John Menzies said on Tuesday that operational difficulties at London Heathrow airport will impact its first half of 2015, leading it to cut its dividend to enable new investment.Newspaper and magazine like-for-like sales in the distribution division in 2014 were down 3%, but its Orbital marketing services acquired in 2012 reported strong growth.The aviation division enjoyed stronger full-year market growth with turnover up 2% and 9% in current currency.However, increased costs at Heathrow and the closure of a terminal and relocation of carriers hurt the company results with contract churn and margin erosion, coupled with a new market entrant and very competitive contract negotiations.Revenues fell 0.13% to £1.9bn, while profits before tax dropped sharply by 39% to £25.7m.As a result, the company decided to cut its dividend to 16.2p from 26.5p last year in order to enable investment in growth opportunities. N+1 Singer analysts said the cut was not a huge surprise.Chief executive Jeremy Stafford said that there is "much to do as we prepare for the next phase of the group's development, and we do so with confidence".N+1 Singer broker said: "There appears to be little radical in the new chief executive's thoughts (a good thing in our view) although the rebasing of the dividend may disappoint some."Shares were down 4.3% to 389.75p on Tuesday at 10:26.