StockMarketWire.com - Airport services group John Menzies swung to a first-half loss after it wrote down the value of its newspaper distribution business, which is currently being sold.

Pre-tax losses for the six months through June amounted to £2.9m, compared to a profit of £0.5m on-year.

Underlying pre-tax profit of £28.5m marked a 15% improvement on-year.

John Menzies held its interim dividend steady at 6p per share.

The company this month agreed to sell the distribution business to private equity firm Endless.

'I am very pleased to have concluded our strategic realignment that, subject to shareholder approval, will see the creation of John Menzies as a global pure play aviation business,' chief executive designate Forsyth Black said.

'We hold a strong position in a growing marketplace and our aim is to build on this by continuing to pursue our established strategy, by continuing to invest in our technologies and most importantly to invest in our people in order to drive growth.'

'As a board, we aim to create long-term shareholder value by continuing to grow our business, while following our excellence manifesto and ensuring we deliver the highest levels of service to our customers.'






At 8:27am: [LON:MNZS] Menzies John PLC share price was +3.5p at 648.5p



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