[London Sharecast]
Lower cargo volumes and reduced flight schedules over the winter in Europe have prompted John Menzies to warn on profits this year. "Menzies Aviation is unlikely to meet current market expectations for the full year. Based on current expectations the board believes that the divisional earnings for the year will be in the range of £14m to £16m," it said. Trading at Menzies Distribution continues to be in line with expectations. "At Menzies Aviation we are operating in turbulent markets. Airlines are significantly cutting schedules and cargo volumes are poor driven by the price of oil and falling consumer demand. This is inevitably having a material effect on earnings," chairman William Thomson said.