Menzies Distribution Group (MDG) suffered an almost fourfold fall in pre-tax profit last year as its core newstrade business continued to be hit by plummeting newspaper and magazine sales and a tough economic environment, writes Carol Millett.
However, the group’s attempts to diversify are bearing fruit with its latest financial results revealing its largest non-newstrade revenue to date.
MDG specialises in delivering time sensitive goods to retail news, trade, parcel and freight sectors across the UK and Ireland. It has a national network of more than 100 depots, employs around 5,000 staff and operates a fleet of more than 3,200 vehicles, delivering to more than 4,700 locations a day.
Its latest annual results, for the year to 31 December 2022, reveal revenue remaining almost static at £1,268.5m (2021: £1,269.6m) with pre-tax profit plunging to £3.5m (2021: £13.5m).
