Menzies issues profit warning

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Freight and cargo volumes are one of the main indicators of economic weakness, leaving Menzies directly in the firing line.

Shares in the group fell almost 20 % as it warned the division's profits would probably miss analysts' expectations by about 10%. Annual profit for the division would be between £14 million and £16 million.

Chairman William Thomson said: "Airlines are significantly cutting schedules and cargo volumes are poor, driven by the price of oil and falling consumer demand."

Industry data shows global airport cargo fell nearly 8% in August. The next 18 months will be a challenge, said Jon Lienard, analyst at Brewin Dolphin. Menzies fell 47p to 222¼p.