Menzies has reported a 27% rise in revenue to $1.35bn for the financial year ending 21 February 2022.
The Edinburgh-headquartered company's latest results also show an operating profit of $76m compared to losses the previous year, with credit for the turnaround going to recent restructuring activities.
The board also noted that also it reflects air cargo 'robustness', returning flight volumes, continued management actions to control costs and governmental support schemes.
Menzies raised $30m of equity in May last year to fund its business development, merger and acquisition plans and to reduce leverage.
It reported “strong” cash flow, resulting in substantial cash and undrawn banking facilities, with available liquidity of $225m.
The board has asked the panel on takeovers and mergers to extend the deadline to let them have further time for the discussion for the proposed takeover by National Aviation Services (NAS).
The panel has extended the discussions giving NAS, and its parent Agility Public Warehousing, until 30 March to announce a firm intention to make an offer for Menzies.
This follows NAS buying £73m of shares, after the board rejected its initial acquisition proposal.
Last week, the board announced that it had considered NAS' final proposal and was willing to recommend it to the company’s shareholders.
Elsewhere in the results statement, the board noted an “incremental” increase for its annual revenue to $112m, following commercial contract wins with Avianca Cargo in Miami, outsourcing ground services with Qantas in Australia and renewing its contract with EasyJet at its 23 Airports in Europe.
The company also hailed its entry into the emerging market aviation industry, with an expansion into China, Costa Rica, El Salvador and Guatemala. It also established bases in Iraq and Pakistan.
The board confirmed it was targeting to generate $100m of net new annualised revenue and several other business development opportunities that would deliver around $200 to $275m of new revenue over the short to medium term.
“This recovery will extend beyond 2022 as air travel activity volumes are not expected to return fully to the levels that we saw pre-pandemic until 2024," read the statement. "This continued recovery would support further growth in revenues for our fuelling and ground services businesses into the medium-term."
Since the year end, Menzies has renewed an expansion of a five-year contract to provide into-plane fuelling and fuel farm services for Shell in the UK and gained a five-year cargo contract with Geodis at Amsterdam.
Philipp Joeinig, chairman and chief executive at John Menzies, said: “I am delighted to report a strong set of results for 2021, despite the continuing impact of Covid on aviation activity levels - the rebalancing of our business as a major aviation logistics player continues at pace.
"We have seen significant growth in our air cargo business by winning contracts and widening the global reach of our network, while our fuel and ground services businesses go from strength to strength.
“Our future growth will be driven by continued recovery in volumes, growth in the global aviation market, further commercial gains and the successful conversion of our exciting business development pipeline - as a result of significant management action to reduce costs, we expect that this growth will be achieved while delivering structurally higher margins.”
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