February 27, 2020 / 7:35 AM / a month ago

BRIEF-John Menzies Plc Says Coronavirus Outbreak Likely To Have Adverse Profit Impact In Year Of About £6-9 Mln

Feb 27 (Reuters) - John Menzies PLC:

* MENZIES(JOHN) PLC - TRADING STATEMENT: JOHN MENZIES PLC

* GROUP MADE SIGNIFICANT PROGRESS DURING FY19 IN ESTABLISHING A PLATFORM FOR LONG TERM, SUSTAINABLE GROWTH

* SUCCESSFUL RE-FINANCING OF GROUP WAS AGREED WITH OUR BANKING SYNDICATE IN JAN

* GROUP HAS EXTENDED ITS CURRENT LEVELS OF FACILITIES AT £325M THROUGH TO 2025

* OUTBREAK AND CONTINUED SPREAD OF COVID-19 (CORONAVIRUS) IS HAVING A DIRECT IMPACT ON OPERATIONS OF GROUP

* COVID-19 IMPACT HAS BEEN AT ITS GREATEST WITHIN OPERATIONS IN MACAU AND WHERE WE HANDLE CHINESE CARRIERS ACROSS NETWORK

* DIFFICULT TO ASSESS HOW EXTENSIVE COVID-19 IMPACT COULD BE AT THIS POINT

* LIKELY TO BE ADVERSE PROFIT IMPACT IN YEAR OF ABOUT £6-9M ASSUMING IMPACT OF VIRUS SUBSIDES TOWARDS END OF QUARTER TWO

* GIVEN OTHERWISE UNDERLYING POSITIVE MOMENTUM OF BUSINESS, COVID-19 IMPACT “HEADWIND IS DISAPPOINTING” Source text for Eikon: Further company coverage:

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