- Aviation services group John Menzies said it was continuing to trade ahead of last year and was on track to meets its full-year expectations, though revenue growth had slowed.

'Looking forward we firmly expect to achieve our 8% per annum revenue growth target as we move to 2019 and beyond,' the company said.

In 2018, however, the company had experienced a 'commercially challenging' year. Revenue, it said, had slowed primarily due to licences not being renewed, lost contracts and the exiting of less favourable contracts.

'Despite these headwinds, throughout the period we have gained significant new business winning 34 net contracts generating £8m of annualised revenue,' it added.

Johne Menzie said it was track to grow its operating margin for the third consecutive year.

'Margin improvement is the primary focus of management and we continue to demonstrate our ability to win business at rates we believe to be sustainable and will continue to price all contracts accordingly,' it said.

'We are a portfolio business but we believe our continuing investment into people, processes and technology which deliver productivity benefits for us and service delivery for customers, to be a sensible strategy that will deliver further growth.'

John Menzies said its pension position continued to improve, with the latest triennial valuation close to being finalised.

It was expecting the actuarial deficit following the triennial valuation, and subsequent completion of the disposal of Menzies Distribution, to be in the range of £50m to £55m.

That would represent a significant reduction on the 2015 position of £116m.

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