John Menzies, the Edinburgh-based newspaper and magazine distributor and aviation-support business, said yesterday that 2010 had started well for both its divisions.
It said that, at Menzies Aviation, both cargo and ground-handling volume had seen like-for-like growth in the early weeks of 2010, albeit against weak comparatives in the previous year.
At Menzies Distribution, sales in the year so far were well up on last year as a result of contract gains, it added.
Menzies said it was planning to grow both divisions using cash generated by the businesses, while continuing to focus on debt reduction.
It said: “The board is looking forward with confidence and expects the group to make further progress in 2010.”
Chairman William Thomson said after Menzies reported results for 2009: “It was a year of great contrast, but I am delighted that the group has come through it in a strong position.
“Menzies Aviation turned in a resilient performance in the light of significant market weakness, particularly in cargo handling and to a lesser extent in ground handling.
“Menzies Distribution had a stellar year. Cost initiatives, driven by management incentive schemes and the full benefit of investment in new technologies, delivered ahead of expectations.
“In addition, more than £180million of new revenue was secured following the latest round of publisher negotiations.”
Menzies Aviation's revenue increased by 1.3% year-on-year to £507million, with Menzies Distribution's revenue 4.5% higher at £1.22billion.
Aviation delivered underlying operating profits of £15.8million, up 12% on the previous year, and the figure for Distribution was up 19.7% on 2008 at £28.6million.
The group reported pre-tax profits for 2009 of £22million, up from £9.9million the year before. Shares in John Menzies ended the day up 4.4% to 342p.
Ryanair is finalising talks with continental European airports over the creation of 300 jobs after a controversial attempt to site them in Ireland failed, the lo-fare airline revealed yesterday.
The airline is expecting to seal a deal on a new maintenance centre at one of its bases in Frankfurt, Madrid or Milan within two months.
Contentious proposals to take over hangar six at Dublin Airport foundered after rival Aer Lingus refused to vacate the premises for which it has a lease from Dublin Airport Authority.
The fall-out sparked a political storm in its home country at a time when Ireland is facing record joblessness while claims and counter-claims were made about Ryanair’s motives for acquiring the hangar.