John Menzies plc – parent company of Menzies Aviation – has reported a loss of £4.4 million for the first six months of 2019 – compared to a profit last year.
The aviation services company said results were impacted by business losses in the second half of 2018, weak cargo volumes and the grounding of Boeing 737 Max aircraft pulled down results.
This result was a significant difference on the £8.3 million profit reported in the same period last year, ending 30 June.
On a positive note, revenue was up to £649.9 million, from the £627.2 million in the same six months last year.
Menzies said underlying operating profit was down from £20.9 million to £17.9 million following a “challenging period for the business” as outlined in a trading update on 5 July.
John Menzies plc CEO, Giles Wilson said: “The first half result was impacted by the loss of exclusive licences in H2 last year and generally weaker markets. To address this we have taken a number of decisive actions that we expect will improve H2 2019 and underpin our growth ambitions in 2020.
“We continue to drive a Company-wide focus on cost reduction, customer engagement and operational discipline, with profitable growth at the forefront of our agenda. We have an increased awareness of our customers’ needs that will ensure that we are viewed by our customers as the partner of choice and recognised for our best in class operational delivery.”
