John Menzies has spent a one-off 70.2m restructuring the business after decreased flight activity caused by the pandemic led to a 37% reduction in revenue.
The Edinburgh-headquartered aviation logistics business blamed the travel restrictions for the loss of revenue, as flight activity led to a 49% year-on-year reduction in volumes for ground handling and refuelling.
The company made 824.4m last year, compared with 1.325bn in 2019, with pre-tax losses through the end of December amounting to 120.5m, compared to a year-on-year loss of 17.3m.
The group recorded an operating loss of 96.2m, despite previously making a profit of 39.6m the year before, although this was mitigated by the government grants totalling 139.2m.
However, John Menzi…
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