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STOCKS NEWS EUROPE-John Menzies falls on weak outlook

Reuters - UK Focus

Shares in John Menzies Plc (LSE: MNZS.L - news) fall as much as 8 percent after the company says poor trading conditions continue in its distribution business and it expects current year constant currency results to be slightly lower than previously expected.

The stock was trading down 7 percent at 766.9 pence at 0843 GMT, making it the top percentage loser on the FTSE-250 Midcap Index.

The Edinburgh-based company, which distributes the Financial Times and the Independent in Britain, says disappointing returns from ancillary revenues, sticker collections and weaker-than-forecast seasonal sales within the marketing services business are expected to impact second half results.

John Menzies' distribution business, which accounted for nearly two-thirds of the company's turnover last year, has had to cope with lower demand for weekly magazines and the discontinuation of some titles as the British print market struggles to compete with online media.

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Liberum Capital says there is no change in like-for-like trends in newspapers and magazines since interim results in August and cut its earnings-per-share estimates on the company by 5 percent to reflect the weak trading in the distribution business.

"After a strong run we expect shares to fall by the level of the downgrade today. We continue to like the structural growth dynamics in aviation but are concerned by the growing differential between Smiths News (LSE: NWS.L - news) ' newspaper and magazines business and Menzies Distribution," William Shirley of Liberum Capital (OTC BB: CGHCE - news) says in a note.

To see John Menzies' statement, click on

Reuters messaging rm://roshni.menon.thomsonreuters.com@reuters.net