Menzies 2021 revenue up 27% to $1.35bn on solid air cargo biz
Scottish cargo handling company John Menzies plc, which has been acquired by Kuwait-based National Aviation Services (NAS) and Agility, today reported a 27 percent increase in 2021 revenue to $1.35 billion on robust air cargo business, returning flight volumes, management actions to control costs and government support.
The annual cargo volume increased 42 percent to 1.7 million tonnes in 2021 from 1.2 million tonnes. Underlying operating profit of $76 million reversed the $24 million loss in 2020, " according to an official statement.
The company raised equity of $30 million in May 2021 to fund business development and M&A pipeline, and reduce leverage. "Strong cash flow resulted in substantial cash and undrawn banking facilities with available liquidity of $225 million. Net borrowings, including lease liabilities, totalled $499 million. Net debt was $267 million, 2.7 times underlying operating profit before depreciation and amortisation."
