Menzies Distribution has posted a drop in half-year sales and profits, blaming strong comparatives resulting from last year’s World Cup.
Operating profits fell by £800,000 to £13.7m in the six months to 30 June, while turnover dipped from £683.8m to £673m.
But the business was continuing to perform robustly, insisted chairman Iain Napier.
“Although profit was behind last year this was attributable to the benefit received in 2010 from World Cup collectables,” he said. “Excluding the World Cup effect the business was largely flat – a commendable result in difficult markets.”
He added that Menzies would “continue to innovate and evolve the business model to mitigate declining sales”.
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