John Menzies FY results seen in line with market expectations

John Menzies said on Tuesday that its financial position remained "solid", with liquidity standing at £150.0m on 31 October and net debt in line with expectations and currently expected to be around £200.0m at year-end.

The London-listed firm stated that commercial momentum had continued, with the company securing some "excellent new contract wins" and the retention of key contracts leading to a record £73.0m in net sales win in annualised revenue during the period.

John Menzies also highlighted that globally, the air cargo services market remained "robust", and it it was now seeing "a steady increase" in aircraft movements in all regions, supporting the continued recovery in its ground and fuelling services businesses.

"We continue to look forward positively. The delivery of our strategic priorities is firmly on track and our pipeline of opportunities remains full," said the group.

"Overall, we forecast a strong end to the year, particularly in air cargo services and we are confident that the growth ambitions we have for future years can be met and exceeded."

As of 0920 GMT, Menzies shares were down 0.45% at 260.82p.