John Menzies plc, the Edinburgh-based global aviation logistics specialist, said on Thursday it has decided to change its presentational currency to US dollars “better reflecting the global nature of the business and the denomination of a significant and increasing proportion of the group’s revenue.”
Menzies said: “John Menzies is a global aviation logistics services business with operations worldwide.
“As the group has grown and developed, the percentage of our services that are provided in the UK has reduced significantly and now accounts for around 11% of the group’s revenue.
“As a result, and with immediate effect, the board has decided to change the group’s presentational currency to US dollars, better reflecting the global nature of the business and the denomination of a significant and increasing proportion of the group’s revenue.
“As a result of this change, the group will present its 2021 financial results in US dollars.
“In order to aid comparison with historic results, key data from the group’s financial statements for the 2019 and 2020 financial years presented in US dollars are available the company’s website …”
Menzies also published a trading update, saying: “Overall trading through the latter part of Q4 was in line with the board’s expectations.
“Despite the impact of changing travel restrictions related to the Omicron variant, the business saw strong performances from a number of services lines which, together with continued productivity gains, saw the group finish the year strongly.
“Cash generation has also remained positive, with the group retaining a strong liquidity position and year end net debt in line with expectations.
“Commercially, the excellent performance in 2021 has continued with further contract wins and renewals.
“Looking at the year ahead we remain confident in our current projections for a continued recovery of global flight volumes.”