Menzies in bullish outlook

Newspaper distribution and aviation services firm John Menzies said yesterday that its full year results would be well above current expectations following strong trading and cost cutting initiatives. It said analysts should raise forecasts for operating profit by about £4m, to £14m for distribution and £27m for aviation. Both Numis and Brewin Dolphin both hiked their target prices for the firm as a result of the trading update, to 423p and 478p respectively, sending shares up by nine per cent to 349p.