John Menzies issues profit warning

John Menzies the airport services and support business has said that profits will be below expectations.

The shock warning sent shares down by 17% in early morning trading on Friday and bosses said trading across the business was “disappointing.”

Chief executive Giles Wilson said, “The overall aviation market is having a difficult year. This inevitably is having an impact on our full-year out-turn.

“However, I firmly believe in the structural growth dynamics within our industry and all historical data points to recovery.”

He added their plans to cut costs by £10m for 2020 are on track with “a revitalisation of our commercial offering and a greater focus on returns from the deployment of our systems.”

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