July 16, 2012 / 7:03 AM / in 5 years

UPDATE 1-John Menzies to exit cargo business at 4 UK airports

July 16 (Reuters) - Britain’s John Menzies Plc said its aviation services arm would shut cargo operations at four airports in the UK by next month and take a related charge of 3 million pounds ($4.66 million).

Menzies Aviation would exit its cargo operations at Glasgow, Birmingham, East Midlands and Manchester airports, to return its UK cargo business to profitability, John Menzies said.

The aviation services subsidiary would focus on its cargo business at London’s Heathrow airport and Aberdeen and Belfast.

In March, John Menzies, said its aviation business had overtaken its core newspapers and magazine distribution business in the UK in terms of profit and cash contribution.

The Edinburgh-based company’s shares, which have risen over 15 percent since the start of the year, closed at 606 pence on the London Stock Exchange on Friday.

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