Scottish logistics and airport services group John Menzies has published its half year results for the six months ended 30 June 2017.
While pre-tax profit fell significantly, revenue was up 21% to £1.2bn.
Menzies attributed the fall in pre-tax profit largely to costs linked to an acquisition and an unsuccessful attempt to sell its distribution business to DX Group.
Despite this drop in profit, the company reports it is ‘trading well’ and says Menzies Aviation produced a strong first half performance, with underlying operating profit more than doubled to £21.7m.
The results state the business is performing well with integration plans on track and contract win momentum across the network remaining strong.
The Edinburgh-based company said its aviation business had been boosted by the acquisition of Asig, with turnover exceeding that of distribution for the first time.
Chairman Dermot Smurfit said: "I am pleased to report that the Group is trading well.
"Menzies Aviation continues to go from strength to strength. The recently acquired ASIG business is integrating well and generating many opportunities for growth. Within the rest of the business contract win momentum continued and we are benefiting from our investments into infrastructure and innovation.
"Menzies Distribution remains a strong business, performing well despite cost and volume pressures.
"Overall, I am very pleased with the Group's performance in the first half and we look to the future with confidence as demonstrated by the increased dividend payment."