- Aviation services company John Menzies swung to an annual loss after it sold off its distribution assets.

Net losses for the year through December amounted to £5.4m, compared to a profit of £12.0m on-year.

Underlying operating profit for continuing business rose 8% to £55.1m, on a constant currency basis.

The company held its dividend steady at 20.5p per share.

'I am pleased to report further progress with our aviation business,' chairman Dermot F Smurfit said.

'We continue to deliver against our excellence manifesto which will drive a differential between ourselves and others.'

'Our industry is evolving and positioning ourselves as an airlines logistics services partner of choice will help us to grow our business.'

'As I look forward I continue to see clear opportunities to sensibly grow.'

'We have strong management teams and excellent systems and processes that will allow us to deliver service excellence and sustainable earnings growth.'

At 9:55am: [LON:MNZS] Menzies John PLC share price was -37p at 503p

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