Menzies upbeat on trading amid activist pressure

Logistics group John Menzies, which is under pressure from an activist investor to consider a break-up, today said business was “stable” and it was moving into the second quarter of the year in confident mood.

The Edinburgh-based baggage handler and newspaper distributor said trading during the four months to 30 April was in line with plans, with revenues up 8 per cent at its Aviation division.

Last month, Swiss investor Lakestreet Capital Partners – which owns a 3 per cent stake in Menzies – argued that the firm was “dramatically undervalued” and would be worth more if its Aviation and Distribution arms were valued on a standalone basis.

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In a statement ahead of today’s annual meeting, Menzies said it was “committed to maximising shareholder value and evaluates all options, including its corporate structure, on a regular basis”.

The group’s half-year results will be announced on 18 August.