John Menzies, the logistics group, said it had appointed business advisor Rothschild to assist in a strategic review that could lead to a spin-off of the group's distribution division.
The company said it expected to make a firm announcement by the time of its full-year results in March, but hoped such a move would create "two strong focussed players in their respective markets".
Having pulled out of a deal to sell the distribution business to DX Group in August, the company said it would conduct a strategic review of the unit.
In its trading update on Thursday, John Menzies said it was confident in meeting its full-year targets and added that its order pipeline was strong and that it "looked forward to 2018 with confidence".
Shares in John Menzies were 0.89% higher at 680p in early trade in London.