John Menzies Plc (MNZS.L), a provider of aviation and distribution services, Friday said that since its preliminary results announced in March, there have been no material changes in the group's financial situation. For the period January 1 to four months ended April 30, trading in Menzies Aviation has been ahead of last year, the company said in its interim management statement.
The group stated that its cargo market remained stable. In ground handling, the division's largest product segment, underlying activity continues to perform well with like-for-like ground handling volumes up 2 percent and absolute volumes up 10 percent. The company added on that integration of Orbital Marketing Services is progressing well with targeted synergy benefits being realized. Menzies Marketing Services is reported to be trading ahead of last year. The group noted that over 15 percent of divisional EBIT will come from diversified businesses this year and targets to grow these businesses steadily to offset declines in the core business.
In the core business, trading is behind last year reflecting the Queen's Diamond Jubilee, Euro 2012 and the Olympics. Magazine market sales were affected by declining volumes and title closures. The group stated that it does not expect an improvement during the remainder of the year.
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