John Menzies, a UK handler of cargo at airports including London Heathrow, said its aviation unit is likely to miss full-year profit estimates as demand for air freight slows more than anticipated.

“Cargo volumes across the network are much weaker than anticipated,” the company said. “As a direct result of this and in light of the continued uncertainty in the market place, the board believe that Menzies Aviation is unlikely to meet current market expectations for the full year.”

The company expects annual earnings from the aviation business in the range of £14 million to £16 million.

Since the half-year results on August 20, Menzies said the latest confirmed flight schedules for the winter period, particularly in Europe, and cargo volumes across the network have been much weaker than anticipated.