It looks like your browser is not up to date.
This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Skip to main content
  • Register
  • Help
  • Contact us

John Menzies swings to FY loss as Covid batters air industry

Tue 09 March 2021 09:30 | A A A

No recommendation

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

(Sharecast News) - Aviation services group John Menzies swung to a full-year loss as the Covid-19 pandemic battered the travel industry last year.

The company on Tuesday said pre-tax losses for the year to December 31 came in £120.5m compared to a £17.3m profit a year earlier. It warned that it did not anticipate a return to the volumes witnessed in 2019 before full year 2023.

Revenue tumbled 37% to £824.2m on a constant currency basis, with decrease in flight activity leading to a 49% year on year reduction in flight volumes in ground handling and fuel services. No dividend was declared.

"Continued tight control on costs and ongoing support from global government schemes have enabled us to maintain our operational capability as well as a strong liquidity position," Menzies said in a statement.

"As the market recovers and we exit the pandemic, we are ready to scale up our operations to meet the demands of our customers.'

"As the markets recover, our restructured cost base and reshaped business portfolio should enable the group to generate structurally improved operating margins from growth in revenues."

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.

    More company news from ShareCast