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John Menzies posts deep loss; doesn't expect full demand recovery before 2023
StockMarketWire.com
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Aviation services group John Menzies swung to a deep annual loss after the pandemic hammered the travel sector.
Pre-tax losses for the year through December amounted to £120.5 million, compared to a year-on-year loss of £17.3 million.
Revenue tumbled 38% to £824.2 million amid a 49% reduction in flight volumes.
John Menzies did not declare any dividends for the year.
On its outlook, the company said the aviation sector in the first quarter of 2021 continued to be heavily impacted by ongoing travel restrictions.
'Continued tight control on costs and ongoing support from global government schemes have enabled us to maintain our operational capability as well as a strong liquidity position,' it said.
'As the market recovers and we exit the pandemic, we are ready to scale up our operations to meet the demands of our customers.'
Overall, John Menzies said it anticipated a slow increase in volumes through the second quarter with a stronger recovery during the second half.
'However, we currently do not anticipate a return to the volumes witnessed in full year 2019 before full year 2023,' it added.
'As the markets recover, our restructured cost base and reshaped business portfolio should enable the group to generate structurally improved operating margins from growth in revenues.'
At 8:00am: (LON:MNZS) Menzies John PLC share price was 0p at 144.6p
Story provided by StockMarketWire.com
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