John Menzies, the owner of newspaper and magazine wholesaler Menzies Distribution, is “on track” to increase full-year profits by more than a fifth.

In a brief statement released this morning, Menzies, which also operates an aviation arm, said it had “continued to make positive progress with both divisions as anticipated”.

“As a result, the group remains on track to deliver pre-tax profit growth for the full-year in excess of 20%,” it added.

The company is due to release its full-year results on 6 March.