
Games Workshop Group PLCFull Year Results
Gore Street Energy Storage Fund PLCFull Year Results
Greencore Group PLCQ3 Results
John Menzies PLCTrading Statement
Medica Group PLCTrading Statement
Mitie Group PLCTrading Statement
NewRiver REIT PLCTrading Statement
Playtech PLCTrading Statement
Reach PLCHalf Year Results
Ricardo PLCTrading Statement
Sabre Insurance Group PLCHalf Year Results
SME Credit Realisation Fund LtdFull Year Results
Trifast PLCFull Year Results
Tyman PLCHalf Year Results
Unilever PLCHalf Year Results
Vivo Energy PLCHalf Year Results
Wickes Group PLCTrading Statement
  
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11 Jul 2022 05:50

UK government inaction contributed to airports crisis – industry boss

(Alliance News) - Inaction from Rishi Sunak and Grant Shapps contributed to the "predictable" and "preventable" delays and cancellations that have crippled airports across the UK, the boss of a leading airline services company has said.

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30 Mar 2022 16:06

LONDON MARKET CLOSE: FTSE 100 keeps head above water on oil strength

(Alliance News) - The FTSE 100 was able to outperform European peers on Wednesday - a reversal from Tuesday - as the commodity-heavy index was getting a lift from oil companies and miners.

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30 Mar 2022 12:09

SMALL-CAP WINNERS & LOSERS: John Menzies up on takeover - CORRECT

(Correcting offer price to 608 pence per share.)

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30 Mar 2022 12:06

CORRECT: Initially reluctant, John Menzies accepts Kuwaiti takeover

(Correcting offer price to 608 pence per share.)

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30 Mar 2022 11:08

LONDON MARKET MIDDAY: Nervy trade amid peace doubts and US yields

(Alliance News) - Blue-chip equities in Europe traded lower midday Wednesday, with markets made uneasy by recent developments in US bond markets and amid doubts about Russia's announcement of a de-escalation of its assault on Ukraine.

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30 Mar 2022 09:30

SMALL-CAP WINNERS & LOSERS: John Menzies up on takeover; Esken falls

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.

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30 Mar 2022 08:54

TOP NEWS: Initially reluctant, John Menzies accepts Kuwaiti takeover

(Alliance News) - John Menzies PLC on Wednesday said it has accepted a final offer from GIL International Holdings V Ltd, a subsidiary of Kuwait's Agility Public Warehousing Co KSCP.

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30 Mar 2022 07:51

LONDON MARKET OPEN: FTSE 100 defies European slump on oil major boost

(Alliance News) - London's FTSE 100 opened cautiously higher on Wednesday, though mainland European indices, which had produced stronger advances on Tuesday following Russia's announcement of a de-escalation, suffered in early trading.

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30 Mar 2022 07:32

LONDON BRIEFING: John Menzies finally accepts Kuwaiti takeover offer

(Alliance News) - John Menzies on Wednesday said it has accepted an offer from GIL International Holdings V, a subsidiary of Kuwait's Agility Public Warehousing Co.

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30 Mar 2022 06:58

LONDON MARKET PRE-OPEN: John Menzies backs GBP571 million takeover bid

(Alliance News) - Stock prices in London are seen opening flat on Wednesday, as optimism following Russia's pledge to de-escalate in parts of Ukraine was met with scepticism by the West.

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8 Mar 2022 14:31

John Menzies swings to profit, gives Agility more time for firm offer

(Alliance News) - John Menzies PLC on Tuesday gave its Kuwaiti suitor an extension on the deadline to make a formal takeover offer, as it also continued to set out its stall as a strong independent company.

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