John Menzies takes coronavirus hit despite business improvement

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John Menzies takes coronavirus hit despite business improvement

John Menzies PLC (LON:MNZS) dropped on Thursday as it flagged coronavirus disruption will hit full-year profits by £6-9mln assuming it is contained by June.

The aviation services company handles Chinese carriers across its network and has an operation in Macau.

“The situation is still evolving, and we only have limited visibility of what flight schedules are being impacted into March and beyond, so it is difficult to assess how extensive the impact could be at this point,” management said.

The firm said the news were “disappointing” considering the positive commercial momentum experienced in the latest months, as its plans to improve productivity and margins have been reaping benefits.

The Scottish group also announced it agreed with an existing lender to extend the current £325mln financing facilities to 2025.

Shares slipped 5% to 338p on Thursday morning.

Proactiveinvestors.co.uk

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