John Menzies boss steps down

The chief executive of UK newspaper distribution and airport services company John Menzies stepped down today as the company reported a fall in profits.

Patrick Macdonald will leave his role as chief executive after four years with the firm, but will stay on to assist the board until the end of April.

The news comes as the group reported a 3% fall in pre-tax profits to £35.6m (€52.1m) for the year to December 30 after a “tough” year at its news distribution business.

The firm said it had been hit by changes in the magazine sector, after increased broadband uptake impacted sales. Like-for-like monthly sales fell 7%, which the company blamed on increasingly “sophisticated” online content.