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Contract renewals push up John Menzies share price

Menzies Distribution, the newspaper and magazine wholesaling division of John Menzies, has renegotiated another two of its core contracts.

The new agreements with Frontline and Seymour, two of the UK's largest magazine distributors, will see the firm continue to distribute its full portfolios of titles.

The agreement secures additional revenues for Menzies' ancillary businesses in the division. Both agreements run until 2020 and secure £180 million of annual trade sales value. David McIntosh, managing director said: "These renewals are a further step in underpinning our core business. "

Menzies last month renewed a contract with Trinity Mirror to 2019, worth £150m in annual trade sales value. Menzies shares, which fell on a profit warning last month, were up 1p at 709.5p.

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