Fri, 18 May 2018 | DIVISION SALE
Logistics group John Menzies has reported that is trading ahead of last year as it continues to search for a buyer for its newspaper and magazine distribution arm.
Ahead of the firm's AGM, the company announced that it is hopeful its positive start to the year will help to attract buyers and secure the firm a successful deal in the near future.
The company is revisiting plans to sell the Menzies Distribution division after talks of a merger with parcel group DX ended abruptly at the end of 2017. As a result of the failed talks, the company admitted that the sales process is taking longer than it expected, but suggested that it remained positive an appropriate buyer will be found soon.
Commenting on the overall success of the company, a spokeperson confirmed that the delay in sale is not dampening the company's growth: "Looking ahead, excluding the impact of previously flagged weaker foreign currency, the group continues to be on track."
"We are operating in a structural growth market, we are extremely well placed to extend our geographical presence and overall market share as we grow organically, enter new markets and deepen our product offering."
According to the firm, it has already seen success in a number of its divisions including its aviation arm. Specifically, Menzies Aviation has won a number of fuelling contracts in North America and started operations for many airlines in Dublin.
Furthermore, it's up-for-sale distribution branch is also seeing success, with newspaper volume in line with predictions but magazines trading better than the company had expected.
Chairman Dr Dermot Smurfit added: "We are operating in a structural growth market, we are extremely well placed to extend our geographical presence and overall market share as we grow organically, enter new markets and deepen our product offering."
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