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John Menzies sees shares take off on better-than-expected trading

Mon, 22nd Jun 2020 12:11

(Sharecast News) - Shares in John Menzies rallied in morning trading after second-quarter trading at the aviation services specialist beat expectations.
The company said Covid-19 had had a "significant, adverse impact" on its financial performance, with ground handling and fuelling activity down 75% on the previous year during April and May. Its ancillary passenger airline services were similarly affected, and while cargo had proved "slightly more resilient", total volumes were still down 37% year-on-year in April.

As a result, revenues in April and into May were around 64% below budgeted levels, as predicted in the company's last trading update in March.

However, Menzies added: "Despite the significantly reduced revenue, strong cost management, together with quick and effective mitigating actions, resulted in an overall performance for April and into May that was better than expected at the time of the March trading update."

It said it now expected a recovery in flight activity to begin from early July, and that it had sufficient liquidity capable of supporting its needs into 2021.

The market welcomed the update, and by 1200 BST, the stock was trading 13% higher at 163.40p.

Eoghan Reid, analyst at Berenberg, which has a 'buy' rating on the stock, said: "With liquidity secure until 2021 and the trough of flight activity behind it, Menzies' imminent risks are reduced - which we think should be taken well by investors.

"However, we note that other risks remain and the company needs to manage the recovery sensibly while the balance sheet remains elevated. We update our numbers to reflect the negative impact from Covid-19, and move our price target down to 210p, to better reflect the risks and uncertainty ahead."

Robin Speakman, analyst at Shore Capital, said: "Menzies is now positioned, with some work still to do, to see the business reflate and begin to address the opportunities likely to emerge in this strategic industry.

"We continue to anticipate profitable operations returning at Menzies, as airlines resume flights in due course. Menzies was profitably going into the Covid-19 outbreak and is set to be profitable and potentially strategically stronger coming out - many of its smaller peers in particular may not survive this event, in our view."
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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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