Posted: Sun May 17, 2009 12:11 pm Post subject: John Menzies
BANGALORE (Reuters) - John Menzies (MNZS.L), a newspaper distribution and aviation services firm, said its year-to-date trading remained in line with its view and that it had cut 400 more jobs and froze salaries to reduce costs.
The latest job cuts were in addition to the reduction of 600 positions announced in November last year and were spread across the world, a company spokesman told Reuters.
On being asked if the company plans to cut more jobs, he said, "Not at the moment."
John Menzies' shares, whose value has almost doubled in the past six weeks, fell as much as 8 percent in morning trade but pared the losses later. They were flat at 125 pence in volatile trade at 1:25 p.m. on the London Stock Exchange.
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