StockMarketWire.com - Aviation services firm John Menzies has guided for full year earnings to be at best flat year-on-year after a weaker than expected first half performance.

The company said the disappointing trading reflected challenges in the wider aviation market, including weak cargo volumes and flight schedule reductions. Menzies is implementing several actions including cost cutting to achieve savings of at least £10m, due to materialise in 2020.

Giles Wilson, CEO of John Menzies said:

'The overall aviation market is having a difficult year. This inevitably is having an impact on our full year outturn. However, I firmly believe in the structural growth dynamics within our industry and all historical data points to recovery.

'Accordingly, I believe we remain well placed to prosper. Since my appointment I have taken a number of actions to right size the business, we have also restructured our commercial teams to ensure we are ready to seize opportunities as they present themselves.'



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