John Menzies, the FTSE 250 aviation and distribution group, has pleased investors with an upbeat set of full-year results for 2012, despite difficult trading conditions at both its operating divisions.

Revenue made a marginal decline to £1,996.8m (2011: £2.013.8m), but underlying pre-tax profit rose to £58.4m from £56.4m the previous year.

Underlying earnings per share inched 0.2p higher to 73.4p.

The dividend was increased by 0.85p to 17.85p.

Menzies Aviation, where operating profit on a constant currency basis was up 16%, turned in a strong performance despite airline failures and currency headwinds, the group said, adding that future prospects remain good as it aims to deliver on its organic and selective acquisition growth plans.

At Menzies Distribution, which helf profits flat, the acquisition of Orbital Marketing Services Group has provided the division with a "highly synergistic business that will offer new areas of potential growth".

Chairman Iain Napier said: "The group continues to trade on a sound footing with both divisions returning good results. Market conditions remain tough, but despite this we continue to deliver our targets.

"Overall the group is well placed to continue to deliver growth."

Group net debt increased to £93m mainly due to spend on acquisitions, while the cost of exceptional items for the year came in at £18.4m.


Valve engineering group Rotork delivered a strong set of full year results on Tuesday, but shares dipped as the group warned on the likelihood of weakness within some regions as a result of the current economic conditions.

Revenue for the 12 months came in at £511.7m, up 14.3% from £447.8m in 2011, giving a pre-tax profit of £124.2m, up 10.3% from £112.6m a year earlier.

Basic earnings per share rose 11% from 93p to 103.1p. The full year core dividend totalled 43p, compared to 37.25p in 2011.

Over the year order intake climbed 16.8%, with the order book reaching a record high of £181m at the end of the year.

The group said that each division had achieved record results in terms of order intake, revenue and profit.

Chief Executive Peter France said: "The strong results across the group reflect the progress we have made in executing our strategy, with each division achieving record results in terms of order intake, revenue and profit.

"Our expanded product portfolio and extensive international reach position us for further growth. We will continue to invest in infrastructure, product development and sales channels both organically and by acquisition to strengthen our presence in the wider flow control market.

"The markets that we serve remain active and whilst we recognise that we are likely to see weakness within some regions due to economic conditions, the board remains confident of achieving further progress in the coming year."

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