• From The BBC:

    John Menzies, the newspaper distribution and aviation firm, has reported a drop in profits of more than a third for the first-half of the year.Pre-tax profits came in at £7.4m to the end of June, down 35% on the £11.3m the firm made in the same period last year. The company was hit by a drop in both magazine sales and cargo volumes, and by increased pension charges. It also said it had reduced debt levels by nearly £30m and had secured all banking facilities until at least 2011. Revenue of £821.3m fell only slightly from the £826.5m recorded a year ago. “I am very pleased with progress across the group,” said William Thomson, the firm’s chairman. The global economic situation remains challenging: however both operating divisions are performing well and I look forward to the full year outturn being ahead of current market expectations.” John Menzies distributes newspapers and magazines in the UK, and provides passenger and cargo handling facilities to the a…

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    Posted by Jon @ 7:52 am

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